May 2009 verylong May 2009 limitedgeographicscope May 2009 Bankfraud is the use of fraudulent means ... In many instances, bankfraud is a criminal offense. While the specific elements of a particular banking fraud law vary between jurisdictions, the term bankfraud applies to actions that employ a scheme or artifice, as opposed to bank robbery or theft. For this reason, bankfraud is sometimes considered ... bankfraud. ref name RTR THE RUSE THAT ROARED, Washington Post, November 5, 1995, Richard Leiby ... bankfraud schemes as one of the most diabolical international scams ever devised in recent years ... District of Florida, Miami Division, Case 1 10 cv 23604 CMA ref Mechanics of bankfraud against banks ... Bank is based in New York. Accounting scandals Accounting fraud has also been used to conceal ... in which a bank goes out of business due to market investment losses. Some of the largest bankfraud ... issued by the bank. Payment card fraud Credit card fraud is widespread as a means of stealing from ... by the bank the following business day before this type of fraud is discovered. The crime could also ... financially overextended. Prime bankfraud The prime bank operation which claims to offer an urgent ..., these official sounding phrases and more are the hallmark of the so called prime bankfraud they may ... fraud main Phishing Phishing operates by sending forged e mail, impersonating an online bank, auction ... source of the funds. Banking fraud by country Bankfraud in the United States Under federal law, bankfraud in the United States is defined, and made illegal, primarily by the BankFraud Statute ... BankFraud Statute states Whoever knowingly executes, or attempts to execute, a scheme or artifice ... acts. The BankFraud Statute was passed following the Supreme Court s decision in Williams ... the BankFraud Statute 18 U.S.C. 1344 . Section 1344 has subsequently been bolstered by the Financial .... 500. The BankFraud Statute criminalizes federally cheque kiting, cheque forging, non disclosure ... more details
Criminal law Tort law According to the Collins English Dictionary 10th Edition fraud can be defined as deceit ... unfair or dishonest advantage . ref fraud. Dictionary.com. Dictionary.com Unabridged. Random House, Inc. http dictionary.reference.com browse fraud accessed January 17, 2011 . ref In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual the related adjective is fraudulent . The specific legal definition varies by legal jurisdiction. Fraud is a crime ... or valuables is a common purpose of fraud, but there have also been fraudulent discoveries , e.g. in scientific fraud science , to gain prestige rather than immediate monetary gain. A hoax also involves deception, but without the intention of gain or of damaging or depriving the victim. Cost of fraud The typical organization loses five percent of its annual revenue to fraud, with a median loss ... fraud. The industries most commonly affected are banking, manufacturing, and government. ref name acfe cite journal title Report to the Nations on Occupational Fraud and Abuse year 2010 url http www.acfe.com rttn 2010 highlights.asp page 4 publisher Association of Certified Fraud Examiners ref Types of fraudulent acts Fraud can be committed through many media, including mail fraud mail , wire fraud wire , phone fraud phone , and the Internet computer crime and Internet fraud . The international ... rapid growth of Internet fraud. Types of criminal fraud include bait and switch bankruptcy fraud benefit fraud , committing fraud to get government benefits counterfeit ing of currency, documents or valuable goods charlatanism confidence trick s such as the Advance fee fraud 419 fraud and Spanish ... of documents or signatures, Franchise fraud where the real profit is earned, not by the sale of the product, but by the sale of new franchise licenses. fraud upon the court health fraud , for example ... Insurance fraud investment fraud s, such as Ponzi scheme s and Pyramid scheme s Moving scam religious ... more details
Telemarketing fraud is fraudulent selling conducted over the phone. It most often targets the poor and elderly. Common types include Advance fee fraud typically claiming that the victim will receive a lottery prize, government grant or loan , etc Pyramid scheme s and other misrepresented investments or business opportunities Overpayment fraud where the victim is overpaid for a classified advertising or online auction purchase, with a counterfeit check or money order, and asked to wire back some of the excess Charity fraud Preacquired account telemarketing fraud and cramming Bank assisted telemarketing fraud and cramming Misrepresented office supply office supplies most commonly toner or directory listing services Creation of false Third party verification recordings attributed to customers of other telephone carriers, used for telephone slamming References cite web author Competition Bureau of Canada and Royal Canadian Mounted Police year 2006 title PhoneBusters Recognize It url http phonebusters.com english recognizeit.html cite web author United States Department of Justice year 1998 title What Kinds Of Telemarketing Schemes Are Out There? url http www.usdoj.gov criminal fraud telemarketing schemes.htm fraud Scams and confidence tricks Category Fraud marketing stub crime stub ... more details
Control fraud occurs when a trusted person in a high responsible position in a company , corporation or State polity state uses their powers to subvert the company and to engage in extensive fraud for personal gain. The concept of control fraud is based on the observation that the CEO of a company is uniquely placed to remove the checks and balances on fraud within a company by selective hiring, and hence can position it to engage in routine accountancy fraud, and hence rob creditors and shareholders. The company will frequently publish accounts showing massive profits, whereas in reality it is insolvent. This will cause the stock to rise, and those exercising the control fraud will cash in their stocks. ref http books.google.co.uk books?id SI3F8wEuT24C&lpg PA4&ots UjO33n9Tof&dq Control 20fraud 20theory&pg PA2 v onepage&q Control 20fraud 20theory&f false The best way to rob a bank is to own one by William K. Black ref Additionally, companies can lobby for changes in the law to weaken regulation, and this can extend the fraud. Control fraud can also occur in a political situation, for example by the leader of a country who can use their position to embezzle the government s and the peoples money by turning it into a kleptocracy . Examples of control fraud include Enron , the Savings and loan crisis , and Ponzi scheme s such as by Bernard Madoff . Control fraud, a term coined by William K. Black , is used to refer to the fraud or the person perpetrating the fraud. References reflist External links http www.schneier.com blog archives 2010 11 control fraud.html Schneier on Security Control fraud http www.networkideas.org feathm may2006 william k black.pdf When Fragile becomes Friable Endemic Control Fraud as a Cause of Economic Stagnation and Collapse William K. Black http www.pbs.org moyers journal 04032009 profile.html Bill Moyer s journal William K. Black CSI Bailout http ... under Moral Hazard, Bo Sun business stub Category Fraud Category Criminology Category Corporate ... more details
growth in identity fraud New policicies to offer a basic bank account for everyone will increase ... to bankfraud units or credit card fraud departments to clean up after the crime rather than identity ...Identity fraud may occur when someone steals personal information, opens credit card accounts in the victim s name without permission, and charges merchandise to those accounts. Conversely, identity fraud does not occur when a credit card is simply stolen. Stealing one s credit card may be consumer fraud, but is not identity fraud. Identity fraud is a synonym of unlawful identity change. It indicates ... tool for merchandise procurement. Identity fraud can occur without identity theft , as in the case ... it to commit fraud, or when the person whose identity is being used is colluding with the person committing the fraud. ref http www.business.mcmaster.ca IDTDefinition defining idfraudTCF.htm Identity Fraud, definition , by Susan Sproule and Norm Archer ref ref Citation last United Kingdom first Cabinet Office year 2002 publication date July 2002 title User Identity Fraud A Study url http www.ips.gov.uk identity downloads id fraud report.pdf ref Stolen identification Identity Fraud is the act ... typically includes bank accounts, mortgages, credit cards, retail products, an application ... . Importantly a large proportion of identity fraud is linked to people trafficking, money laundering ... Fraud Authority NFA and UK Fraud Prevention Services CIFAS citation needed date February 2011 highlights the financial impact of identity fraud but takes no account of the distress caused to the tens ... even further. The propensity for fraud during times of financial hardship has always been ... fraud within organisations during a recession period s adds considerable concern for the sector ... Clearance visas in order to gain employment. In the UK, Identity fraud rose by 32 citation needed ... and increasing. The future climate in the UK is excellent for increased identity fraud and illegal ... more details
Fraud in the Factum is a type of fraud where misrepresentation causes one to enter a Financial transaction transaction without accurately realizing the risks, duties, or obligations incurred. ref Black s Law Dictionary 2nd Pocket ed. 2001 pg. 293 . ref This can be when the maker or drawer of a negotiable instrument , such as a promissory note or Cheque check , is induced to sign the instrument without a reasonable opportunity to learn of its fraudulent character or essential terms. Determination of whether an act constitutes fraud in the factum depends upon consideration of all relevant factors. Fraud in the factum usually voids the instrument under state law and is a real defense against even an holder in due course . Contrast this with the situation where a trusted employee signs a check without permission. The employer must still honor the check despite the fact that the check was a fraudulent negotiable instrument. Here, the employer had a reasonable opportunity to avoid the obligation by restricting access to the checks. Fraud in the factum is often contrasted with fraud in the inducement. Fraud in the factum is a law legal defense, and occurs where A makes signs an agreement, but either does not realize that it is supposed to be a contract, or does not understand the nature ... tries to enforce the deed, Mom can plead fraud in the factum. Fraud in the inducement is an Equity ... tells her that the bank will foreclose on the property unless she signs it over to him. If Mom ... fraud in the inducement. In Boro v. Superior Court, 163 Cal. App. 3d 1224 1985 , the defendant called ..., brought the charges against the defendant for rape. The court held this was fraud in the inducement and therefore there was no rape. It was fraud in the inducement because the deception related not to the thing ... disease . See also Extrinsic fraudFraud Intrinsic fraud Per minas References reflist Unref date September 2008 Category Negotiable instrument law Category Fraud law term stub ... more details
expert subject Law date June 2009 Wire fraud , in the United States Code , is any criminally fraudulent activity that has been determined to have involved electronic Telecommunication communications of any kind, at any phase of the event. The involvement of electronic communications adds to the severity of the penalty, so that it is greater than the penalty for fraud that is otherwise identical except for the non involvement of electronic communications. As in the case of mail fraud , the federal statute is often used as a basis for a separate, federal prosecution of what would otherwise have been a violation only of a state law. The crime of wire fraud is codified at usc 18 1343 , and reads as follows Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, transmits or causes to be transmitted by means of wire, radio, or television communication in interstate or foreign commerce, any writings, signs, signals, pictures, or sounds for the purpose of executing such scheme or artifice, shall be fined under this title or imprisoned not more than 20 years, or both. If the violation affects a financial institution, such person shall be fined not more than 1,000,000 or imprisoned not more than 30 years, or both. In the case of United States v. LaMacchia 1994 http www.eff.org legal cases LaMacchia lamacchia acquittal.decision text of opinion , a student of the Massachusetts Institute of Technology was charged with wire fraud when, because he had not profitted personally from online distribution of millions of dollars worth of illegally copied software ... tendency of influencing. To commit wire fraud, one must 1 devise, or intend to devise, a scheme or artifice ... fee fraud Internet fraud Phone fraud References reflist Fraud Category Fraud Category United States law Category Bank regulation in the United States de berweisungsbetrug no Overf ringsbedrageri ... more details
Bad Check Restitution Program Bankfraud ChexSystems Federal Bureau of Investigation House banking ...Cleanup date December 2008 Cheque or check in American English fraud refers to a category of crime criminal ... and its clearance at the cheque writer s bank to draw out these funds. Specific kinds of cheque fraud include cheque kiting , where funds are deposited before the end of the float period to cover the fraud, and paper hanging , where the float offers the opportunity to write fraudulent checks but the account ... be routed to the incorrect Federal Reserve Bank for clearing. This allowed him to work ... DreamWorks location USA ref Types of cheque fraud Cheque kiting main Check kiting Check kiting ..., others, often known as paper hangers , have pure fraud in mind, attempting to take the money and run ... knows is bad or fictitious into his her account. When the bank considers the funds available usually on the next business day , but before the bank is informed the cheque is bad, the paper hanger ... using a fictitious or stolen identity in order to hide that of the real offender. This form of fraud is the basis for the Advance fee fraud Fake checks and check cashing scams Nigerian cheque scam ..., forgery is the method of choice in defrauding a bank. One form of forgery involves the use ... ink has been used to commit a rare form of fraud. In such cases, the perpetrator chemically alters ... then writes a cheque to him herself or a partner in the scheme using Bank A s account for a specified ... of the amount in regular ink. The cheque will be deposited in Bank B s account, where 5100 will be added, but by the time it reaches Bank A for clearance, the cheque will then read 100, and only ... then fills in the blanks to his or her advantage. Sometimes the cheque fraud comes from an employee of the bank itself, as was the case with Suzette A. Brock, who was convicted of theft for writing five corporate cheques to her own birth name from her desk as a loan servicing agent for Banner Bank ... more details
Globalize date December 2010 Refimprove date April 2008 Mortgage fraud is a term used to describe a broad ... had the lender or borrower known the truth. In federal courts, mortgage fraud is prosecuted as wire fraud , bankfraud , mail fraud and money laundering , with penalties of up to thirty years imprisonment . See http www.usdoj.gov usao gan press 2006 04 19 06b.pdf As the incidence of mortgage fraud ... pdfs mba mortgage fraud report 11th.pdf Eleventh Periodic Mortgage Fraud Case Report ... fraud. See http www.legis.state.ga.us legis 2005 06 pdf sb100.pdf. Mortgage fraud is not to be confused ... of the lender. However, predatory lending practices often co exist with mortgage fraud. Examples of mortgage fraud Occupancy fraud This occurs where the borrower wishes to obtain a mortgage to acquire ... properties. When occupancy fraud occurs, it is likely that taxes on gains are not paid, resulting in additional fraud. It is considered fraud because the borrower has materially misprepresented the risk to the lender to obtain more favorable loan terms. Income fraud This occurs when a borrower ... to tighten underwriting standards and stated income loans are less available, income fraud is increasingly ... issued Form W 2 , tax returns and or bank account records to provide support for the inflated income. It is considered fraud because in most cases the borrower would not have qualified for the loan ... not afford, and then defaulted. Employment fraud This occurs when a borrower claims self employment ... used to determine eligibility for most mortgage loans. It is considered fraud because it allows ... loan than what would have been granted had the borrower s true debt been disclosed. Fraud ... motivated attempt to defraud the lender of large sums of money. Fraud for profit schemes ... ruined. If undetected, a bank may lend hundreds of thousands of dollars against a property that is actually .... Appraisal fraud Occurs when a home s appraised value is deliberately overstated or understated ... more details
of their fraud and are looking outside the United States for new markets, new investors, and Bank ...Criminal law Securities fraud , also known as stock fraud and investment fraud , is a practice that induces ... in losses, in violation of the securities laws. Generally speaking, securities fraud consists ... San Francisco Securities Fraud Bot generated title ref Securities fraud includes outright theft from ... According to the FBI , securities fraud includes false information on a company s financial statement ... ref Types of securities fraud Expand section date July 2008 Corporate fraud Corporate misconduct Fraud ... Administration announced what it described as an aggressive agenda against corporate fraud ... in Combating Corporate Fraud Bot generated title ref Less widely publicized manifestations continue, such as the securities fraud conviction of Charles E. Johnson Jr., founder of PurchasePro in May ... PurchasePro Chief Found Guilty of Fraud, Obstruction washingtonpost.com Bot generated title ref FBI Director Robert Mueller predicted in April 2008 that corporate fraud cases will increase because of the subprime ... SEC Sues ZNext Mining and its Principal for Fraud and Registration Violations, United States Securities ... Mining fka Pearl Asian Mining, in Operation Broken Trust , the largest investment fraud sweep by the Federal ... a broad array of investment fraud schemes , involving multiple investigating agencies including Homeland ... kind to target a broad array of investment fraud schemes , Press Release by the United States ... lives savings. While the victims of fraud are financially ruined, the fraudsters live a life ... Division, Case 1 10 cv 23604 CMA ref Internet fraud According to enforcement officials of the Securities ... usual low level. Any buyers of the stock who are unaware of the fraud become victims once the price falls. ref http www.sec.gov investor pubs cyberfraud.htm Internet Fraud How to Avoid Internet Investment Scams Bot generated title ref The SEC says that Internet fraud resides in several forms Online ... more details
Cramming is a form of fraud in which small charges are added to a bill payment bill by a third party without the subscriber s consent or disclosure. These may be disguised as a tax or some other common fee, and may be several dollars or even just a few cents. The crammer s intent is that the subscriber will overlook and ultimately pay these small charges ref http www.wbaltv.com consumeralert 10009503 detail.html ref . There are various forms of cramming. One is web cramming , which involves billing consumers for a web page they didn t even know they had ref http www.crime research.org articles Internet fraud 0405 2 ref . Another is preacquired account telemarketing fraud , cramming of unauthorized charges by telemarketers who have bought or obtained consumer account information prior to the telemarketing call, sometimes from the consumer s own bank ref http www.ftc.gov os comments dncpapercomments supplement minnag.pdf ref . According to the National Association of Attorneys General , cramming was the 4th most common consumer complaint of 2007 ref http www.nbc15.com home headlines 29633564.html ref . Fighting cramming Phone companies like Verizon respond by removing cramming charges from a consumer s bill upon request, and will cease business with the company that crams ref http www.boston.com business technology articles 2005 04 04 verizon to police cramming ref . Verizon, at the customer s request, will put a Cramming Block on the customer s account, that prevents third parties from adding charges. However, phone companies taking Verizon as an example get sometimes caught in cramming themselves. Verizon had been under the U.S. Federal Communications Commission FCC investigation after many customers had complained about mysterious charges on their phone bill. In October 2010, Verizon announced that it would refund up to 50 million to its customers to offset these charges ... ref . References reflist crime stub fraud Category Consumer fraud Category Confidence tricks Category ... more details
Information Security & Computer Fraud Cases & Investigations http www.ubs.com Union Bank of Switzerland References reflist Category Internet fraud Category Information technology audit Category ...Computer fraud is the use of information technology to commit fraud . In the United States, computer fraud is specifically proscribed by the Computer Fraud and Abuse Act , which provides for jail time and fines. Notable incidents Unauthorized access at North Bay Jessica Quitugua Sabatia , a former accounts payable clerk for North Bay Health Care Group, admitted to using her computer to access North Bay s accounting software without authorization, and in turn issued various checks payable to herself and others. Several of the checks were cashed by Sabatia or deposited into her personal bank account, and some were deposited into the bank accounts of others. She attempted to conceal the fraud by altering the electronic check registers of North Bay to make it appear as if the checks had been payable to the company s vendors. The fraudulent scheme resulted in losses to North Bay of at least 875,035. On May 27, 2004, Sabatia, plead guilty to two counts of computer fraud, and faces a maximum sentence of five years in prison and a 250,000 fine Denial of Service Attack On January 19, 2001, Dennis was sentenced to six months incarceration three months in jail and three months of home confinement ... fraud for his failed plan to drive down the company s stock with activation of the logic bomb. Roger Duronio is charged in one count of securities fraud which carries a maximum penalty of 10 years in federal prison and a 1 million fine and one charge of computer fraud which carries a maximum ..., unauthorized access of a protected computer, access device fraud, money laundering and obstruction ... the fraud was discovered, an audit was performed and the report is available at http www.wcpss.net ... described above. http www.usdoj.gov criminal cybercrime 1030NEW.htm The Computer Fraud and Abuse ... more details
Orphan date September 2008 Transcript fraud is the alteration of a transcript issued by a legitimate school or university or the forgery of completely fake transcripts. Transcript fraud is a growing problem for both educational institutions and employers. This is related to diploma fraud, which is the forgery of school or university diplomas. External links http www.aare.edu.au 91pap riled91203.txt Fraud and Australian Academics http www.smh.com.au articles 2008 04 24 1208743154239.html Internet degree factories pump out diplomas Category Fraud crime stub edu stub ... more details
enabling such a fraud is weak law against conflict of interests , non existent criminal law ... , which was tunneled by its top manager. The fraud, together with failures in management strategy ... Fraud Category Czech loanwords cs Tunelov n ... more details
Unreferenced date September 2008 Intrinsic fraud is an intentionally false representation that goes to the heart of what a given lawsuit is about, in other words, whether fraud was used to procure the transaction. If the transaction was fraudulent, it probably does not have the legal status of a contract. Intrinsic fraud is distinguished from extrinsic fraud a k a collateral fraud which is a deceptive means of keeping a person from discovering and or enforcing legal rights. It is possible to have either intrinsic or extrinsic frauds, or both. During a trial law trial , perjury , forgery , and bribery of a witness constitute fraud s that might have been relieved by the court . Such actions will usually lead to a mistrial being declared and after any penalties for the involved parties a new trial will take place on the same matter. Two types of intrinsic fraud in contract law are fraud in the inducement and fraud in the factum . Fraud in the factum is a law legal defense, and occurs where A signs a contract, but either does not realize that it is a contract or does not understand the nature of the contract, because of some false information that B gave to A. For example, if John tells his mother that he is taking a college course on handwriting analysis, and for his homework, he needs her to read and sign a pretend deed. If Mom signs the deed believing what he told her, and John tries to enforce the deed, Mom can plead fraud in the factum. Fraud in the inducement is an equity law equitable defense, and occurs when A signs a contract, knowing that it is a contract and at least having a rough idea what the contract is about, but the reason A signed the contract was because of some false information that B gave to A. For example, if John tells his mother to sign a deed giving ... the deed prior to Mom s death, Mom can plead fraud in the inducement. See also Extrinsic fraudFraud Per minas Scienter Category Contract law Category Fraud law term stub ... more details
Refimprove date January 2008 Example farm date August 2010 Internet fraud refers to the use of Internet ..., or to transmit the proceeds of fraud to financial institutions or to others connected with the scheme. Internet fraud can occur in chat rooms, email, message boards or on websites. Purchase frauds Purchase fraud occurs when a criminal approaches a merchant and proposes a business transaction ... for Online Fraud Forgers of U.S. Postal Money Orders Grow author Tom Zeller Jr publisher New ... and quality of the forging of U.S. postal money orders, and its use to commit online fraud. Small ... fine. Citation needed date August 2010 Online automotive fraud A fraudster posts a nonexistent .... In another type of fraud, a fraudster contacts someone who has posted a vehicle for sale online ... cash them instantly. However, unlike a certified check , the bank that cashes a cashier s check ... s check via express courier typically from Nigeria . The victim takes the check to their bank, which makes the funds available immediately. Thinking the bank has cleared the check, the seller follows ... 50,000 to 200,000 worth of goods agreeing to an advance payment via bank wire transfer . After ... losing both the money and the goods. In some cases, thieves learn the address of a merchant s bank, and send counterfeit checks directly to the bank. They then claim a direct deposit was made after the check is deposited by bank staff, hoping the victim will only notice the apparently available funds, and not the fact that it was a check deposit that the bank has not yet fully cleared. In other cases ... variation of online auction fraud occurs when a seller ships an item to an incorrect address that is within .... PayPal Fraud In a collection in person PayPal scheme , the scammer targets eBay auctions that allow ... than a tracking number as valid proof of delivery. Citation needed date August 2010 This form of fraud ..., and the shipping company has no knowledge it is participating in a fraud scheme. The cardholder ... more details
Constructive fraud is a legal fiction used in the law to describe a situation where a person or entity gained an unfair advantage over another by deceitful, or unfair, methods. Intent does not need to be shown ref name MT cite web title Montana Code Annotated url http data.opi.mt.gov bills mca 28 2 28 2 406.htm accessdate 2009 03 10 ref as in the case of actual fraud . Some unfair methods may include not telling customers about defects in a product ref name LC cite web title Law.com Dictionary url http dictionary.law.com default2.Asp?selected 318&bold accessdate 2009 03 10 ref . The elements are ref name SvJ cite court litigants Strong v. Jackson vol 777 reporter N.E. 2d opinion 1141 pinpoint court date 2002 url http www.in.gov judiciary opinions previous archive 11040202.mpb.html ref a duty owing by the party to be charged to the complaining party due to their relationship ref name Fid A fiduciary duty is one such duty http www.in.gov judiciary opinions pdf 12200501rdr.pdf Sees v Bank One , footnote 8, page 3 ref violation of that duty by the making of deceptive material misrepresentations of past or existing facts or remaining silent when a duty to speak exists reliance thereon by the complaining party injury to the complaining party as a proximate result thereof and the gaining of an advantage by the party to be charged at the expense of the complaining party. References Reflist Category Legal terms Category Legal fictions law term stub ... more details
Fraud deterrence has gained public recognition and spotlight since the 2002 inception of the Sarbanes ... financial misrepresentation Fraud in order to ensure more accurate financial reporting to increase investor confidence. This same concept is applied in the discussion of fraud deterrence. Until recently, fraud deterrence has not been specifically identified under one common definition. While it has ... American Institute of Certified Public Accountants AICPA Practice Aid Series, Fraud Detection ... Analysts Certified Fraud Deterrence Analyst CFD designation recently merged into the Certified Forensic Financial Analyst CFFA designation , an actual definition of the term fraud deterrence has been difficult to find. Definition Fraud deterrence is the proactive identification and removal of the causal and enabling factors of fraud. Fraud deterrence is based on the premise that fraud is not a random occurrence fraud occurs where the conditions are right for it to occur. Fraud deterrence attacks the root causes and enablers of fraud this analysis could reveal potential fraud opportunities ... or eliminate the causal factors of fraud is the single best defense against fraud. Fraud deterrence involves both short term procedural and long term cultural initiatives. Fraud deterrence is not earlier fraud detection, and this is often a confusing point. Fraud detection involves a review of historical ... of the conditions and procedures that affect fraud enablers, in essence, looking at what could ... of Fraud Deterrence . Analogy Deterrence is distinct from remediation and detection. An analogy can ... s that deter unhealthy weight gain is the key to understanding fraud deterrence in this analogy ... that may cause fraud. Fraud Triangle The causal factors that should be removed to deter fraud as described above are best described in the Fraud Triangle. This idea was first coined by Donald R. Cressey . The Fraud Triangle describes three factors that are present in every situation of fraud Motive ... more details
Unreferenced date October 2006 Employment fraud , or occupational Fraud , is the scam ming of people seeking or performing employment , giving them the false hope of earning wage s of which they are often desperately in need. There are numerous methods that perpetrators of such schemes use to lure victims. These include promises such as easy hire, easy work, high wages for unskilled labor, flexible hours, a small number of hours paired with a lot of free time, or other attractive offers. Types of Employment Fraud The frauds which are committed by virtue of the occupation. Occupational frauds is a big issue and according to the estimates of Indiaforensic, India loses approximately 40 Billion to frauds every year. One type of employment fraud happens when a contractor is hired for a duration, verbally promised additional compensation, and then has the compensation and the evidence denied for the purposes of terminating the contract with the contractor. Another type of employment fraud is when a criminal creates a form of false advertising which lures unsuspecting victims into a situation where, out of desperation or lack of knowledge, they are tricked into committing a crime or become a victim of a crime such as identity theft , embezzlement or similar types of fraud . See also Work at home scheme Fraud DEFAULTSORT Employment Fraud Category Fraud Category Crimes Category Deception Business stub Crime stub ... more details
Citations missing date September 2007 Globalize date December 2010 Affinity fraud includes investment fraud s that prey upon members of identifiable groups, such as religious or ethnic communities, language minorities, the elderly, or professional groups. The fraudsters who promote affinity scams frequently are or pretend to be members of the group. They often enlist respected community or religious leaders from within the group to spread the word about the scheme, by convincing those people that a fraudulent investment is legitimate and worthwhile. Many times, those leaders become unwitting victims of the fraudster s ruse. These scams exploit the trust and friendship that exist in groups of people who have something in common. Because of the tight knit structure of many groups, it can be difficult for regulators or law enforcement officials to detect an affinity scam. Victims often fail to notify authorities or pursue their legal remedies, and instead try to work things out within the group. This is particularly true where the fraudsters have used respected community or religious leaders to convince others to join the investment. Many affinity scams involve Ponzi scheme s or pyramid scheme s, where new investor money is used to make payments to earlier investors to give the illusion ... 19 Million The SEC s complaint alleges that this affinity fraud targeted Armenian Americans with little ... South Florida man for 51.9 million fraud African American victims of this investment scheme were ... with builders. Baptist investors lose over 3.5 Million The victims of this fraud were mainly ... bank trading programs by using a sales pitch heavily laden with Biblical references and by enlisting ..., was arrested on charges of securities fraud , having been turned in by his own sons after ... . On July 27, 2009, Earl Jones investment advisor Earl Jones was arrested for fraud in Montreal ... Affinity Fraud Category Finance fraud ... more details
Unreferenced date December 2009 Globalize date December 2010 Visa Fraud has different criteria in various parts of the world, but the commonly accepted points are the sale, provision, or transfer of otherwise legitimate Visa document visas , misrepresentation of reasons for traveling and forgery or alteration of a visa. The United States reports that most cases of visa fraud are related to immigrants lying about their situation to seek refuge in the country, though smuggling and terrorism are also both key factors in the crime. In the United States, visa fraud can be prosecuted under several statutes, including Title 18 18 USC 1546 Fraud and Misuse of Visas, Permits, and Other Documents 18 USC 1001 False Statements or Entries Generally 18 USC 1028 Fraud in Connection with Identification Documents It is a Federal crime Federal Offence subject to harsh sentencing, though mitigating factor s are often taken into account in the case of potential immigrants. The maximum penalties faced by fraudsters are recounted below. 10 years for a first offense not tied to terrorism or drug trafficking 15 years for fraud with other criminal links 20 years for fraud related to drug trafficking 25 years for fraud related to international terrorism See also FBI Federal crime Fraud Human trafficking Illegal immigration Immigration and Customs Enforcement ICE Interpol People smuggling United States Border Patrol United States Customs and Border Protection CBP White collar crime Fraud DEFAULTSORT Visa Fraud Category Fraud Category Human migration ... more details
For medical benefit fraud in the United States Medicare fraud globalize date December 2010 Benefit fraud is a form of welfare fraud as found within the system of government benefits paid to individuals by the UK welfare state . Benefit fraud in the UK What is benefit fraud? The DWP define benefit fraud ... to around 900 million in 2008 09. ref name Reporting benefit fraud. http www.direct.gov.uk en ... that benefit fraud carried a criminal sanction. The most recent campaign makes claims about the likelihood of getting caught and the consequences of committing benefit fraud using And they thought they d never be caught as the leading slogan. Examples of alleged benefit fraud In recent years the term benefit fraud has been used by the DWP to encompass a wider range of behaviours, beyond ... Adam Taylor claimed that the targeting of benefit fraud was disproportionate and was evidence ... was small compared to the amount lost to tax fraud which he estimated costing the UK economy 150bn ... commentisfree 2007 jan 10 comment.society ref How is benefit fraud assessed? When investigating cases, Fraud Officers will collect facts and a decision will be made on whether or not to take further ... thief including banks, building societies, utility providers. If evidence is found that benefit fraud ... of homes and possessions Benefit fraud abroad Some UK benefits can not be claimed when people ... of benefit fraud overpayments to British claimants who did not tell the authorities they were living or travelling abroad. Penalties When someone is caught for benefit fraud there are three key sanctions ... the Theft Act 1978 , or the Fraud Act 2006 in Northern Ireland under corresponding legislation or in Scotland under Common Law Fraud. A Prosecution is brought when the value of the overpaid benefit is so great, or the period of the fraud is lengthy, or the person may have been in a position of trust, or the fraud was very blatant. Any prosecution brought by the Department for Work and Pensions ... more details
Odometer fraud , also referred to as busting miles or clocking UK and Ireland is the illegal practice of rolling back Odometer odometers to make it appear that Used car vehicles have lower mileage than they actually do. Odometer fraud occurs when the seller of a vehicle falsely represents the actual mileage of a vehicle to the buyer. http www.nhtsa.dot.gov portal site nhtsa template.MAXIMIZE menuitem.893c19c9fb974f825c420087dba046a0 ?javax.portlet.tpst 4670b93a0b088a006bc1d6b760008a0c ws MX&javax.portlet.prp 4670b93a0b088a006bc1d6b760008a0c viewID detail view&javax.portlet.begCacheTok com.vignette.cachetoken ...&overrideViewName Article According to the Office of Odometer Fraud Investigation at the United ... portal site nhtsa menuitem.893c19c9fb974f825c420087dba046a0 , odometer fraud is a serious crime and important consumer fraud issue. In the National Highway Traffic Safety Administration s NHTSA 2002 odometer fraud study, the NHTSA determined that 450,000 vehicles were sold each year with false odometer ... March 2011 ref . Common examples of odometer fraud include situations where someone tampers with the odometer ... mileage very rapidly are generally thought fact date August 2007 to be more prone to odometer fraud ... odometer fraud. Due to Federal Odometer Act federal laws , states require vehicle purchasers ... of Motor Vehicles . Other options to detect odometer fraud include contacting the vehicle s former ... work publisher Office Of Odometer Fraud Investigation, National Highway ... title Office Of Odometer Fraud Investigation, Introduction url http www.nhtsa.dot.gov portal site ... first last authorlink coauthors title 2002 NHTSA Study The Incidence Rate of Odometer Fraud url http www.nhtsa.dot.gov cars rules regrev evaluate 809441.html work publisher Office Of Odometer Fraud Investigation ... previously wrecked vehicle and odometer fraud Consumer Guide to Avoiding Odometer Fraudfraud Category Consumer fraud Category Car crime ... more details
Drug fraud is a type of fraud in which drugs, legal or illegal, are Cutting agent cut or altered in such a way that diminishes their value below that which they are sold for. Illegal drug fraud main Lacing drugs This type of drug fraud occurs then the seller drugs seller cuts or commingles the pure drug with a similar substance such as baby powder or powdered milk . When this is sold to the drug user user , the user receives less of a Substance intoxication high and so must buy more to get the previous high. There may also be adverse health consequences as a result of the cutting substance, such as a bad trip or Drug overdose overdose . This can also be seen in prescription drug s. ref Hileman, Bette. http pubs.acs.org cen coverstory 8145 8145drugs.html COUNTERFEIT DRUGS Sophisticated Technologies and Old Fashioned Fraud Pose Risks to the Prescription Drug Supply in the U.S. Chemical & Engineering News Printed 10 Nov. 2003. Accessed 15 Feb. 2008. ref Legal drug fraud Legal drug fraud occurs when a physician prescribes medication for a patient under false pretenses. This may be because the Pharmaceutical industry manufacturers of the drug have Bribery Medicine paid the doctor a fee to dispense their drug. Another cause may be drug pricing fraud , in which a physician prescribes a patient ..., Dana. http www.timesdaily.com article 20080210 NEWS 727340312 1011 Medicaid Drug Fraud Trial a Who ... drug samples lands doctor in prison Dr. Kumaralingam Nagalingam sentenced for Medicare fraud and selling ... doctor charged in drug fraud index.html Former Doctor Charged in Drug Fraud ref Legal status Illegal drug fraud is rarely addressed in court, as victims rarely involve police, but legal drug fraud ... Tighten rules against drug fraud KentuckyVotes.org Bot generated title ref References Reflist See also Quackery Double billing Punching drugs Counterfeit medications DEFAULTSORT Drug Fraud Category Fraud Category Drug culture Category Consumer fraud ... more details
Unreferenced date July 2007 See also Pious fraud A term used for Civil law common law civil ref Civil Law Using Secular Law to Assure Observance of Practices with Religious K Greenawalt South California Law Review, 1997 ref ref On Balance Religious Liberty and Third Party Harms JC Lipson Minnesota Law Review, 1999 ref or Criminal law criminal fraud carried out in the name of a religion ref Privilege, Posture and Protection Religion in the Law Weiss, Jonathan. Yale Law Journal. 593 1963 1964 ref ref Profit without honor White collar crime and the looting of America SM Rosoff, HN Pontell, RH Tillman ref or within a religion, e.g. false claims to being Kosher ref Kosher Fraud Statutes and the Establishment Clause Are They Kosher MA Berman Colum. JL & Soc. Probs., 1992 ref ref University of Dayton Law Review 1997 1998 . Can Kosher Fraud Statutes Pass the Lemon Test The Constitutionality of Current and Proposed Statutes Lindsay, Karen Ruth Lavy ref or tax fraud . ref The effect of religiosity on tax fraud acceptability A cross national analysis. S Stack, A Kposowa, 2006 ref References references Category Religion reli stub law stub ... more details
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