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Archive for the ‘financial crime and fraud’ Category

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.

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New From the GAO

December 11, 2014 Comments off

New GAO Reports and Testimonies
Source: Government Accountability Office

Reports

1. Immigration Benefits: Improvements Needed to Fully Implement the International Marriage Broker Regulation Act. GAO-15-3, December 10.
http://www.gao.gov/products/GAO-15-3
Highlights – http://www.gao.gov/assets/670/667396.pdf

2. SSA Disability Benefits: Enhanced Policies and Management Focus Needed to Address Potential Physician-Assisted Fraud. GAO-15-19, November 10.
http://www.gao.gov/products/GAO-15-19
Highlights – http://www.gao.gov/assets/670/666831.pdf

3. Information Technology: HUD Can Take Additional Actions to Improve Its Governance. GAO-15-56, December 10.
http://www.gao.gov/products/GAO-15-56
Highlights – http://www.gao.gov/assets/670/667359.pdf

4. Transportation for Older Adults: Measuring Results Could Help Determine If Coordination Efforts Improve Mobility. GAO-15-158, December 10.
http://www.gao.gov/products/GAO-15-158
Highlights – http://www.gao.gov/assets/670/667376.pdf

5. Public Transit: Federal and Transit Agencies Taking Steps to Build Transit Systems’ Resilience but Face Challenges. GAO-15-159, December 10.
http://www.gao.gov/products/GAO-15-159
Highlights – http://www.gao.gov/assets/670/667394.pdf

Testimonies

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.
http://www.gao.gov/products/GAO-15-248T
Highlights – http://www.gao.gov/assets/670/667351.pdf

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.
http://www.gao.gov/products/GAO-15-254T
Highlights – http://www.gao.gov/assets/670/667398.pdf

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.
http://www.gao.gov/products/GAO-15-277T
Highlights – http://www.gao.gov/assets/670/667372.pdf

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.
http://www.gao.gov/products/GAO-15-13
Highlights – http://www.gao.gov/assets/670/666643.pdf

2. Medicare Program Integrity: CMS Pursues Many Practices to Address Prescription Drug Fraud, Waste, and Abuse. GAO-15-66, October 24.
http://www.gao.gov/products/GAO-15-66
Highlights – http://www.gao.gov/assets/670/666648.pdf

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.

Encyclopedia of Ethical Failure — Updated October 2014

November 17, 2014 Comments off

Encyclopedia of Ethical Failure — Updated October 2014 (Word)
Source: U.S. Department of Defense, Office of General Counsel

The Standards of Conduct Office of the Department of Defense General Counsel’s Office has assembled the following selection of cases of ethical failure for use as a training tool. Our goal is to provide DoD personnel with real examples of Federal employees who have intentionally or unwittingly violated the standards of conduct. Some cases are humorous, some sad, and all are real. Some will anger you as a Federal employee and some will anger you as an American taxpayer.

Please pay particular attention to the multiple jail and probation sentences, fines, employment terminations and other sanctions that were taken as a result of these ethical failures. Violations of many ethical standards involve criminal statutes. Protect yourself and your employees by learning what you need to know and accessing your Agency ethics counselor if you become unsure of the proper course of conduct. Be sure to access them before you take action regarding the issue in question. Many of the cases displayed in this collection could have been avoided completely if the offender had taken this simple precaution.

The cases have been arranged according to offense for ease of access. Feel free to reproduce and use them as you like in your ethics training program. For example – you may be conducting a training session regarding political activities. Feel free to copy and paste a case or two into your slideshow or handout – or use them as examples or discussion problems. If you have a case you would like to make available for inclusion in a future update of this collection, please email it to OSD.SOCO@MAIL.MIL or you may fax it to (703) 695-4970.

See previous: Encyclopedia of Ethical Failure (Updated July 2013)

CRS — Cybercrime: An Overview of the Federal Computer Fraud and Abuse Statute and Related Federal Criminal Laws (October 15, 2014)

November 3, 2014 Comments off

Cybercrime: An Overview of the Federal Computer Fraud and Abuse Statute and Related Federal Criminal Laws (PDF)
Source: Congressional Research Service (via Federation of American Scientists)

The Computer Fraud and Abuse Act (CFAA), 18 U.S.C. 1030, outlaws conduct that victimizes computer systems. It is a cyber security law. It protects federal computers, bank computers, and computers connected to the Internet. It shields them from trespassing, threats, damage, espionage, and from being corruptly used as instruments of fraud. It is not a comprehensive provision, but instead it fills cracks and gaps in the protection afforded by other federal criminal laws. This is a brief sketch of CFAA and some of its federal statutory companions, including the amendments found in the Identity Theft Enforcement and Restitution Act, P.L. 110-326, 122 Stat. 3560 (2008).

See also: JPMorgan Data Breach Involves Information on 76 Million Households, 7 Million Small Businesses (October 23, 2014) (PDF)

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