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fraud

Is financial crime on the increase?


At the recent City Week International Financial Services Forum in London, one of the panel sessions focused on the evolution of financial crime, and a statistic highlighted during the session struck a chord with me.....More

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5 ways to help establish a fraud-averse environment


When correctly motivated, employees remain honest and become the most effective frontline defence against the fraudster. Employees become motivated when they believe that:

Financial crime prevention: cleaning up the world


Over the last decade the general public has woken up to the environmental issues affecting the planet. Concerted global efforts are now in place to reduce harm caused by pollution and to cut back on waste. The cost of cleaning up the damage already inflicted is now a central focus of national governments. Below, we look at the cost of financial crime and the incredible impact its prevention could have.....More

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Fake documents: For all your ‘novelty’ proof of address needs


The Internet has brought us many great things, but I would argue that easy access to counterfeit documents is not one of them. Over the years we have seen the emergence of websites offering creation of fake documents – you send the name and address you want shown on a bank statement or utility bill, along with the transactions, and they create it for you.

Crime Survey for England and Wales


In January this year, the Office for National Statistics released its latest Crime Survey for England and Wales (CSEW). The CSEW is a face-to-face victimisation survey where individuals resident in England and Wales are questioned about their experiences of a selection of offences in the last 12 months. This survey - which covers October 2015 to September 2016 – includes for the first time the offences of fraud and computer misuse (also known as cybercrime). Although the CSEW is unable to compare the results for fraud and cybercrime to previous years, the figures are still pretty staggering.....More

Volkswagen fraud: US issue $4.3 billion fine


We examine the case of automotive giant Volkswagen, the most recent household name to be hit by US authorities for breaching laws and regulations.

Technology: the future of tackling insurance fraud in Ireland?


The insurance market is a dynamic sector offering increasingly sophisticated products to its customers and providing competition to other parts of the financial services industry. The insurance sector’s growth is particularly noticeable with some jurisdictions reporting a doubling of premiums in the last decade.....More

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Fraud in Switzerland - an update on high profile fraud related stories


We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.

Fraud in Germany: the financial crime that needs a 21st century fraud response plan


We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

Fraud in the Netherlands: the financial crime that needs a 21st century fraud response plan


We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.

Fraud in France: the financial crime that needs a 21st century fraud response plan


We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

Getting regulation right: a universal challenge


Financial regulation has received so much mainstream attention in the recent past that it’s easy to forget that criticisms of “toothless regulators” or of the “glacial pace of regulatory change” are universal, and that the need for improved regulation and compliance expertise cuts across many sectors of the economy. The most recent example comes from the world of groceries retailing.

An introduction to Financial Crime


Financial Crime has recently emerged as a hot topic of late and I feel it is something that should be brought to the general public’s attention. Here in Singapore we are launching, for the first time in the region, the ICA Financial Crime qualifications, giving us a great platform to start looking at this area in a little more detail.....More

The Adoboli trial will shine a light on controls and culture at UBS


It’s early days in the Kweku Adoboli trial, which started last week, but it looks as though the outcome (and its broader fallout on UBS and the banking sector) will hinge to a large extent on how much of a “rogue” Adoboli is.

After the hype fades, follow through. You have been warned: bribery & corruption


So the UK FSA has published their Thematic Review of Anti-Bribery and Corruption (ABC). The lesson is clear. After a new law is enacted or a financial crime theme becomes the focus of regulators due to a scandal, there is a huge response and hype. When the dust settles firms must ensure that control frameworks are properly implemented, and they finish the job. We know the regulators will be watching.....More

Madoff the movie - a story that you couldn't make up


This year Hollywood star Robert De Niro is set to star as disgraced financier Bernard Madoff, in an HBO movie which he will also produce. The case of Bernard Madoff’s Ponzi scheme is pretty stunning and is referenced in ICA's Financial Crime Prevention Diploma material. As far as I know, Mr De Niro has not taken the ICA Diploma (as yet, but his application is most welcome).

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