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When fraud fighters commit fraud
It might be incomprehensible to think someone entrusted with investigating fraud could be a fraudster. But cases of anti-fraud professionals who’ve committed fraud remind us of the importance of proper oversight during fraud examinations and how “trust but verify” is a maxim for fraud fighters to live by.
Written By: Gloria A. Osei-Anokye, CFE, CPA, CGMA
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- Cryptocurrency and Digital Assets
- Fraud Risk Management
- Fraud Schemes
Scam compound operator indicted for fraud and more
In a sweeping indictment unsealed by the U.S. Department of Justice (DOJ), Chen Zhi, the 37-year-old chair of Cambodia-based Prince Holding Group, is accused of masterminding one of the largest forced labor and cryptocurrency fraud operations in modern history. Austrian ex-property tycoon René Benko has been sentenced to two years in prison. Messaging platform Discord has revealed that approximately 70,000 users may have had their official identification photos exposed following a cyberattack on a third-party age verification provider. Wendy Osefo, a sociology professor at Wesleyan University and cast member of “The Real Housewives of Potomac,” was arrested in Maryland alongside her husband, Eddie, on 16 counts of insurance fraud.
Written By: Crystal Zuzek
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- Bribery and Corruption
- Cryptocurrency and Digital Assets
- Cyberfraud
Hackers cash out in Bybit crypto heist and more
Hackers cash out $300 million from attack on crypto exchange, Bybit; fraud concerns plague academic journals; student loan fraud in the U.K.
Written By: John Duffley
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- Cryptocurrency and Digital Assets
- Financial Transactions and Fraud Schemes
- Government Fraud
SEC, FBI, DOJ join forces to bust crypto fraudsters and more
The U.S. Securities and Exchange Commission (SEC), FBI and U.S. Department of Justice coordinated a large-scale takedown of fraudulent cryptocurrency firms involved in market manipulation.
Written By: Crystal Zuzek
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- Cryptocurrency and Digital Assets
- Fraud Schemes
- Money Laundering
He was a victim. Now he’s fighting back.
In 2021, Troy Gochenour became a victim of cryptocurrency fraud after striking up a correspondence with a scammer he met on a dating app. The Ohio-based voice actor talks to Fraud Magazine about his experience as a fraud victim and how it transformed him into an activist raising awareness and fighting against cyber scams.
Written By: Emily Homer, Ph.D., CFE
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- Cryptocurrency and Digital Assets
- Cyberfraud
- Fraud Schemes
Behind the blocks
Charlie Shrem was atop the cryptocurrency world as CEO of pioneering bitcoin exchange BitInstant when he was arrested for indirectly facilitating drug sales on the dark web. Now post-prison, Shrem talks to Fraud Magazine about his transformation into an evangelist for compliance and regulation in crypto and where he thinks the industry will go next.
Written By: Jason Zirkle, CFE
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- Cryptocurrency and Digital Assets
- Financial Transactions and Fraud Schemes
Taming fraud in crypto’s Wild West
The meteoric rise and sudden downfall of crypto exchange FTX, and its founder Sam Bankman-Fried, is likely to become an essential case study for fraud examiners seeking to understand the new Wild West of the financial markets. Here we look at what happened and lessons learned from possibly one of the largest U.S. financial frauds.
Written By: Paul Kilby, CFE
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- Cryptocurrency and Digital Assets
- Financial Statement Fraud
- Fraud Investigation and Examination
- Technology
Blind faith
ACFE President and CEO Bruce Dorris, J.D., CFE, CPA, reflects on the lack of oversight and controls that led to the fall of FTX and the importance for CFEs to prevent and detect fraud in the growing cryptocurrency market.
Written By: Bruce Dorris, J.D., CFE, CPA
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- Cryptocurrency and Digital Assets
It's not all about money
When a cybercriminal breaches an organization’s data and financial systems, management automatically begins investigating the culprit’s financial motives. But often hackers are just curious to see if they can invade mainframes. Or they’re bored and want to have some fun. Here’s how to investigate cybercriminals’ minds, understand their nuanced purposes and then prevent more breaches.
Written By: Rasha Kassem, Ph.D., CFE
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- Cryptocurrency and Digital Assets
- Cyberfraud
- Technology
Promises and pitfalls
Amid the current enthusiasm for all things crypto, interest in decentralized finance (DeFi) has exploded. Proponents think it will help democratize finance. But fraud is running rampant in this corner of the market. Here’s how it works and why fraud examiners should be paying attention.
Written By: Paul Kilby, CFE
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- Cryptocurrency and Digital Assets
- Financial Institution Fraud
- Financial Transactions and Fraud Schemes
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