FinancialCrimeRiskOfficers.com

It is said that fraud is a cyclical business and that frauds come around every five to seven years. Today, it is common to see frauds coming round every few months. This one combines both with old-fashioned blackmail, internet abuse, insecurity through camera-equipped devices and crypto-currency all in one. Add in a (quite possibly fake) Russian connection and whoever crafted this had his finger on all kinds of buttons. DUE DILIGENCE INFORMATION: BTC account quoted - 16n8TKLoLKZiB2DCaWwpKFnWRPN7EW9EjT

We've received an e-mail from a company with a .ae domain name. It offers us a spectacular opportunity to become a "Certified Fraud Examiner."

There's just one problem: once we started to read the e-mail it was clear that the headline was not true

The final part of this article.

Continued from Part IV of this article

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Continued from Part II of this article

Part I is here

Continued from Part III of this article

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Part I is here

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Part I is here

Continuing from Part I of this article

This paper, by Nigel Morris-Cotterill, was first presented in June 1997 in Milan and first published in the UK that same month.

It deals with internet banking, cyber-currencies, inter-bank regulatory risk and a host of other topics that are seen as trendy today.

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Fraud using technology is not a new occurrence Over the centuries, it has been called by many names - cheating, false accounting, confidence tricks, forgery, impersonation - all are examples of fraud in the widest sense.

Thanks to all the scammers who make is sooooo easy to send their mails to the bin unread.

But we've been digging around in the spam-trap because sometimes we find things that make us smile.

Here's this week's SPAM AWARDS

Following on from the warning on Sunday (see here) Dubai Financial Services Authority has issued a notice relating to a second fraud involving false documents relating to DFSA.

OFAC says "The U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) today announced a USD344,800 settlement with Richemont North America, Inc., d.b.a. Cartier (Richemont), headquartered in New York, New York, to settle Richemont's potential civil liability for four apparent breaches of the Foreign Narcotics Kingpin Sanctions Regulations, 31 C.F.R. Part 598 (FNKSR). "

Note "apparent" and "potential." The case has lessons for commercial entities, not only financial services businesses, all over the world. It also draws attention to the risks where the USA is out of step with the rest of the world.

Part one of this article is here

FREE CONTENT

Unlike reporting suspected tax fraud to the IRS, reporting suspicions of customs duty or tariff fraud can be a simple matter. But if you want to claim a reward, it's far more complex.

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When you come across an American person or company, anywhere in the world, who is or appears to be failing to pay federal taxes properly due, under US law, you can make a report to the Inland Revenue Service and, in some cases, receive a very substantial reward - as much of 30% of the tax recovered. And it's independent of FATCA.

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While the UK was under attack from the IRA and others, it was realised that reactive policing did not provide preventative protection. While specialist units had long been in place for undercover work in relation to both terrorism and organised crime, the models worked, largely, because the targets were known or could be associated with a class of persons. And, of course, individual officers had a network of informants upon whom they relied. But, again, much of this was reactive or, insofar as information could prevent an action, led to internment rather than prosecution. Something had to be done and that something became, in 2000, the National Intelligence Model under which policing became intelligence-led.