Fraud Alert is your go-to source to discover the latest fraud and scams in the industry. Alerts come directly from professionals working in the anti-financial crime industry. Discover the trends and stay ahead of the curve with insights from subject-matter experts around the globe. Be a part of the global financial crime detection and prevention exchange.
The holiday season, with its surge in shopping, travel and festive activities, is also a peak period for scammers who seek to exploit the spirit of generosity and the flurry of financial transactions. In 2024, as digital technology becomes more integrated into daily life, new...
It was a Tuesday afternoon in a small, well-to-do, southeastern Connecticut town. Nancy was on her laptop checking the afternoon TV schedule from her lower-income senior housing apartment. After clicking the link for the TV guide site and scrolling past NCIS, an alert popped up...
In a testament to its growth, the valuation of cryptocurrencies has quietly surged to an astounding $2.6 trillion, a phenomenon often overlooked by many. In the 15 years since the introduction of Bitcoin, the allure of crypto among investors has sparked significant turmoil, impacting millions...
Payment fraud is not a new issue. Historically, fraudsters had to be patient and willing to engage in time-consuming, manual techniques to carry out their schemes. The process itself acted as a deterrent, adding enough friction to limit widespread fraudulent activity. However, digital tools have...
About two years ago, I wrote an article that made me feel vulnerable from a reputational standpoint. The topic was about fraudulent candidates, and I discussed how I had experienced and been scammed by candidates posing as anti-money laundering or compliance experts. I felt safe...
Creating a legitimate-looking business entity used to be difficult. Making a fake merchant website and fabricating business operations that looked convincing enough to dupe underwriters took time and skill. Now, thanks to the emergence of generative artificial intelligence (GenAI), it is easy—and it is on...
As I was in the midst of writing this article, I received not one but two thoughtful text messages from numbers that I did not recognize, as shown in Graphic 1. Graphic 1: Examples of Job Opportunity Fraud Source: Illustration created by Jon Estreich, CAMS-Audit,...
Customer due diligence and beneficial ownership are of considerable importance in the anti-financial crime (AFC) arena to uncover the true identity of financial criminals. This article will explore a case that highlights the loopholes in the legal framework and the regulatory weaknesses that enable criminals...
It is important to remind ourselves that whenever we encounter an opportunity on the internet, it is essential to conduct thorough research. Finding rental properties online is straightforward, but interested renters should only proceed to sign a legitimate and complete contract/lease after viewing the property....
Cyber slavery is a new crime that emerged in 2022. It involves fraud, human trafficking (HT), modern slavery, cryptocurrencies and money laundering, hereby referred to as the “HT scam trade.” The HT scam trade or cyber slavery involves victims being held captive in scamming compounds...
