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Tag: Fraud

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U.S. Wire Fraud Case: Multiple Companies and Multiple Banks Exploited

October 10, 2016 by Denise Hutchings

Wire fraud that emanates from the combination of identity theft and email compromise has skyrocketed to an escalated threat level in the class of evolving cybercrimes which exploit both financial institutions and their customers. To help shine a spotlight on... 

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U.S. Bank Account Information Sold on Dark Web Marketplace

August 25, 2016 by Denise Hutchings

A recent online post under the “Fraud” category of a Dark Web marketplace read as follows: “High Balance [redacted bank name] Logins 30K-150K Available…I bring you freshly hacked [redacted bank name] Bank Account Logins. The accounts are notorious for having... 

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Financial Fraud Charges in ISIS-Related Arrests in the US

February 8, 2016 by Denise Hutchings

Yesterday the House Homeland Security Committee reported that law enforcement authorities have arrested 81 individuals in ISIS-related cases in the United States since 2014 – 62 in 2015 alone. The cases include individuals plotting attacks; attempting to travel to join... 

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A Court Case to Illustrate that Card Fraud Funded Terrorism

November 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... 

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10 Ploys Fraudsters Use to Commit Identity Fraud

June 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.... 

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28 Red Flags for Elder Financial Abuse

April 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... 

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5 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...