A Short Paper 2-2 Fraud Risk Assessment

The other factor that facilitates the occurrence of the love scam has been highlighted as the shortcomings of the national banking system. The Internet love scam crime is facilitated by Malaysia’s new and advanced banking system which permits culprits who are the persons responsible for a crime to effortlessly set up accounts and perform global transfers (Reuters, 2014). Other than that, assuming another person’s identity is also created easily by banks permitting individuals to open accounts online (Quinn, 2014). Identity theft occurs when somebody steals casualty’s personal information, for example, identity card number, telephone number, address, credit or debit card number or financial account data, and uses the information to open up lines

The amount listed is the enrollment agreement was 10,020.00 which gives a difference of :

            Identity theft is an issue faced on a daily basis for those that are living in our wonderful state of California. For some it is common knowledge to protect your identity but for those that are not familiar with the practices of these common crooks, will cost a lifetime of savings and irreparable damage to ones credit and finances. According to the California Office of Privacy Protection, “there were more than 11 million victims of Identity Theft in the

Internal fraud consists in “a type of fraud that is committed by an individual against an organization. [Furthermore], a perpetrator of fraud engages in activities that are designed to defraud, misappropriate property, or circumvent the regulations, law, or policies of a company”[8]. Not only has the incidence of internal fraud increased in frequency because of the availability of sensitive information such as client details or confidential business documents; moreover, this type of fraud is found in various types of organizations, ranging from corporations, public service institutions and financial institutions. Our analysis will concentrate on the most common and prolific types of internal fraud, namely identity theft, insider trading, loan fraud and wire fraud. Interestingly, PriceWaterhouseCooper conducted a survey that revealed that the “demographics of a typical fraudster are as follows: males (85% of cases), 31-50 years (72% of cases), reached high-school level (50%), Bachelor’s or post graduate degree (50%) and middle or senior management (52%)”[9].

|Another fraud risk factor is that Rogers allows returns after |1-Although this is good for customer service, it provides the |

Given the widespread effects of identity theft, it’s clear to see why 18% of Australians believe they are at risk in the next 12 months. Some alarming statistics regarding identity theft are:

1. Case Study:  “Don’t Let Crooks Steal Your Identity: How to Protect Yourself-and Your Credit Rating” (p. 225)

Fraud Security Enforcement case reports are not always processed or were not completely processed by Credential Management. This occurred for five of 56 (8.9%) Fraud Security Enforcement case reports reviewed. Case reports that are not processed completely by Credential Management cause the customer’s record to be inaccurate. Which could allow fraud to continue or to occur.

The perfect fraud storm occurred between the years 2000 and 2002 involving two of the largest energy and telecom corporations in the United States: Enron and WorldCom. It was determined that both organizations fraudulently overstated assets, created assets from expenses or overstated revenues, costing investors billions of dollars and resulting in both organizations declaring bankruptcy (Albrecht, Albrecht, Albrecht & Zimbelman, 2012). Nine factors contributed to fraud triangle creating this perfect fraud storm, and assisting management in concealing the fraud until exposed and rectified.

The less sophisticated thieves have perfected the art of “dumpster-driving” rummaging through trash. Abusing employer’s authorized access to credit reports or some even playing ‘landlord’ has given them unauthorized access to victim’s reports. Some victims have been scammed fro information by an identity thief posing as a legitimate businessperson or government official. In the most recent news from Concord, NC (Aug. 19, 2004), the police have uncovered a more sophisticated case of ID theft. The newspapers stated, “Authorities think a portable credit card reader, or skimmer, was used to read personal information off a credit card’s magnetic strip. Then those details were applied to the strip on the back of a different cared.”

     In today's society, there is a white-collar crime that has greatly risen in popularity among criminals. This crime is identity theft. Hundreds of thousands of people have their identities stolen each year. Identity theft is when these criminals obtain and use consumers personal information such as credit card numbers, bank account numbers, insurance information, and social security numbers to purchase goods or services fraudulently. According to the Federal Trade Commission, over 1.1 million people were the victim of identity theft. With this number, it is very evident that identity theft is one of the fastest growing crimes in our country. This paper will attempt to more thoroughly define identity theft. It will

The value of fraud reported in the survey period was RM63.95 million. Not all respondents disclosed information on the number of fraud incidents or the value of fraud detected (15 percent of the 85 respondents responded they were victims of fraud were unsure of the number of incident whereas 53 percent were unsure of the value of financial losses due to fraud). Hence, this suggests that losses may be far bigger than the disclosed amounts of the 56 percent of respondents who reported some form of recovery of assets that were misappropriated, 43 percent reported partial recovery while 13 percent reported full recovery. On the other hand, the number of identity fraud (when the person knowingly or intentionally obtains personal identifying information of another person and using it) victims increased by 12 percent in 2009 and the amount of fraud increased by 12.5 percent. This is the highest rate of increase in the seven years that the company has been issuing the report since 2002. New account fraud represents 39 percent of all 2009 fraud cases, versus 33 percent in 2008. Many of these fraudulent accounts were opened online. New account fraud is not limited to credit card accounts. Fraudulent cell phone accounts make up 29 percent of total new account fraud. Existing credit cards are also highly targeted, making up 75

The government is actively involved in decreasing the amount of identity theft by providing the most effective tools to investigate and prosecute identity thieves. One of these tools is the Identity

Today, a wealth of information is easily accessible to the fraud examiner online. However, an effective investigator will conduct searches using the Internet efficiently and legally. While there are many resources available on the Internet, it would irresponsible to assume that everything is true and accurate – therefore it is vital to verify. In the following, ten online sources of information will be profiled, detailing each’s strengths, weaknesses, and cost to the fraud investigator.

The United States Department of Justice defines Identity Theft and Fraud as, “… terms used to refer to all types of crime in which someone wrongfully obtains and uses another person's personal data in some way that involves fraud or deception, typically for economic gain” (U.S. Department of Justice, 2012). An individual’s personal data such as: Social Security number, bank account information, credit card numbers, or telephone calling card number¬ may be used by criminals to personally profit at your expense. In many cases, a victim's loss not only includes out-of-pocket financial losses, but substantial additional financial costs and time repairing and correcting credit histories and erroneous information. To assist with my research for this paper, I chose two books written from different perspectives. First, I sought out a book to provide a comprehensive review of identity theft history; methods used to steal identities, consequences of having your identity stolen, and prevention techniques from an individual or business perspective. Next, after developing a strong baseline on identity theft, I searched for a reference book which offers a comprehensive review of the concepts of computer crimes, relevant laws, and methods practiced by investigators to trace, capture and persecute identity theft