Presented by: Assistant Superintendent Debra Thompson

Slides:



Advertisements
Similar presentations
Part IV. MONEY SERVICE BUSINESSES Another Money Laundering Trend.
Advertisements

Security Classification Practical Issues in dealing with different types of cybercrime.
OVER VIEW OF BANKING FRAUDS
The Third International Forum on Financial Consumer Protection & Education “Fostering Greater Consumer Protection & Education” Preventing Identity Theft.
IIA Fraud Seminar, Thursday 22 nd January 2009 Card Fraud Update Presented by: Úna Dillon, Head of Card Services, Irish Payment Services Organisation.
KYC Norms & AML Standards Guidelines
Anti-Fraud Committee ICT Symposium. “ To play a core role in the growth and stability of the financial sector, through advocacy and representation; and.
WPLA study on fraud prevention in online land registers Jon Atkey, United Kingdom UNECE WPLA, Baku, 4-5 March 2010.
FICA Financial Intelligence Centre Act. Agenda Functions of FICA Objectives of FICA What is a suspicious transaction ? How to report a suspicious transaction?
Cyber crime on the rise. Recent cyber attacks How it happens? Distributed denial of service Whaling Rootkits Keyloggers Trojan horses Botnets Worms Viruses.
U I F 1 Regional Conference “New Trends and Techniques of Money Laundering and Terrorism Financing” November 22-23, 2010 Bucharest Romania.
SSA, Todd Petrie The AMLA Presentation: 3/18/2009.
Data Breaches in Payments Systems- Roles and Best Practices for the Public and Private Sector Response Don Rhodes Director Risk Management Policy American.
Onebeaconpro.com t f Cyber Liability Insurance Coverages and Trends Affecting Community Banks Craig M. Collins President,
IT Banking Advantages and Disadvantages. Advantages IT banking is faster and more convenient for the user as they no longer are required to be at the.
Malware Targets Bank Accounts GAMEOVER!!. GameOver Cyber criminals have found yet another way to steal your hard-earned money: a recent phishing scheme.
Trends in Banking. Product Innovation Investment products Gold / silver coins Marketing of insurance product Credit cards and debit cards Innovative services.
“Scenario One & Two” STRs working Committee DAB, Training Center
October is National CyberSecurity Awareness Month OIT and IT providers across campus are launching an awareness campaign to provide tips and resources.
Beirut – Fall 2015 Special Investigation Commission Cyber Crimes.
Responsibilities of Financial Institutions in the AML Architecture – AML Regulations in Afghanistan Mr. Jafar Sadat, Da Afghanistan Bank.
Ministry of the Interior of the Republic of Latvia STATE POLICE of LATVIA CENTRAL CRIMINAL POLICE DEPARTMENT Economic Crime Enforcement Department.
Garda Bureau of Fraud Investigation Computer Crime Investigation Unit Sgt Paul Johnstone LLB MLitt An Garda Síochána Cybercrime and Cyber Risks Credit.
© Grant Thornton International Consortium on Governmental Financial Management Jennifer Fiddian-Green Investigative Forensic Accountant Stopping Money.
Risk Outlook Anti money Laundering and Cybercrime Steve Wilmott and George Hawkins.
Do you know who you’re dealing with? Social Engineering: Minimise the risk of becoming a victim.
COORDINATED STRATEGY TO IMPROVE FIGHT against VAT FRAUD in LITHUANIA September 2013, Riga.
Canadian Money Laundering Concerns December 2012.
The Future. What will Change Fraud will not go away It will become more sophisticated and clever We have to step up to beat it June 16Caribbean Electronic.
Zeus Virus By: Chris Foley. Overview  What is Zeus  What Zeus Did  The FBI investigation  The virus for phones  Removal and detection  Conclusion.
Phishing and Internet Scams. Definitions and recent statistics Why is it dangerous? Phishing techniques and identifiers Examples of phishing and scam.
CNP Fraud. Occurs when a fraudster falsifies an application to acquire a credit card using an individual’s personal information. (Eg: postal intercept)
London Action Plan Wout de Natris OPTA Strasbourg, 12 June 2007.
2016 FRAUD.
Funds Remittance Checks – Company or Bank – Bill of Exchange Clean Documentary Sight Term/Time/Usance – Draft Bankers Draft Electronic Funds Transfer (Wire.
International Cooperation against CYBERCRIME IGF-UA Mykola Danyliuk Deputy Chief of Division for Combating Cybercrime Ministry of Interior of Ukraine Division.
Forensic and Investigative Accounting
Cyber Crime in the Real Estate Industry
Payment services and electronic money institutions
Advanced Income Tax Law
how to prevent them from being successful
RED LIGHTS: MONEY LAUNDERING RISK FACTORS
Emerging Payments Market Developments: Trends and Risks James Van Dyke, President and Founder Presented at the Federal Reserve Bank of Atlanta, November.
Melissa McBee Anderson Ethan Via Federal Bureau of Investigations
Illicit Financial Flows
Choosing a bank account: ways of reducing bank charges
Electronic Communication
National Cyber Security Month
Information Security and Privacy Pertaining to Phishing and Internet Scams Brian Corl COSC 316 Information Security and Privacy.
Association of Certified Anti-Money Launderying Specialist
RESOURCES FOR REAL ESTATE AGENTS RESOURCES FOR TITLE AGENTS
Tax Identity Theft Presenter Date
Proof of Concept Samples and Techniques
Anti-Money Laundering
smartmail & smartportal: Introducing Two-Factor Authentication
Banks – June 6th 2016.
ELECTRONIC PAYMENT SYSTEMS
Wissam Maroun- CAMS Head Of Compliance- BBAC S.A.L
Workshop on online fraud and electronic payment frauds
Business Compromise and Cyber Threat
Forensic and Investigative Accounting
Adroit Market Research +1 (214) Single Use License: US$ 4800 Request Sample Global.
Cashless: help or hindrance to anti-money laundering policies and Financial Intelligence Units? Philippe de Koster, Director CTIF-CFI, Advocate General.
A fundamental principle of UNCAC
Indiana Department of Insurance Wire Fraud Prevention
Tackling money laundering
Donning your Detective Hat: Sniffing Out Payroll Fraud
Financial Intelligence Unit of Aruba MOT
Presentation transcript:

Presented by: Assistant Superintendent Debra Thompson FRAUD AWARENESS Presented by: Assistant Superintendent Debra Thompson Business & Technology Crimes Section Central Detective Unit

OVERVIEW The Business & Technology Crimes Section of the Central Detective Unit is directly responsible for investigations into all matters pertaining to: Fraud – Credit Card, Cheques, Acct Transfers, Impersonation, etc. Major Stealing Matters Stealing by Reason of Employment/ Service Credit by fraud Falsification of Accounts Fraudulent breach of trust Fraudulent Documents – Passports, Immigration Docs., etc Counterfeit Currency Money Laundering

Statistics

Statistics

CURRENT TRENDS Wire Transfer Fraud: Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office. In recent times, the police have received several reports where corporate service providers have received fraudulent emails from clients instructing them to wire transfer money from their account to accounts in another jurisdiction.

Examples: randolphsmith988672@hiltonbahamas.org randolpsmith988672@hilltonbahamas.org randolph.smith988672@hiltonbahamas.org randolphsmith986672@hiltonbahamas.com

CASE STUDY In February, 2015 the BTCS received STR from a Swiss Bank in respect to ten (10) fraudulent transactions totaling EUR 1.2 Million and two totaling USD 300K. Fraudsters purported to be the personal assistant of bank client. Ten (10) fraudulent wire instructions request submitted via email directing the transfer of payments to accounts in Poland, Ireland, Hungary and Malaysia for purchase of art. Bahamas LEA sought assistance from NCB Interpol in liaising with the LEA’s in Poland, Ireland, Hungary and Malaysia in identifying the beneficial owners of each account and seizing criminal proceeds. In April, 2016 Bahamas LEA received a positive response from the Garda Bureau of Fraud Investigation, NCB Budapest (Hungary) advising of a money laundering investigation.

CURRENT TRENDS Forged Cheques Online Fraud (“Account takeover”): During 2015, there were ten (10) reports of Online Fraud with a combined total of $4,768064.00. During 2016, there have been twelve (12) reports of Online Fraud with a combined total $454,683.00

CURRENT TRENDS Phishing Scam: Fraudulent Credit Cards Phishing Scam is a fraudster’s illegal attempt to acquire sensitive information (username, passwords, etc) by pretending to be an company/bank communicating electronically, usually for malicious reasons. In the Bahamas, we have received reports where bank customers were sent emails advising them to update their account information. Customers would place their information in the fields and the information is captured.

Sample of Phishing Scheme Email.

Sample of phishing scheme email:

Law Firm Case Study Both Firms were contacted by a local real estate developer who referred them to a foreign client. Both Firms communicated with perpetrator via emails and telephone. Both Firms issued perpetrator with their Wire instructions details. Both Firms received a Fedex package containing a banker cheque. Payment remitted by perpetrator far exceeded amount requested. Perpetrator contacted both Firms and requested refund of excess amount. Funds wired transfer to Canada

STR’s Process? STR disseminated to TF/MLIS. Assigned to an Investigator NCB- Interpol Tracing and seizing of proceeds Restraint Order

Challenges to Investigations International and cross border nature of crime. Predicate offense occurring in Bahamas and proceeds sent to another jurisdiction. Speed of access to information held in other jurisdiction Complexity of cybercrime cases Anonymity of criminals

The way forward Need for more cooperation and coordination between LEA and the private sector. Sector wide intelligence sharing of typology/methodology. Provide timely feedback to both FIU and reporting entity. Training Increase in staff.

QUESTIONS ???