Archive for the ‘financial crime and fraud’ Category

January 2015 Quarterly Report to Congress on the Status of TARP

January 29, 2015 Comments off

January 2015 Quarterly Report to Congress on the Status of TARP (PDF)
Source: Special Inspector General for the Troubled Asset Relief Program

Long-lasting recovery from the financial crisis requires important efforts on many fronts, including investigating and preventing fraud, waste, and abuse related to the Government’s rescue efforts. Fraud prevention and law enforcement is at the heart of the Office of the Special Inspector General for the Troubled Asset Relief Program’s (‘SIGTARP”) audits, general oversight, and investigations. Uncovering and combating bailout-related crime is neither fast, nor easy, but it is necessary for justice, accountability, deterrence, and lasting recovery. SIGTARP has ramped up our law enforcement efforts to uncover and combat bailout-related crime. In the last two years:
• The number of defendants charged with a crime SIGTARP investigated nearly doubled to 222;
• We supported prosecutors at 6 trials including 5 criminal fraud schemes investigated by SIGTARP;
• The number of defendants convicted of a crime investigated by SIGTARP nearly doubled to 160;
• The number of defendants we investigated who were sentenced to prison increased 160% to 91;
• Prison sentences for crime investigated by SIGTARP are nearly double the national average for white collar crime, reflecting the complexity and seriousness of the criminal schemes; and
• SIGTARP investigations have already brought back $1.258 billion to the Government and $224 million to other victims, a nearly eightfold increase since 2012.

SIGTARP has much more to do in the fight against bailout-related crime – crime that is opportunistic in the most reprehensible way. We expect an escalation in results from SIGTARP investigations:
• 45 convicted defendants investigated by SIGTARP await sentencing by a court; and
• 61 defendants already charged with a crime investigated by SIGTARP await trial.

ICBA Data Breach Toolkit

January 5, 2015 Comments off

ICBA Data Breach Toolkit
Source: Independent Community Bankers of America

Who Should Use This Toolkit:
Front-Line Marketing, Communications and Product Contacts at Issuing Financial Institutions

Protect cardholder trust in payments by providing a practical guide to managing communications after a data compromise at a third party.

To more effectively combat a public relations crisis with a breach of card security, ICBA and Visa have teamed up to bring a special communications toolkit to community banks. This comprehensive communications guide gives community banks the means of communicating with card customers and the media within 24 hours of a data compromise. Having this contingency plan in place can make all the difference in a data breach episode.

Toolkit Includes:
A brochure on communications best practices following a data breach, as well as customizable template materials like cardholder letters, statement inserts, FAQs, and media statements. Click on the documents below to download each PDF.

LexisNexis® Risk Solutions Releases Annual Mortgage Fraud Report

December 15, 2014 Comments off

LexisNexis® Risk Solutions Releases Annual Mortgage Fraud Report
Source: LexisNexis

Today LexisNexis® Risk Solutions announced the findings of its annual analysis of mortgage fraud in the U.S., revealing that despite improving economic conditions, mortgage fraud is still a national problem. In fact, mortgage application fraud and misrepresentation has grown for the past three years. Seventy-four percent of loans reported in 2013 involved some kind of fraud or misrepresentation on the loan application compared to 69 percent in 2012 and 61 percent in 2011.

The LexisNexis Annual Mortgage Fraud Report differs from other studies on the topic, as it seeks to provide information on the composition of proven residential mortgage fraud and misrepresentation by mortgage industry professionals. The analysis is based on data submitted to the LexisNexis® Mortgage Industry Data Exchange (MIDEX®).

Analysis of the data shows that appraisal and property valuation fraud experienced a significant drop from last year, falling to 15 percent of loans reported with these problems. In 2012, 26 percent of loans reported had signs of appraisal and property valuation fraud following 31 percent in 2011 and 33 percent in 2010. Regulation changes are cited as the reason for this rapid and dramatic decline in appraisal and property valuation fraud.

Free registration required.

New From the GAO

December 11, 2014 Comments off

New GAO Reports and Testimonies
Source: Government Accountability Office


1. Immigration Benefits: Improvements Needed to Fully Implement the International Marriage Broker Regulation Act. GAO-15-3, December 10.
Highlights –

2. SSA Disability Benefits: Enhanced Policies and Management Focus Needed to Address Potential Physician-Assisted Fraud. GAO-15-19, November 10.
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3. Information Technology: HUD Can Take Additional Actions to Improve Its Governance. GAO-15-56, December 10.
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4. Transportation for Older Adults: Measuring Results Could Help Determine If Coordination Efforts Improve Mobility. GAO-15-158, December 10.
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5. Public Transit: Federal and Transit Agencies Taking Steps to Build Transit Systems’ Resilience but Face Challenges. GAO-15-159, December 10.
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1. NASA: Human Space Exploration Programs Face Challenges, by Cristina T. Chaplain, director, acquisition and sourcing management, before the Subcommittee on Space, House Committee on Science, Space, and Technology. GAO-15-248T, December 10.
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2. Unmanned Aerial Systems: Efforts Made toward Integration into the National Airspace Continue, but Many Actions Still Required, by Gerald L. Dillingham, Ph.D., director, physical infrastructure issues, before the Subcommittee on Aviation, House Committee on Transportation and Infrastructure. GAO-15-254T, December 10.
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3. Federal Retirement Processing: Applying Information Technology Acquisition Best Practices Could Help OPM Overcome a Long History of Unsuccessful Modernization Efforts, by Valerie C. Melvin, director, information management and technology resources issues, before the Subcommittee on Federal Workforce, U.S. Postal Service, and the Census, House Committee on Oversight and Government Reform. GAO-15-277T, December 10.
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Data Breach Reports (December 2, 2014)

December 9, 2014 Comments off

Data Breach Reports (December 2, 2014)
Source: Identity Theft Resource Center

Breaches on this list typically have exposed information which could potentially lead to identity theft, including Social Security numbers, financial account information, medical information, and even email addresses and passwords. ITRC follows U.S. Federal guidelines about what combination of personal information comprise a unique individual, and the exposure of which will constitute a data breach.

New From the GAO

November 24, 2014 Comments off

New GAO Reports
Source: Government Accountability Office
1. Group Purchasing Organizations: Funding Structure Has Potential Implications for Medicare Costs. GAO-15-13, October 24.
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2. Medicare Program Integrity: CMS Pursues Many Practices to Address Prescription Drug Fraud, Waste, and Abuse. GAO-15-66, October 24.
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NCJRS — Special Feature: Fraud Awareness

November 19, 2014 Comments off

Special Feature: Fraud Awareness
Source: National Criminal Justice Reference Service

A single scam can destroy a company, devastate families by wiping out their life savings, or cost investors billions of dollars (or even all three). Additionally, today’s fraud schemes are more sophisticated than ever (White Collar Crime, Federal Bureau of Investigation, retrieved October 2014).

Results of a Federal Trade Commission (FTC) survey of fraud in the United States during 2011 showed that an estimated 25.6 million adults – 10.8 percent of the adult population – were victims of fraud. Most consumers bought fraudulent items via the Internet with telephone purchases ranking second (Consumer Fraud in the United States, 2011: The Third FTC Survey, Federal Trade Commission, April 2013).

In an effort to educate businesses and the public about the impact of fraud, as well as to promote basic steps that can be taken to recognize, report, and reduce the risk of becoming a victim of fraudulent activities, NCJRS presents this online compilation of resources addressing the topic.


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