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#AuditorChronicles #Forensic Some forensic and antifraud statistics, 11 tips 1. 5 % of world’s global revenue siphoned out by means of financial fraud; 2. Fraudulent schemes come by means of: destroying, modifying source documents: physical and electronic. So, every organization must secure its accounting system; 3. 3 main types of fraud (fraud tree)- asset misappropriations, corruption and assets distortion; 4. Common used - asset misappropriation; 5. Most money vulnerable - financial assets distortion; 6. Tha most frequent fraud - occupational fraud; 7. In 37 % - frauds made simultaneously, for example corruption and financial statements distortion; 8. What we need to do in every organization - is fraud risk assessment; 9. The longer fraud happens, the more the impact it makes to the organization; 10. So, the main point of forensic specialist is to catch fraud at early stages; 11. Nowadays, crypto is the way fraudsters hide stolen assets;

#AuditorChronicles #Forensic Some forensic and antifraud statistics, 11 tips: 1. 5 % of world’s global revenue siphoned out by means of financial fraud; 2. Fraudulent schemes come by means of: destroying, modifying source documents: physical and electronic. So, every organization must secure its accounting system; 3. 3 main types of fraud (fraud tree)- asset misappropriations, corruption and assets distortion; 4. Common used - asset misappropriation; 5. Most money vulnerable - financial assets distortion; 6. Tha most frequent fraud - occupational fraud; 7. In 37 % - frauds made simultaneously, for example corruption and financial statements distortion; 8. What we need to do in every organization - is fraud risk assessment; 9. The longer fraud happens, the more the impact it makes to the organization; 10. So, the main point of forensic specialist is to catch fraud at early stages; 11. Nowadays, crypto is the way fraudsters hide stolen assets; More in my telegram channel: https://lnkd.in/exsrxC5

#Romancefraud, a devastating blend of emotional deceit and financial exploitation, continues to ravage the lives of countless individuals seeking companionship online. #Catfishing, the practice where fraudsters create fake identities to form relationships with unsuspecting victims, often culminates in significant financial losses for the targeted individuals. These #scammers skillfully build trust over time, only to request money under fabricated emergencies, leading to substantial financial ruin for victims. The statistics are alarming, with millions lost annually to these heartless schemes. Fortunately, awareness and #technology are converging to fight back against these crimes. Financial institutions and tech companies are increasingly leveraging artificial intelligence and machine learning to detect unusual transaction patterns and alert consumers to potential fraud. Education campaigns are also pivotal, informing the public of the warning signs and preventive measures to take when online dating. Furthermore, collaboration between law enforcement and dating platforms enhances the ability to track and apprehend perpetrators. These innovative solutions offer a beacon of hope, aiming to safeguard individuals’ hearts and wallets against the scourge of romance fraud. #RomanceFraud #Catfishing #FinancialCrime #CyberSecurity #OnlineDatingSafety #FraudPrevention #AIinFinance LexisNexis Risk Solutions Ntakisha Kyalusanza Linda Madziwa Fábio Soares Sebastião

Fraud is costing the global economy around $5 trillion every year... and it's a problem that's only getting worse. With how quickly the world has gone digital, criminals have found new ways to steal people's money. This report by ADL dives into the complex scene of fraud, discussing its forms, the impact on businesses and consumers, and why a business-as-usual approach simply won't cut it. Here are my key takeaways: 🔶 Fraud is a global, growing, and increasingly sophisticated industry, run by organised criminal networks and supported by new technologies. 🔶 The impact of fraud extends far beyond just financial losses, with significant social and psychological consequences for victims. 🔶 To gain the upper hand against the fraud industry, we need to implement fresh and out of the box solutions and coordinate with the entire industry. 🔶 Banks are heavily investing in fighting fraud, but their efforts are often disjointed and ineffective, as they struggle to keep up with the latest tactics. 🔶 Governments and regulators need to provide more transparency and leadership to address the fraud epidemic. 🔶 Collaboration and information-sharing between financial institutions are important to effectively tackling this threat. 🔶 We need to strengthen identity verification and use advanced analytics to greatly improve fraud detection and prevention efforts. 🔶 Raising public awareness and educating consumers, especially for younger generations, is essential to reducing fraud. Everyone - governments, financial institutions, and consumers - needs to pitch in to keep the digital economy safe and protect people's finances. #FraudPrevention #Fintech #DigitalEconomy

Sometimes when exploring deepfake risk with industry peers, the sentiment is that this attack vector is so sophisticated that it is only likely to be used to target large multi-national businesses. Sadly, the technology is so readily available and useable that this is just not the case. This alert addresses risk to customer processes, which is absolutely correct, but, the more immediate risk is to the IT Help Desk, that often remains unprotected from this scam and provides a route into the internal network where even more damage can be done as per the MGM Grand IT Help Desk attack. FinCEN Issues Alert on Fraud Schemes Involving Deepfake Media Targeting Financial Institutions TrusonaitSMF UKThe Service Desk Institute (SDI)

Romance fraud isn't just a heartbreaker, it's a bank breaker too. Learn how catfishing scams are costing victims millions and discover the innovative solutions that are being implemented to combat them: https://lnkd.in/ejFh8zhH #RomanceFraud #Catfishing #FinancialCrime #DataProtection #ValueOfAnalytics

Fraud is incredibly tough to tackle, isn’t it? 😟 Hearing from experts can help you stay prepared. I recently tuned into a podcast on fraud (A Journey Into Fraud Prevention) by Ivan Prokofev, Payment Fraud Lead at Bumble - he’s not just a rockstar speaker but also a rockstar podcaster 🎙️ In his latest episode with Erin West, they dive into fraud prevention, the rise of #scams in the digital age, and the role of cryptocurrencies. They highlight how most scams are now happening on WhatsApp📱 They also discuss a troubling "trend" called Pig Butchering - a mix of romance scams and investment fraud. Scammers build trust over time, sometimes using misleading tactics like racy pictures, before convincing victims to invest in cryptocurrency with promises of high returns. Alarmingly, it’s estimated that Pig Butchering scams have stolen over $75 billion globally! 🌍 The threat of #fraud and #fincrime is ever-present. As these issues grow in scale and complexity, don’t risk becoming a victim. Join us at FID Fraud & FinCrime on 11th - 12th November to stay informed and protect your future. #FID #DigitalIdentity Future Identity Alexandra Green Alicia Condon Malcolm O'Reilly Emma Sharp Lisa Moyle

Romance fraud isn't just a heartbreaker, it's a bank breaker too. Learn how catfishing scams are costing victims millions and discover the innovative solutions that are being implemented to combat them: https://lnkd.in/esi_8mQQ #RomanceFraud #Catfishing #FinancialCrime #DataProtection #ValueOfAnalytics

Whether through account takeover attempts or sophisticated identity theft, #FinancialCrime can cause significant financial losses and damage consumer trust. In fact, as of 2023, the average cost of a data breach in the financial industry worldwide was a staggering USD 5.9 million. Read on: https://bit.ly/3V2IjTa to find out how #AI is becoming vital in the fight against fraud, helping financial services organisations to improve their #CyberResilience and protect their customers.

Be Aware of These Widespread Scams As we observe International Fraud Awareness Week, it's important to stay informed and vigilant. At Huntington National Bank, we’re dedicated to helping you protect yourself from fraudsters. Imposter Scams: Fraudsters often impersonate trusted individuals or organizations to deceive victims into providing sensitive information or money. Be cautious of unsolicited emails, calls, or messages claiming to be from reputable sources, such as government agencies or financial institutions. Always verify legitimacy and avoid sharing personal info or making payments without confirming the identity of the sender. Investment Scams: Fraudsters build a relationship, introduce an “investment opportunity” with lucrative returns, but ultimately disappear with investor’s funds. Protect yourself by thoroughly researching investment opportunities, verifying the credentials of individuals or firms offering investment advice, and exercising caution when dealing with unfamiliar or unregulated platforms. AI-related Scams: With the advancement of artificial intelligence (AI) technology, scammers are increasingly leveraging AI-driven techniques to commit fraud. This may include using AI-generated content or chatbots to impersonate legitimate businesses or individuals, manipulate social media algorithms, or create convincing fake personas. Stay vigilant during online interactions, verify the authenticity of digital content, and be wary of unsolicited messages or requests. Association of Certified Fraud Examiners (ACFE) Central Ohio ACFE Chapter #IFAW #FraudWeek