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Fraud Presentation

Transcript: A ! How we prevent money laundering U R D F Fraud is defined as any wrongful or criminal deception intended to result in financial or personal gain. What is Fraud? What is Fraud? When a fraudster abuses personal data to impersonate and innocent party or creates a fictitious identity, to open a new account or product Identity fraud Identity Fraud When an application for a product or service is made with material falsehoods, often using false supporting documents Application fraud Application Fraud The unlawful sale of an asset subject to a credit agreement Asset conversion Asset Conversion The misuse of an account, policy, or product Misuse of facility Misuse of Facility The fraudulent act where someone takes out finance on behalf of another person Fronting Fronting How does MBFS prevent fraud? How we prevent fraud National Hunter - Experian Hunter database is used for fraud prevention and detection - Prevents application fraud by highlighting suspicious applications, allowing users to investigate & prevent fraud without inconveniencing genuine customers - Matches application data against multiple data scores including MBFS fraud data, PEP and Sanction lists, shared fraud databases & mortality data - Used customised rules to cross-match data sources to highlight inconsistencies or confirmed fraud risks - Matches then displayed within Hunter tool for further investigation National Hunter CIFAS - UK's largest cross-sector fraud sharing database. - Confirmed fraud cases filed to a shared database by lenders - Fraud alerts displayed on a customer's credit profile for 6 years - Law enforcement and home office alerts against individuals are loaded onto CIFAS database CIFAS What is money laundering? What is money laundering? Money laundering is defined as the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. How MBFS protects against money laundering - Passports/photo card driving license - EVID click-to-sign - Company name & number & address - Correspondence from professional adviser - Additional docs to verify name & address What can we do? Collector Actions What should we do? - Question proposals for third party payments e.g. direct debit mandates with third party details - Be aware of address changes which could lead to a change in accounts activity - Be aware of customers looking to settle shortly after agreement activated - Keep an eye out regarding disparity in job & monthly payments - Keep an eye out for bank accounts being 'frozen' by banks due to 'fraud' or over long periods of time - Report any suspicions of money laundering or financial crime to business compliance - Keep records of all customer contact or all information used in due diligence process We should always: Who commits fraud? 79% of fraudsters are men; the proportion of women has risen to 17% from 13% in 2010. 68% of perpetrators (male and female) are between the ages of 36 and 55. In 62% of frauds, the perpetrator colluded with others. 65% of fraudsters are employed by the victim organization and a further 21% are former employees. Among fraudsters who were employees, 38% worked at the organization for more than six years. In Europe, 72 percent of the fraudsters said that weak internal controls presented an opportunity for the fraud. 66% of frauds were perpetrated over one to five years. Profile of fraudsters Reporting Suspicion All financial service firms are under legal obligation to report suspicions of money laundering to National Crime Agency (NCA) using a Suspicious Activity Report (SAR), when you know/suspect/have grounds to suspect possible money laundering. POSSIBLE CRIMINAL PENALTIES 4 years in prison for assisting in money laundering ops 5 years prison for failing to report suspicions or suspicious activities 2 years prison & unlimited fine for tipping-off Important that no customer being investigated internally or externally for money laundering is 'tipped-off' or told they are being investigated Reporting suspicion As mentioned in the shop floor, there are some suspected fraudsters targeting Mercedes Benz Customers. The following steps should be taken to avoid the risk: - Undertake standard DPA at beginning of the call. - If the customer asks for a settlement figure or asks to settle, initially direct them to their online portal in Mercedes Me. - If they insist they settle on call, perform enhanced DPA. - If not satisfied with these checks, consult a TL, who will make a decision whether or not to continue the call or refer to Andrew Thomas as per our process. We have the right to terminate the call at any time if we feel the customer does not satisfy DPA checks. Current suspected fraudsters If we choose to continue with the call, the following applies: 1 - Only the customer can make the settlement payment. 2 - The card must be registered to the customer at the same address. 3 - We could only accept a single, one off payment for the full amount,

Fraud Presentation

Transcript: Lascelles Employees and Partners Fraud Presentation What is ? Definition Definition Fraud is dishonestly obtaining a benefit, or causing a loss, by deception or other means. The term ‘fraud’ refers to an intentional act by one or more individuals involving the use of deception to obtain an unjust or illegal advantage. The key element of fraud is dishonesty. Outline of Presentation Outline Type of Fraud Prevention of Fraud Investigation Procedure Fraud Control Strategies Role of Management Disciplinary Actions Video Link Video Explanation https://youtu.be/KVm_pBy-aGk Types of Frauds Fraud Types Example 1 Example 1 Types of Frauds Asset misappropriation Theft of cash 1. 2. Disclosing confidential information to outside parties without authority for personal gain Example 4 Example 4 1. Accepting or seeking anything of material value from contractors, vendors or persons providing services/materials to the Credit Union. Exception: Gifts less than $5,000.00 in value. Example 2 Example 2 Falsifying Claims 1. Falsifying Payrolls 2. 3. Forgery or alteration of cheques & bank drafts Example 3 Example 3 Overcharging for goods and services 1. misleading educational qualifications 2. Forgery or alteration of any account documents for the credit union 3. Prevention Prevention of FRAUD Upholding the standards of behavior detailed within the Code of Ethics & Business Conduct. a, Types Compliance with Laws and the policies and procedures b, c, Fraud Prevention Fraud Control Plans Managers and Supervisors d, Fraud Control Strategies Fraud Control EMPLOYMENT Employment Screening Pre-employment screening The Credit Union conducts pre-employment screening for all new employees and agents (see Screening under HR Policy). Perform risk-mitigating hiring practices such as: 1. Background checks 2. Reference checks 3. Thorough interviews Culture of Work Place Promote a culture that encourages ethical conduct and compliance with policies and procedures. 1. Mission statement 2. Code of conduct 3. Management sets the example EMPLOYMENT Internal Control Minimize opportunity with documented internal controls. 1. Detective internal controls 2. Transparency 3. Checks and balances 4. Segregation and rotation of duties 5. Authorizations 6. Mandatory Vacations Risk Factors to FRAUD Risk Factors Risk Factors Causing Fraudulent Activities • Living beyond means • Financial difficulties • Control issues, unwillingness to share duties • Unusually close association with vendor/customer • Wheeler-dealer attitude (someone who uses clever or slightly dishonest methods to get advantages from a lot of situations at the same time, especially in business or politics) • Divorce/family problems • Irritability, suspiciousness, or defensiveness • Refusal to take vacations • Past employment-related problems • Complained about inadequate pay • Past legal problems • Instability in life circumstances • Excessive family/peer pressure for success • Complained about lack of authority Investigations Your Responsibility An investigation of fraudulent activity will be undertaken by appropriately qualified parties depending on the matter and the content of the disclosure. The aim of the investigation of the fraudulent activity is to substantiate or refute the claims. If you see or suspect any fraudulent activity, you must report it immediately to your Supervisor or Risk & Compliance Officer or the General Manager. Where this is not appropriate or you wish to remain anonymous, you may use the procedures outline in the Whistleblower Policy. Continuation Fraud by Non-Credit Union Employee Investigations Suspicious Activity: Any suspicious activity shall be reported to the Manager of the Credit Union who will then inform the Board and the Supervisory Committee. Employees will take extra precautions to gather and preserve any evidence for investigative purposes. Any future transactions with the suspected party shall be conducted very cautiously. Non Credit Union Employee Credit Union Employees Notification Notification of Interested Parties: The Supervisory Committee will ensure that the proper persons are contacted. If the evidence is not sufficient to clearly implicate the dishonest person, the Supervisory Committee and the General Manager of the Credit Union shall consider additional controls or job duty changes to discourage opportunities. Such changes may be made without the employee's knowledge. If the evidence is sufficient to clearly implicate the dishonest person, the Supervisory Committee, and Board of Directors will seek legal counsel's advice on dismissing the employee. The Supervisory Committee will seek legal counsel's advice on reporting the loss to proper authorities. The decision may be based on dollar amount and the evidence. If an investigation results in a recommendation to terminate an individual, the recommendation will be reviewed for approval by the Board and legal counsel. Other Disciplinary Actions Verbal Warning Formal Written Warning Formal

Fraud Presentation

Transcript: The maximum potential penalty for each count of conspiracy to commit mail fraud and/or wire fraud is 30 years in prison and a $1 million fine The maximum potential penalty for making a false official statement is five years in prison and a $250,000 fine A total of 29 defendants have been convicted Leon Benzer and 10 others have all been ordered to appear in the courtroom on March 26th Prosecutors are pushing for trial in October, but defense lawyers want a March 2014 trial Pressure: Quon had a reputation to uphold and Benzer had a construction business he needed to keep busy STILL AWAITING TRIAL Benzer’s construction company “won” bids for repair work at condominium complexes Fixed HOA board made up of Benzer’s friends and employees Phony or suspicious condominium purchases to make them eligible to be on the HOA board Hired Quon as legal counsel in suits against home building companies for faulty or defective buildings Suspicious homeowners conducted their own investigations Several groups of homeowners filed lawsuits starting in 2003 FBI and local agents acquired search warrants and eventually shut down scam in September 2008 Jessica Book Rosie Gomez Rachel Menor May Villari QUESTIONS Since 2008, 29 defendants have pled guilty January 2013, an additional 11 are indicted Leon Benzer pleads not guilty Conspirators include attorneys, former police officers, businessmen and straw buyers Largest public corruption case in Southern Nevada PLAYERS CLUB How the FRAUDSTERS were caught OPPORTUNITY: Surge in real estate development due to a population boom in Las Vegas 2003 through 2009 Involved 11 HOAs 37 straw buyers Fake HOA elections Lucrative construction contracts Millions made in litigation The Fraud Triangle Rationalization: Too early to determine as the investigation of the case is still on-going Christopher Van Cleef, retired Metropolitan Police Lieutenant Robbi Castro, former board member of the Vistana HOA Nancy Quon, Construction Defect Lawyer David Amesbury, Attorney HOW DID IT HAPPEN? DEATHS REPERCUSSIONS Las Vegas HOA Fraud

Fraud Presentation

Transcript: Fraud is the daughter of greed. Fraud 1 Lying to achieve money or goods. Many ways to fraud One of the worst criminal offences Highest paid unlawful job Most fraudstars get other people to do the illegal work in which the workers get paid in commission. Workers are used so the police attention is diverted to the workers. Basic information on fraud 2 #1 Fact #1 A single fraud offence can lead between 1 - 10 years in prison or an average fine of £10,000 #2 Fact #2 Credit card fraud is the most common fraud in the United Kingdom #3 Fraud Fact #3 Just over 1.5 million people are affected by online bank fraud each year. There are many different types of fraud but the most common ones are... Areas of fraud Online Fraud This type of fraud is relied on using the internet. The most common way this is used is goods being purchased online using someone elses identity including their bank card details. There are many ways to fraud online as well but the obvious ones that most people are aware of are Fake Emails Websites Individual Fraud This method is when the fraudstars target the victim induvidually. This can be done over the phone, email text message etc. The most common way this is done is through the fraudstars tricking the victims by calling them saying they are calling from a well known bussines e.g. Nationwide or Met Police station and trick them into giving their details away. Corporate Fraud Corporate fraud conisist of activities done by an individual or a group which mostly target businesses which is similar to individual fraud but to a business. Advance Fee Fraud This method of fraud is used to gain goods. The fraudstar would make a worker to put in a deposit or upfront payment to an item using his own card in which is given to the fraudstar who cancels the contract and keeps the good which is usually distributed or can be kept by the person him/herself. The fraudster would trick the victim that it wouldn't affect the worker at all but does hugely affect the workers credit score. 3 4 Conclusion In conclusion, fraud is a common problem many people have when they come across the internet. To prevent this from happening, make sure you do not give personal details to an unreliable website. if you do think you might have an issue with fraud to contact action fraud.

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