PONZI SCHEME
My friend John Doe was introduced to a forex platform that pays a monthly interest rate of 15% plus. He had the option of investing his money for six months or a year. According to the investment contract, he might withdraw his funds before the end of the investment period, but only 70% of the amount invested would be returned to him. He was eager to join this investing platform, so he conducted a background check on the investment firm, checking their corporate affairs registration, confirming their registered address, and validating the directors of the firm, but he received no tangible information.
Countdown to CFE Exam Review Course: 10 Things Every Candidate Must Know
Are you preparing for the Certified Fraud Examiner (CFE) exam? Congratulations, you’re on the path to joining a globally respected network of anti-fraud professionals. But as exam day draws closer, preparation becomes more than just flipping through study materials. It’s about focus, strategy, and mindset.
Synthetic Identity Fraud
Synthetic identity fraud, often referred to as synthetic identity theft, involves combining fake credentials with a suggested identity that isn’t connected to a real person. In order to build a new identity, thieves may use actual and fraudulent information, such as names, social security numbers (SSNs), and fraudulent personally identifying information (PII), to construct fake identities. By opening fictitious accounts and making fraudulent purchases, this new identity is used to defraud financial institutions, governmental organisations, or private citizens.
ELECTION FRAUD
Election fraud also known as electoral fraud, election manipulation, voter fraud, or vote rigging, is the illegal meddling in an election, either to increase the vote share of a supported candidate, to decrease the vote share of a rival candidate, or to do both. While it is distinct from voter suppression, it frequently coexists with it. Voter’s suppression is any action, whether legal or illegal, whose objective is to discourage members of a designated racial group, political party, or religious community from voting or registering to vote. Election fraud can take many different forms depending on the country.
TRADE-BASED MONEY LAUNDERING (TBML)
Money laundering is no new term, especially in the world of fraud. Yearly, agencies are consistently updating their methods of prevention when it comes to money laundering schemes. Money is moved by criminal organizations and terrorist financiers to hide its source and integrate it into the formal economy through three main methods. The first includes […]
How to Avoid Identity Theft Online: 4 Internet Safety Tips
A little bit of vigilance goes a long way when it comes to protecting your identity online. Adding an extra layer of security can be as simple as keeping an eye on your accounts, looking out for suspicious activity and shredding sensitive documents. Some data breaches are out of our control, like when retailers or […]
How to Protect Seniors Online
How to Protect Seniors Online Senior citizens are especially vulnerable to online scams and hoaxes. Scammers take advantage of seniors because many seniors have a lifetime’s worth of savings, home equity and other valuable assets. Studies have shown that older Americans are less likely to report fraud because they may not know how to report a […]
What is Cybersecurity?
Cybersecurity is simply a general term for technologies, practices and processes used to protect online data from unauthorized access or misuse. Everyday, people play a part in cybersecurity when they follow internet safety tips and cybersecurity best practices. In this piece, we’ll discuss what we mean when we say cybersecurity, and why it’s important. We’ll also share […]
PHISHING
My friend John Doe was introduced to a forex platform that pays a monthly interest rate of 15% plus. He had the option of investing his money for six months or a year. According to the investment contract, he might withdraw his funds before the end of the investment period, but only 70% of the amount invested would be returned to him. He was eager to join this investing platform, so he conducted a background check on the investment firm, checking their corporate affairs registration, confirming their registered address, and validating the directors of the firm, but he received no tangible information.
THE FRAUD TRIANGLE
It is important we understand the factors behind the occurrence of fraud from the how, why, what, where, and who in order to combat fraud. The circumstance that leads embezzlers to the act of committing fraud was of keen interest to Donald R. Cressey, a known criminologist who developed the Fraud Triangle. The Fraud Triangle […]