the use of dishonesty, deception, or false representation in order to gain a material advantage or to injure the interests of others. Types of fraud...
The weird tale of Samuel Israel III began on July 27, 2005 when he sent a letter to investors in his $450 million hedge fund called Bayou Management. The fund was shutting down but they'd get their money back. But when investors called his Stamford, CT office, they got a...
By Dan Wilchins NEW YORK (Reuters UK) - Phillip Bennett, the former chief executive of Refco, was sentenced to 16 years in prison on Thursday for fleecing investors of more than $2.4 billion (1.21 billion pounds) in a fraud that destroyed the world's largest independent...
By Dan Wilchins NEW YORK (Reuters) - Phillip Bennett, the former chief executive of Refco, was sentenced to 16 years in prison on Thursday for fleecing investors of more than $2.4 billion in a fraud that destroyed the world's largest independent ...
By Randall Mikkelsen WASHINGTON (Reuters UK) - Failed bank IndyMac IDMC is under investigation by the FBI for possible fraud involving its mortgage lending, unnamed law enforcement officials said on Wednesday. It was not immediately clear how long the FBI's probe of IndyMac has been...
By Randall Mikkelsen WASHINGTON (Reuters) - Failed bank IndyMac IDMC is under investigation by the FBI for possible fraud involving its mortgage lending, unnamed law enforcement officials said on Wednesday. It was not immediately clear how long the FBI's probe of ...
WorldCom, Inc. perpetrated the largest accounting fraud in U.S. history. WorldCom, now called MCI, emerged from bankruptcy protection on April 20, 2004 after being fined $750 million. In total, WorldCom reported accounting irregularities of $11 billion. While employees and investors look for individual culpability, much of WorldCom's organizational structure and...
Management is responsible for developing and implementing programs to prevent, deter, and detect fraud. The types of programs and relevant controls chosen by management are discretionary, and further, dependent upon the organization's view toward, and assessment of, fraud and misconduct within the context of its culture, industry and operations. Proper...
When Fin-Force, a leading third-party payment processor, set out to protect its assets from risk and promote customer service, it looked to EDS to help implement a best-in-class risk analysis solution. EDS not only optimized the scanning solution and completed testing within the aggressive timeframe, it also executed several production...
What can insurers do to combat fraud? Aging technology and inefficient processes often prevent the detection and prevention of fraudulent claims, which in turn hurt long-term profitability. Fraud is a growing concern, particularly in today's weak economic climate, in which consumer exaggeration to improve claim payouts is becoming more prevalent....
This paper identifies the way to deal with fraud in auto-insurance sector. Two million dollars a day is stolen from honest New York drivers, according to the Insurance Information Institute (I.I.I.). The best way to combat auto insurance fraud is to take the economic incentive out of this crime. The...
The Sarbanes-Oxley Act, which Congress passed and President Bush signed last year, is one result of the public backlash against the rash of corporate scandals that have been coming to light. The act includes a variety of measures to improve corporate governance; including new reporting requirements to restore trust in...
This paper deals with the pros and cons of No-fault system. Under the current no-fault medical system, sometimes called personal injury protection or PIP criminals have 180 days to submit medical bills after an accident, while insurers have only 30 days to pay or deny a claim - even if...
With less money to devote to prevention, small businesses routinely find themselves on the receiving end of fraud. Over the years, business owners and local business groups have become better at spotting red flags, but the problem remains because scam artists have also adopted new methods. Similarly, while technology has...
This article states that the cost of auto insurance is expected to rise by 3.5 percent in 2004, the smallest increase in four years. The declining number of auto accidents due to better drivers and safer cars and crackdowns on fraud and abuse are behind the trend, though rising costs...
The most prevalent fraud from the mid nineties to today has been the offering of credit notes allegedly issued by major banks. This type of fraud is now hitting the Internet. The relevant "Financial Instruments" are referred to as prime bank notes or standby letters of credit. This white paper...
This paper furnishes ten steps in detail on how to shield against dubious reinsurers. The paper states every assertion made by a reinsurer can, and should be, verified, validated, and ultimately disproved. Taking such action prior to placing business with such a company can eliminate phenomenally costly and highly...
The shortage of number crunchers combined with the demand for the detective skills of corporate crime cops has increased the need for fraud and forensic training. Currently, there are more than 200 schools around the world that offer courses accredited by the Association of Certified Fraud Examiners ACFE, up from...
The article refers to the Electronic Banking & Transaction Processing. AP Technology's Transporter provides commercial bank clients with the ability to conduct unattended interaction with their bank's cash management website for purposes of sending and receiving files, data, and documents. It is a small program that resides on the client's...
Despite what businesses may tell themselves, there's no getting around it: fraud happens. And no matter how diligent auditors are as guardians of a company's risk management, control, and governance processes, fraud can still occur - even in the best-managed organizations. Employees can commit fraud in any organization at any...
LONDON (Reuters UK) - Claims from a senior member of the Qatari royal family over an alleged 50 million euro (39.6 million pounds) fraud at Barclays BARC could flare up again just as the UK bank seeks to raise funds from Qatar, a newspaper said...
