We often become so focused on our analysis of a series of financial transactions, looking for the elements of a fraud, that we miss the bigger picture. We break down events and put them on a timeline that we can understand and process mentally. We have to be able to articulate the relevance of these transactions in the scheme to a very busy prosecutor, and inevitably a jury of average citizens, most likely inexperienced in the world of financial crimes. These and other case considerations sometimes shield our view of the larger, underlying scheme.
This session will describe the dynamic evolution of one fraud scheme into several others. At first glance, the schemes seem independent yet concurrent. Only after broad financial analysis and understanding of the mindset of both the fraudster and the victim do the relationships become visible. It will discuss these schemes from the perspective of a financial institution, a government agency, a victim, a victim-turned-facilitator, a recruiter and the scheme organizer.
You Will Learn How To:
- Identify connections among seemingly separate fraud schemes
- Assess the pros and cons of various financial products and groups of people that fraudsters use to launder proceeds of fraud
- Recognize how social engineering creates not only fraud victims but money laundering facilitators
- Evaluate the insulation that these facilitators create for the fraudster by layering transactions
Recommended Prerequisites: Understanding of the basics of money laundering
Field of Study: Specialized Knowledge