Fraud Trends and Organized White Collar Crime Presentation by Jeff Wahl, CFE
Introduction Jeff Wahl, Vice President, Division Manager for U.S. Bank Corporate Security Operations –19 years of banking experience –13 years investigating financial crime at the corporate level –Certified in fraud examination (CFE) –Current responsibilities include managing investigations staff and physical security for the Pacific Division within U.S. Bank Corporate Security (11 states and over 1,600 branches)
Format Ask questions What do you want me to cover?
Fraud Trends Scams are evolving Fraud is becoming more organized Technology is changing fraud –Better ways to detect –Better ways to steal
Fraud Trends and White Collar Crime Advance Fee Scam Evolution Cash Advance Skimming Account Takeover Felony Lane Gang New Account Fraud Financial Exploitation of a Vulnerable Adult
Advanced Fee Scam Evolution Investment Opportunity You Won! –Big Payout –Small Checks Current Versions: –Employment Scam –Romance/Dating Scam –Auction Scam –What Else?
Cash Advance Cash Advance Scam –Initial attempt will be declined –Suspect uses a phone –Transfer the phone to a banker/teller –Knowledgeable –Count on a procedural violation
Skimming What is skimming? PIN capture
Skimming Use captured data with counterfeit plastic Many victims do not know how card was compromised Devices only used for a few hours Drive up ATMs are targeted Data can be transmitted wirelessly
Skimming Installed over the card reader Card passes through skimmer first
Skimming
Skimming – PIN Capture
Skimming - PIN Capture
Account Takeover Have account numbers High quality identification Travel Work in teams Social engineering
Felony Lane Gang Break into vehicles Theft of purses and wallets Go to the “felony lane” Split deposits and cashed checks
New Account Fraud Organized groups Account opened using real information/ID Card is passed to suspect Activity completed by same person/people Activity is not always reported
Financial Exploitation of a Vulnerable Adult
Conclusion Questions?