BlogIt’s Tax Fraud SeasonJanuary 21, 2016 by Brendan Brothers With the holiday season behind us and the new year underway, it’s time to prepare for a brand new season—the 2016 tax filing season. Over the next few months, fraudsters will exploit the personal information of thousands of U.S. taxpayers... |
BlogA Court Case to Illustrate that Card Fraud Funded TerrorismNovember 30, 2015 by Denise Hutchings Financial Institutions Undeniably Have a Role to Play in the Fight Against Terrorist Financing I recently studied several court cases that involved loan fraud and/or card fraud to fund terrorism. Details in one particular indictment which was unsealed less than... |
Blog15 Red Flags for New Account FraudJuly 14, 2015 by Denise Hutchings Compromised credentials from a data breach or malware are frequently exploited by financial criminals to perpetrate new account fraud. The agency [FBI] used to learn about a new, large-scale data breach every two or three weeks. “Now, it is close... |
Blog10 Ploys Fraudsters Use to Commit Identity FraudJune 26, 2015 by Denise Hutchings Financial Criminals and SSNs Make a Bad Combination A Social Security number (SSN), which supposedly distinguishes one person’s identity from another, is a key piece of information for a financial institution’s Customer Due Diligence (CDD) process and opening bank accounts.... |
Blog58 Red Flags for Terrorist FinancingMay 26, 2015 by Denise Hutchings “Simply by using standard anti-money laundering typologies financial institutions should have been able to identify fourteen instances of terrorism financing as being suspicious, though not on their face to raise suspicion of terrorism financing.” Numerous Terrorism Financing Cases Reveal Suspicious... |
Blog28 Red Flags for Elder Financial AbuseApril 28, 2015 by Denise Hutchings “Growing Epidemic” and “Rampant, Largely Invisible, Expensive and Lethal Problem” “Elder financial abuse has become more acute.” This somber assessment by Thomas Curry, Chief Officer of the OCC (Office of the Comptroller of the Currency) which he shared in a... |
BlogPeer PerspectivesMarch 26, 2015 by Nasdaq Verafin Collaborating under Section 314(b) of the USA PATRIOT Act has been a hot topic these days and with good reason, it’s a simple but effective way to strengthen your financial crime detection. Read about that effectiveness yourself from some industry... |
BlogCollaboration 101: The Basics of 314(b) Information SharingMarch 26, 2015 by Nasdaq Verafin We teach our kids to share, we understand the value of teamwork, and we know that usually, the whole is indeed greater than the sum of its parts. These ideas of sharing, collaboration and teamwork prove beneficial for most things... |
Blog5 Insightful FinCEN Statements about Collaboration through 314(b)March 18, 2015 by Denise Hutchings Although the USA PATRIOT Act was legislated more than a decade ago, it is interesting to note that one particular section – 314(b) information sharing – has become the subject of renewed focus. Numerous regulatory and law enforcement agencies including... |
Blog12 Red Flags for “Funnel Accounts” Used to Launder MoneyFebruary 25, 2015 by Denise Hutchings Regulatory and law enforcement agencies are cautioning financial institutions about an increased use of illegal funnel accounts to launder proceeds from human smuggling, human trafficking and drug trafficking crimes. In light of the recent attention on this money laundering trend,... |
