Universal Scams & Fraud Detection

David Snow

USAFD

 

“Our prime purpose in this life is to help others. And if you can’t help them, at least don’t hurt them.”
The Dalai Lama

Crime comes in many forms as does the criminal. For decades society has been studying the effects of crime and criminals with the assistance of experts such as Criminologists and Psychologists. A particular area of crime that has fascinated me and others, for many years, is fraud. The Oxford English definition of the word fraud is “wrongful or criminal deception intended to result in financial or personal gain.”

Indeed, you could spend the day surfing the internet looking at the many different definitions of the word fraud, which can also differ amongst financial institutions. The laws of our respective countries also have many legal variations defining fraud. However if you take the eight commandment of the Bible “Thou shalt not steal ”,
then, you will not go too far wrong.

Fraud is prevalent in all walks of life, from street-level crimes against the individual citizen to white collared criminals employed by corporations, some at the highest levels. Putting a global value on the cost of fraud is almost impossible. However, in a study carried out by the Association of Certified Fraud Examiners (ACFE), it was estimated that 5% of organisations’ revenue is lost to fraud. When this is applied to the gross world product, annual potential fraud losses can be estimated at $3.5 trillion globally.

Financial Fraud is complex in its own right and comes in many forms affecting financial organisations and individuals. The investigation of fraud is difficult, time- consuming and costly. Fraud does not stop at country borders or state lines.

It is a cross-border multi-jurisdictional phenomenon that cannot be stopped by a single entity or force. With this in mind, there is now, more then ever, a need for harmonisation of laws and law enforcement across, not only specific countries such as the United States of America, but also European, African and Asia-Pacific, Australian countries and continents. Perhaps it is easier to state that Fraud is a Global problem.

There is a bigger question at play which we, as honest citizens, individuals and business owners, generally do not think about and that is – just who exactly pays for the crime of fraud? There is a very simple answer to this question.

“You do!”

From the outset of this book, it is important to understand that fraud, in all its shapes and forms, is paid for by you, the consumer. We will examine and explore different types of fraud and financial crime or scamming, including insurance fraud, credit card fraud, identity theft, terrorist financing, retail crime and general scams .

For example, let’s take Credit Card fraud. Most of us who have credit cards don’t realise that the interest we pay on our card balances includes a sum to cover the lender’s fraud losses .

The Insurance industry is also an easy area to see the cost of fraud. Most of us will have some form of insurance policy, on our car, our homes or travel insurance . Again, the cost of the premium paid to an insurance company includes a sum to cover fraud. It is estimated that in the United States Insurance fraud costs US$38,000…. every minute of every day.

For me personally, there is nothing lower on the criminal-fraud or financial-crime ladder then scamming an elderly citizen or any vulnerable person. We all have a duty to protect these people for their life-long contributions to society and to their families. We should assist the Police and fraud fighting professionals at every opportunity to prevent the con-artist from perpetrating their trade of fraud against all. But, in particular, the elderly and vulnerable.

In writing this book, I have very much aimed at entertaining the reader with the various stories of fraud and deception. I have either investigated or met with the investigators and Detectives behind these cases. However, I have also written the book to educate, in an effort to protect you, your home, family and your company from these conmen. From my personal experience in dealing with fraudsters, it never ceases to amaze me just how intelligent they can be and the lengths they will go to in order to succeed with their elaborate scams, fraud or other financial crime.

As financial fraud is perceived by some to be “victimless”, there can be a sense of respect towards these criminals by the general public. I find this most strange but understand that, in particular, defrauding financial institutions is seen as an achievement..

Fraudsters, generally are individuals who have an ability to tell lies without a second thought or conscience, enabling them to succeed in beating the system.

Many large financial companies have recruited specialist fraud investigators and established Special Investigation Units (SIU’s) .

We will cover the recruitment of ideal anti-fraud personnel in another chapter. It should be said though, that these individuals are professional and are determined to succeed in detecting and preventing the con artists from succeeding.

So let us begin our journey, with a brief look at the history and reasons why individuals turn to crime, in particular fraud.

Universal Scams & Fraud Detection Description:

INTERNATIONAL AWARD WINNING DETECTIVE’S NEW TRUE CRIME BOOK

‘UNIVERSAL SCAMS & FRAUD DETECTION’

EXPLORES INTERNATIONAL FRAUD INVESTIGATION SHOWS YOU HOW TO PROTECT YOUR BUSINESS & YOURSELF FROM COMPLEX SCAMS

Ask yourself the question, who pays for fraud?
The answer is simple…..you do!

Fraud is a costly menace to society and global industry. Universal Scams & Fraud Detection shows readers the different scams and tricks used by criminals to exploit and convince or ‘con’ you into parting with your cash. There are many ways to learn, but learning from experience is the best way of developing a skill and knowledge. Although written to provide knowledge, from the many stories and fraud scenarios, it has also been designed to entertain.

The first nine chapters of Universal Scams & Fraud Detection covers Technical Fraud Management and the many aspects of fraud detection and prevention, including why criminals commit fraud, the implementation of a European multiple country fraud strategy, Cross Border investigations, Terrorist Financing by fraud, Interview Techniques and Surveillance.

The second part of the book, explores many different scams, including Retail Fraud & Theft, Identity Theft, Insurance Fraud, Credit Cards & Cybercrime, Car Scams, Internet Dating (Love Rats) and Fraud against the Elderly.

If it sounds too good to be true, then it probably isn’t true. Learn to trust your feelings from experiencing the many true life stories of con-artists at work, plotting and plying their evil trade of deception against ordinary decent people.

Can you afford not to read this book?

“If it sounds too good to be true, it is too good to be true”

Topics Covered:

1. Introduction
2. Why Criminals Commit Fraud
3. Financial Institution Fraud Prevention Model
4. The Implementation of a European Multiple Country Fraud Strategy
5. Cross Border Multiple Jurisdiction Investigations
6. How to Recognise a Fraud Predator
7. Terrorist Financing by Fraud
8. Interview Techniques
9. Surveillance

Universal Fraud & Scams:
10. Retail Theft
11. Employee Theft
12. Identity Theft
13. Insurance Fraud
14. Banks, Credit Cards & Cybercrime
15. Car Scams
16. Fraud of the Elderly
17. Internet Dating – Love Rats
18. Fraud Terminology

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