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High-net-worth clients can be high-risk clients
Know-your-customer policies should apply equally to all banking clients. However, ultra-wealthy clients sometimes escape proper scrutiny. Here, the author describes why banks might fail to conduct due diligence on ultra-high-net-worth clients and the high-stakes pitfalls of underestimating their risks.
Written By: Brett Erickson, CFE, CGSS, WMCP
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- Anti-Fraud Laws Regulations and Compliance
- Financial Institution Fraud
- Money Laundering
Finding the right fit with the ACFE Mentoring Program
The ACFE’s mentoring program is a free benefit for ACFE members looking to grow their careers and connect with others in their field to share resources, advice, support and guidance.
Written By: Anna Brahce
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- Career and Professional Development
- Members-Only Training and Resources
U.S. seeks to ban Huione Group for money laundering and more
U.S. seeks to ban Huione Group for money laundering. Credit Suisse confesses to tax fraud. UHG investigated for alleged Medicare fraud. Texas doctor who falsely diagnosed patients gets prison sentence.
Written By: Crystal Zuzek
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- Financial Institution Fraud
- Fraud Schemes
- Health Care Fraud
Counterfeit guitars flood global markets
The rising demand for musical instruments like guitars means more opportunities for fraudsters to take advantage of lax trademark laws and sell modified fake instruments to unsuspecting victims. The author, a guitar enthusiast himself, breaks down the elements of this fraud scheme and provides ways for music lovers and fraud examiners alike to avoid common scams and fight counterfeit fraud.
Written By: Donn LeVie, Jr., CFE
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- Consumer Fraud and Scams
- Fraud Prevention and Deterrence
- Fraud Schemes
Watch out for scams involving discount utility services, million-dollar prizes and unemployment benefits
The latest identity theft schemes involve convincing victims to pay with gift cards to receive steep discounts on utility services, paying to claim a million-dollar prize and using stolen identities to file unemployment claims.
Written By: Robert E. Holtfreter, Ph.D., CFE
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- Fraud Prevention and Deterrence
- Fraud Schemes
- Identity Theft
The data detective
The trove of leaked files from the Panama Papers and Paradise Papers exposed the secret offshore financial dealings of the global elite. Digging through those terabytes of data were hundreds of reporters led by Marina Walker Guevara. The Pulitzer-Prize-winning journalist talks to Fraud Magazine about managing news media collaborations, data investigations and the urgency for stories that hold the powerful to account.
Written By: Jennifer Liebman, CFE
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- Anti-Fraud Laws Regulations and Compliance
- Bribery and Corruption
- Computers and Technology
We must be ‘Battle Buddies’ for military veteran victims of fraudulent abuse
On battlefields, soldiers have traditionally teamed up with ‘Battle Buddies’ so that no one is left behind. The authors encourage anti-fraud practitioners to help prevent and detect elder fraud, especially among military vets — a particularly vulnerable population.
Written By: Michele P. Bratina, Ph.D., John Schwartz, Kate Kleinert
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- Consumer Fraud and Scams
- Financial Transactions and Fraud Schemes
- Fraud Schemes
Knowing the red flags of red-collar fraudsters could save your life
Unlike nonviolent white-collar criminals, red-collar criminals commit acts of violence to conceal their crimes. This article describes the red flags that signal red collar criminals' propensity for violence.
Written By: Frank S Perri, J.D., CFE, CPA
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- Asset Misappropriation
- Criminology and Psychology
- Fraud Investigation and Examination
Carousel fraud
The not-so-merry evasion of value-added taxes is a vicious cycle of false trading across multiple countries. Around these trader schemes, known as carousel fraud, fraud examiners work to uncover complex international fraud networks and identify at-risk business entities.
Written By: Samuel May, CFE
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- Anti-Fraud Laws Regulations and Compliance
- Fraud Schemes
- Tax Fraud
The evolution of PAN enumeration attacks: Tackling a growing threat to payment security
By exploiting automated processes, fraudsters can bypass payment security measures at a faster, subtler rate. The authors explain how payment-processing companies can increase their defenses and better protect their customers against this growing threat to their security.
Written By: Dustin J. Eaton, CFE, Marcus Vinson
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- Cyberfraud
- Fraud Prevention and Deterrence
- Fraud Schemes
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