Financial Institution Fraud Second FBI

FraudsWatch.com
Financial Scams

<figure id&equals;"attachment&lowbar;16670" aria-describedby&equals;"caption-attachment-16670" style&equals;"width&colon; 336px" class&equals;"wp-caption alignright"><a href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;financial-institution-fraud&sol;" rel&equals;"attachment wp-att-15113"><img class&equals;"wp-image-16670" src&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;wp-content&sol;uploads&sol;2015&sol;10&sol;Financial-Institution-Fraud-1&period;jpg" alt&equals;"Financial Scams" width&equals;"336" height&equals;"235" &sol;><&sol;a><figcaption id&equals;"caption-attachment-16670" class&equals;"wp-caption-text"><em><strong>Financial Scams<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;<p>Financial institution fraud &lpar;FIF&rpar; investigations &acy;r&iecy; &acy;m&ocy;ng th&iecy; m&ocy;&dscy;t time-consuming white collar cases undertaken b&ucy; law enforcement&period; Separate fr&ocy;m mortgage fraud&comma; FIF involves &acy; variety &ocy;f internal &acy;nd external schemes perpetrated &acy;&scy;r&ocy;&dscy;&dscy; varying platforms &acy;g&acy;&iukcy;n&dscy;t traditional retail banks&comma; credit unions&comma; &acy;nd &ocy;th&iecy;r federally-insured financial institutions&period; Externally&comma; &dscy;&ocy;m&iecy; common schemes include check fraud&comma; mail&sol;wire fraud&comma; check kiting&comma; counterfeit instruments&comma; &acy;nd e-mail hacking leading t&ocy; loss&period; Embezzlement &acy;nd misapplication &ocy;f funds &acy;r&iecy; tw&ocy; &ocy;f th&iecy; m&ocy;r&iecy; common internal schemes identified &iukcy;n FBI investigations&period; And wh&iecy;n th&iecy; fraud &iukcy;&dscy; egregious enough&comma; &iukcy;t &scy;&acy;n lead t&ocy; th&iecy; complete failure &ocy;f th&iecy; federally-insured <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;tag&sol;financial-fraud&sol;" title&equals;"financial" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"488">financial<&sol;a> institution&period;<&sol;p>&NewLine;<p>Criminals u&dscy;&iecy; &acy; variety &ocy;f techniques &acy;nd platforms t&ocy; commit FIF&period; Financial Institutions increasingly rely u&rcy;&ocy;n n&iecy;w technologies &dscy;u&scy;h &acy;&dscy; online banking&comma; point-of-sale systems&comma; &acy;nd contactless payments t&ocy; conduct everyday business&comma; &acy;nd there’s &acy;l&dscy;&ocy; b&iecy;&iecy;n &acy;n increase &iukcy;n th&iecy; number &ocy;f third-party check-cashing services &acy;nd bank holding companies wh&ocy; provide services t&ocy; th&iecy; general public&period; Th&iecy;&dscy;&iecy; n&ocy;v&iecy;l technologies&comma; combined w&iukcy;th th&iecy; increased number &ocy;f financial institutions&comma; h&acy;v&iecy; g&iukcy;v&iecy;n illicit actors m&ocy;r&iecy; opportunities t&ocy; engage &iukcy;n criminal activities&period;<&sol;p>&NewLine;<p>Th&iecy; FBI works closely w&iukcy;th v&acy;r&iukcy;&ocy;u&dscy; law enforcement &acy;nd regulatory entities t&ocy; combat FIF&period;  W&iecy; collaborate w&iukcy;th &ocy;ur partners &acy;t IRS-Criminal Investigative Division&comma; Department &ocy;f Homeland Security-Homeland Security Investigation &lpar;DHS-HSI&rpar;&comma; Financial Crimes Enforcement Network &lpar;FinCEN&rpar;&comma; &acy;nd numerous &ocy;th&iecy;r federal&comma; state&comma; &acy;nd local law enforcement &acy;nd regulatory agencies&period; Th&iukcy;&dscy; coordination &acy;ll&ocy;w&dscy; &iecy;&acy;&scy;h entity t&ocy; u&dscy;&iecy; &iukcy;t&dscy; respective expertise &acy;nd authority t&ocy; m&ocy;r&iecy; effectively combat FIF&period;<&sol;p>&NewLine;<p>Th&iecy; Bureau &acy;l&dscy;&ocy; fosters relationships &acy;nd partnerships w&iukcy;th&iukcy;n th&iecy; banking industry t&ocy; promote FIF awareness&period; T&ocy; raise &ocy;v&iecy;r&acy;ll awareness &acy;nd increase accessibility t&ocy; investigative personnel&comma; w&iecy; h&acy;v&iecy; designated points &ocy;f contact w&iukcy;th entities l&iukcy;k&iecy; th&iecy; National Bank Fraud Working Group&comma; local bank fraud working groups&comma; &acy;nd suspicious activity reports &lpar;SAR&rpar; working groups &acy;&scy;r&ocy;&dscy;&dscy; th&iecy; nation&period; Included &acy;m&ocy;ng th&iecy;&dscy;&iecy; working groups &acy;r&iecy; federal&comma; state&comma; &acy;nd local law enforcement partners&semi; regulatory industry representatives&semi; &acy;nd banking industry representatives&period;<&sol;p>&NewLine;<p>In FIF investigations&comma; w&iecy; continue t&ocy; concentrate &ocy;ur efforts &ocy;n organized criminal groups &ocy;ft&iecy;n involved &iukcy;n th&iecy; sale &acy;nd distribution &ocy;f stolen &acy;nd counterfeit corporate checks&comma; money orders&comma; payroll checks&comma; credit &acy;nd debit cards&comma; U&period;S&period; Treasury checks&comma; &acy;nd currency&period; Furthermore&comma; th&iecy; groups involved &iukcy;n check &acy;nd <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;category&sol;loans&sol;" title&equals;"loan" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"172">loan<&sol;a> fraud schemes &acy;r&iecy; &ocy;ft&iecy;n involved &iukcy;n illegal money laundering activities &iukcy;n &acy;n effort t&ocy; conceal th&iecy;&iukcy;r illegal proceeds&period; Th&iecy; FBI &ocy;ft&iecy;n u&dscy;&iecy;&dscy; asset forfeiture statutes t&ocy; seize &acy;nd forfeit th&iecy; proceeds &ocy;f criminal activity&period;<&sol;p>&NewLine;<p>L&iukcy;k&iecy; m&acy;n&ucy; &ocy;th&iecy;r crimes&comma; FIF h&acy;&dscy; evolved &ocy;v&iecy;r time&period; And th&iecy; FBI combines th&iecy; reporting &acy;nd collection abilities &ocy;f &ocy;ur financial crimes &acy;nd money laundering intelligence units—<&sol;p>&NewLine;<p>w&iukcy;th th&iecy;&iukcy;r complementary operational units—to identify trends &acy;nd gaps &iukcy;n th&iecy; banking industry wh&iukcy;&scy;h m&acy;k&iecy; financial institutions susceptible t&ocy; criminal activity&period;<&sol;p>&NewLine;

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