FOLLOW THE MONEY: NEW DIRECTIONS IN FRAUD INVESTIGATION

For secured lenders, credit managers and other financial sector professionals, international fraud represents a disturbing, and growing, trend. Given the link between money laundering, organized crime and terrorist activities, it is critical for the financial services sector to work with experienced...

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Bibliographic Details
Published in:The Secured Lender 2006-11, Vol.62 (6), p.42
Main Authors: Nackan, Allan, Cooperman, Jonathan
Format: Article
Language:English
Subjects:
American dollar
Bank accounts
Bank fraud
Banking
Banking industry
Criminal investigations
Disclosure
Evidence
Financial institutions
Financial services
Forensic accounting
Fraud
International
Internet access
Investigations
Jurisdiction
Money laundering
Offshore
Online gambling
Risk management
Secured lenders
Security management
Tax havens
Transfer of funds
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Summary:For secured lenders, credit managers and other financial sector professionals, international fraud represents a disturbing, and growing, trend. Given the link between money laundering, organized crime and terrorist activities, it is critical for the financial services sector to work with experienced fraud investigators, forensic accountants and computer specialists to detect and track suspicious transaction patterns. International fraudsters often display unexpected organization and ingenuity. Common strategies for uncovering international fraud include checking passports for evidence of visits to known tax havens, examining phone and fax records, reviewing credit-card statements and other mail, looking into a suspected fraudster's banking transactions and even checking the logs of couriers. By remaining aware of the warning signs of fraud, remaining diligent in their reporting duties and working in association with experienced forensic accountants, financial organizations can help to bolster these international efforts to stop fraudsters in their tracks.
ISSN:0888-255X