Fraud Archives - Page 3 of 12

ACAMS Connection, Fraud, September – November 2024

The Fraud Boom: Examining the Surge

September 5, 2024September 27, 2024 /Leave a comment

Fraud is the word on everybody’s lips. When speaking to financial crime professionals, they increasingly bring up the subject proactively―with strong opinions expressed on the scale of the problem and the challenges and opportunities for tackling it. The sheer volume of fraud has been described...

Fraud, In Focus, September – November 2024, Understanding AI

AI Outsmarts Fraudsters: Boiler Rooms Busted

September 5, 2024September 6, 2024 /Leave a comment

Boiler room fraud, wherein brokers employ tactics such as cold calling, pump-and-dump schemes, advance-fee fraud and high-pressure sales tactics to sell stocks of questionable value over the phone, rose to prominence in the 1990s and has lurked in the shadows of the world of commerce...

Fraud, September – November 2024

The Money Laundering-Fraud Connection

September 5, 2024 /Leave a comment

During an innocuous conversation following a law enforcement (LE) briefing, the supervisor of a local police department’s narcotics section lamented about the difficulties he was experiencing in establishing an undercover account with one of the popular peer-to-peer money transfer apps. While it is unfortunate that...

ACAMS Connection, Career Guidance, Fraud, Fraud Alert, In Focus

Job Opportunity Fraud: Using LinkedIn, AI and ‘Romance’

September 3, 2024September 4, 2024 /Leave a comment

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,...

Fraud, Fraud Alert, In Focus

How an AFC Professional Fell Victim to Fraud

September 3, 2024December 2, 2024 /Leave a comment

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...

ACAMS Connection, Fraud, Fraud Alert, In Focus

How To Avoid Rental Scams

August 19, 2024August 28, 2024 /Leave a comment

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....

ACAMS Connection, Aspects of APAC, Fraud, Fraud Alert, World Digest

Human Trafficking Scam Trade

July 30, 2024August 7, 2024 /1 Comment

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...

AFC Challenges, Compliance, Fraud, Fraud Alert, World Digest

Combating P2P Payment Fraud

July 19, 2024 /Leave a comment

With innovation in the financial technology (fintech) world in the last decade, peer-to-peer (P2P) payments have gained significant popularity. P2P payments are almost conducted in real time, making them convenient for consumers with their speed. Digital P2P’s origin dates to the early 2000s, with the...

ACAMS Connection, Fraud, Fraud Alert, In Focus

Who Is Texting Me Now?

June 28, 2024July 11, 2024 /Leave a comment

With an emphatic scroll and quick click, a text message was opened, considering it came from someone familiar or at least who sounded “vaguely” familiar. They wanted some quick action from you, and they needed it yesterday, but why are they reaching out via text?...

Fraud, Fraud Alert, Understanding AI

AI Against Fraud and Financial Crimes

June 25, 2024August 2, 2024 /Leave a comment

Of the many uses of artificial intelligence (AI) in financial services, finding and documenting fraud and money laundering crimes stand out. In general, AI’s value proposition lies in automating tasks that are extremely cumbersome for people. Some processes are slow and expensive for people and...

ACAMS Today

The Magazine for Career-Minded Professionals in the Anti-Financial Crime Field

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Huione Group and the Rise of a Financial Crime Superhub

Offshore Trust Structures and Feeder Fund Mechanisms

One and Done: Ending the Supplemental SAR Assembly Line

Next-Generation Financial Crime Enterprise-Wide Risk Assessments

The Critical Role AFC Professionals Can Play in Sustainable Development

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