Links in “Financial Crime”
- Credit Union Commits a Costly Mistake
Ft. Worth City Credit Union thought it had a clear cut case when it discovered $500 missing from a memberâs account. The credit union believed another member, Mike Martinez, a law enforcement officer, had fraudulently withdrawn the funds. Martinez was arrested and fired from his job. Unfortunately, the credit union later discovered the withdrawal was due to a clerical error. Martinez, who has been reinstated, is now suing the credit union and two executives for $1 million. [3/6]
- Sometimes Even Friends in High Places Canât Help You
At least, thatâs what a teller from the former Taupa Lithuanian Credit Union in Cleveland discovered. Michael Ruksenas has been sentenced to 17 months in federal prison after pleading guilty to embezzling more than $480,000 despite ten reference letters, including one from his dad, the former chairman of the board of the failed credit union. [3/3]
- Bitcoins Easy to Steal
Researchers find more than 100 different malware instances that specialize in stealing digital currency. [3/3]
- DOJ and CFPB Subpoena PNC
PNC Financial Services Group says the subpoena regards the return rate for its payment-processor clients to determine whether PNC may have facilitated fraud committed by third-parties against consumers. [3/3]
- NCUA Prohibition Orders Released for February
Details on four orders against former CU employees were released by the NCUA for personnel involvement in various charges associated with theft, embezzlement, and larceny. [3/3]
- FinCEN Focuses on Mortgage Fraud
FinCEN finalizes anti-money laundering (AML) regulations regarding SAR filing issues as they relate to mortgage fraud and money laundering. [2/21]
- Mortgage Fraud Scheme Nets Connecticut Man 18 Months
Man and co-defendants recruited buyers to purchase more than 40 properties, then applied for loans on behalf of the buyers using false information, and pocketed the money for themselves. Banks lost between $2.5 million and $7 million. [2/6]
- Next Frontier in Security War: Mobile Commerce Fraud
Study finds more retailers accepting mobile payments, but rely on fewer fraud solutions in that channel. [2/5]
- January Prohibition Orders Issued by NCUA
Orders against five employees with nearly $5 million in required restitution. Cases provide strong insights into transaction risk and monitoring for fraud and insider abuse. [2/3]
- Crunching Big Data to Detect Fraud Before the Money Was Lost
Wall Street Journal article describes efforts by Visa to use big data techniques to identify at least $2 billion of fraud activity annually before the money was lost. [1/27]
