Embezzlement Through Online Entries & Wire Transfers
How often does your bank reconcile general ledger control accounts to subsidiary ledgers? Does your accounting system allow out-of-balance conditions to exist between the general ledger and subsidiary...
View ArticleOccupational Fraud: Is Your Bank at Risk?
Fraud is nothing new in the banking industry. It is not unheard of for a loan customer to fudge financial statements here or there in order to obtain a loan. You have procedures in place for that....
View ArticleTop Fraud Risks for 2014
ACL recently released an article highlighting the top fraud risks for 2014, including: Fraud designed to mask bribery Inflated performance in the financial services sector Asset & revenue deception...
View ArticleBitcoin: Decrypting the infamous Cryptocurrency
Imagine a time before money, when trade ruled. You grew some crops and traded them to the blacksmith to gild your sword. But what if the blacksmith had all the crops he needed? Well, then you had a...
View ArticleThe Next Best Thing to Spy Movie-Style Retinal Scanners
I recently read a TIME article that included a litany of interesting keywords—fraud, Russians, hackers, Americans, tickets, Justin Timberlake, data analytics, U.S. Secret Service and the Yankees....
View ArticleDigital Currency vs. Credit Cards
“Company X hacked. Thousands of credit cards compromised.” This headline has become all too common, affecting retailers like Home Depot and Target. If you’ve ever been a victim of credit card...
View ArticleBitcoin, Blockchain Technology & Virtual Currency Update
The long anticipated BitLicense regulations have arrived from the New York State Department of Financial Services (NYDFS). This is the first robust regulatory framework for companies wishing to operate...
View ArticleBusiness E-mail Compromise – A New Wave of Wire Fraud
The latest wave of business fraud takes the form of email impersonation schemes, in which perpetrators attempt to fraudulently induce employees of a business entity to execute a wire transfer. In a...
View ArticleCybersecurity Vital for Banks Fighting Fraud & Identity Theft
As various criminal organizations seek to exploit electronic systems, check fraud and identity theft have become increasingly prevalent. While banks have been emphasizing the use of technology to speed...
View Article
