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Fraud Trends andOrganized White Collar
Crime
Fraud Trends andOrganized White Collar
CrimePresentation by Jeff Wahl, CFEPresentation by Jeff Wahl, CFE
IntroductionIntroduction
Jeff Wahl, Vice President, Division Manager for U.S. Bank Corporate Security Operations– 19 years of banking experience
– 13 years investigating financial crime at the corporate level
– Certified in fraud examination (CFE)
– Current responsibilities include managing investigations staff and physical security for the Pacific Division within U.S. Bank Corporate Security (11 states and over 1,600 branches)
FormatFormat
Ask questions What do you want me to cover?
Fraud TrendsFraud Trends
Scams are evolving Fraud is becoming more organized Technology is changing fraud
– Better ways to detect
– Better ways to steal
Fraud Trends and White Collar CrimeFraud Trends and White Collar Crime
Advance Fee Scam Evolution Cash Advance Skimming Account Takeover Felony Lane Gang New Account Fraud Financial Exploitation of a Vulnerable Adult
Advanced Fee Scam EvolutionAdvanced Fee Scam Evolution
Investment Opportunity You Won!
– Big Payout
– Small Checks
Current Versions:– Employment Scam
– Romance/Dating Scam
– Auction Scam
– What Else?
Cash AdvanceCash Advance
Cash Advance Scam– Initial attempt will be declined
– Suspect uses a phone
– Transfer the phone to a banker/teller
– Knowledgeable
– Count on a procedural violation
SkimmingSkimming
What is skimming? PIN capture
SkimmingSkimming
Use captured data with counterfeit plastic Many victims do not know how card was
compromised Devices only used for a few hours Drive up ATMs are targeted Data can be transmitted wirelessly
SkimmingSkimming
Installed over the card reader Card passes through skimmer first
SkimmingSkimming
Skimming – PIN CaptureSkimming – PIN Capture
Skimming - PIN CaptureSkimming - PIN Capture
Account TakeoverAccount Takeover
Have account numbers High quality identification Travel Work in teams Social engineering
Felony Lane GangFelony Lane Gang
Break into vehicles Theft of purses and wallets Go to the “felony lane” Split deposits and cashed checks
New Account FraudNew Account Fraud
Organized groups Account opened using real information/ID Card is passed to suspect Activity completed by same person/people Activity is not always reported
Financial Exploitation of a Vulnerable AdultFinancial Exploitation of a Vulnerable Adult
ConclusionConclusion
Questions?