promotional offers from businesses, such as a sign-up bonus where a customer uses multiple accounts to get multiple bonuses, referral bonus where they refer 'friends' (themselves) many times to receive the awards, and vouchers where fraudsters break the simple discount code to receive multiple ...
Financial statement fraud leads to substantial losses because it is often perpetrated by those individuals who have the greatest influence over a company’s financial figures, valuations, estimations and accounting principles. These losses tend to accumulate over a long period of time, as the fraud u...
Be cautious about sharing personal information on social media, as fraudsters can exploit this information. 7. Be Cautious of Unsolicited Offers Unsolicited financial offers should always be approached with caution. Fraudsters often reach out via phone, email, or messages with attractive deals that ...
Perpetrators of advance fee fraud often entice their targets with unrealistic investment opportunities or promises of substantial rewards, such as a fictitious lottery win, all based on an upfront payment. Once the payment is made, the victim loses contact with the fraudster or is coerced into p...
As when one makes a statement recklessly but without any intention to deceive, and someone relies on that statement and is injured when it turns out to be false. One example would be a real estate agent telling a buyer that all appliances are new when, in reality, the agent didn't know...
Lead researcher, Peter Richardson, said “It is well known that most identity fraud cases are financially motivated. Fraudsters commonly open bank accounts, take out credit cards and attempt to take out loans using your name, address and history as a means of bypassing the credit checks. The ...
often struggle to navigate the vast and complex domain knowledge and the fast-evolving literature. This paper fills this gap, by providing a systematic survey of the rapidly growing literature of machine learning research for financial risk management. The contributions of the paper are four-folds:...
Even though technology is changing rapidly, fraudsters’ goals are always the same. They just want your money, however they can get it. Whether it’s a scam, identity theft, or some other type of financial fraud, their methods haven’t changed much because their goal hasn’t changed at al...
With generative AI, fraudsters can now execute large-scale schemes targeting multiple victims simultaneously, significantly amplifying potential losses. On the other hand, AI is pivotal to managing the voluminous data associated with financial crime. For instance, in one investigation by the Federal Bure...
New York Daily News Archive/ Getty Images Milken, Boesky, Pickens, Rigas, Ebbers, Madoff: Their names were once celebrated, back in the 1980s, 1990s, and 2000s, but no longer. These were financial fraudsters who lived the high life until their crimes (or purported crimes) brought them dow...