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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
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
5 most scandalous fraud cases of 2024
Fraudsters work year-round to perpetrate their schemes. Fraud Magazine also works year-round tracking the news for those schemes we believe will live in infamy and serve as cases for anti-fraud professionals to study for years to come. Here are the most scandalous frauds of 2024.
Written By: Jennifer Liebman, CFE, Crystal Zuzek, Anna Brahce
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- Cyberfraud
- Financial Institution Fraud
- Fraud Schemes
Balancing fraud management and the customer experience
Forming solid relationships with customers while protecting them from fraud and financial loss is a constant balancing act for banks. The author details the steps involved in developing a strategy that puts customer protection at the center while providing a hassle-free customer experience.
Written By: Sophia Carlton, CFE
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- Financial Institution Fraud
- Fraud Prevention and Deterrence
- Fraud Risk Management
Corrupt central bank governor allegedly helped push Lebanon’s economy off the cliff
Lebanon’s economy has collapsed, aided by corrupt monetary policy, embezzlement and illusory regulatory oversight. Here’s an analysis of Riad Salameh’s mismanagement of Banque du Liban during his three decades as its governor.
Written By: Fadi Makdessi, Rayan Mohamed, CFE
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- Bribery and Corruption
- Financial Institution Fraud
- Financial Transactions and Fraud Schemes
Balancing the benefits and risks of member-owned credit cooperatives
Credit cooperative societies across the developing world have helped local communities gain vital access to financial systems. But this access comes with a downside. Fraud and other financial vulnerabilities can put members at risk. This is where fraud examiners step in and help protect these cooperatives against such risks.
Written By: Durgesh Pandey, Ph.D., CFE, FCA, Collins Wanderi, MBA, CFE, PGD (HRM)
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- Financial Institution Fraud
Unfairly thrown in a Thai jail for 547 days
The over $4.5 billion theft from Malaysian sovereign wealth fund 1MDB is one of the world’s biggest-ever financial scams and a sad story as it deprived ordinary people in that country of vital resources. Xavier Justo talks about his nightmare experience exposing the fraudsters responsible for this massive theft and the lessons he’s learned along the way.
Written By: Paul Kilby, CFE
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- Bribery and Corruption
- Financial Institution Fraud
- Whistleblowing and Hotlines
Poorly governed financial systems and fraud: It all starts with access
Access/identity control is a fundamental component of data security that dictates who’s allowed to access and use company information and resources. But organizations still lack the necessary protections, opening the door for fraudsters to exploit their systems. Here the authors examine the latest IT resources to keep such criminals at bay.
Written By:
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- Accounting and Auditing
- Anti-Fraud Laws Regulations and Compliance
- Financial Institution Fraud
- Fraud Prevention and Deterrence
- Fraud Risk Management
Lender beware
When inflation skyrockets, central banks increase interest rates to slow spending. Here, the author details why periods of high inflation might lead to high rates of fraud in the lending industry and what lenders can do about it.
Written By: Justin Davis, CFE
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- Financial Institution Fraud
- Financial Transactions and Fraud Schemes
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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