Links in “Financial Crime”

Former CEO Charles Robert Poore of $42 million Toledo Metro FCU has been charged with the theft of over $200,000 from the credit union. Federal agents claim that Poore used his corporate credit card in conjunction with his wife’s credit card to purchase items for the credit union through Amazon and then resold the items to the credit union at significantly inflated prices. [10/23/15]

Buyers who are or claim to be 85-90 years old are 2.5 times more likely to be fraudsters. The state with the highest fraud rate based on billing address was Alaska. By shipping address, it was Delaware. Purchases of $20 or less are 2.16 times more likely to be fraudulent than other purchases (fraudsters make micropurchases to test out stolen credit card data to see if it's still valid). 3 a.m. is the most fraudulent time of day. The surprises don't stop there. [10/21/15]

It’s not certain whether the increase in purchases at Walmart using stolen debit cards is a result of the previous data breach or if Walmart is just proving to be an easy target. Philadelphia FCU has told its members that it will deny Walmart charges processed as “pinless debit” transactions due to the increased risk. [10/14/15]

From knowing what makes a strong password to recognizing a phishing scam, if your customers employ these 8 ways to fight online fraud, they'll be well ahead of the game. [10/14/15]

Best Inc., a credit repair company, was allegedly used as a front to defraud individuals and businesses, stealing 300 identities and more than $5 million. Two individuals are looking at up to 75 years in prison if convicted. [9/25/15]

Financial abuse of the elderly is big business: $2.6 billion annually. Here are some steps to protect them. [9/21/15]

If it's been awhile since your credit union has filed a CTR or a SAR, now might be a good time to double check your system. FinCEN's director says it is investigating why a high number of credit unions haven't filed either CTRs or SARS in some time. She warns that smaller institutions don't get a pass because of their size, noting that criminals often target smaller institutions as "the weakest link." [9/16/15]

A card cracking scam targets almost exclusively college students with the promise of a fast way to make some extra cash. It can end up poorly for the college student, landing them with personal losses and a criminal charge of fraud. [9/15/15]

"Your site is going under attack unless you pay 25 Bitcoin," says the email (25 Bitcoin is approximately $6,000). And the group has followed through with its threats. Financial services firms were targeted in 58% of its threats, with banks and credit unions accounting for 35% of those attacks. [9/10/15]

A wave of fraudulent mobile payment transactions has hit many high-end retailers and banking institutions in Northeastern sections of the U.S. over the past several months. The Secret Service has issued a warning to financial institutions and provided best-practice recommendations to shore up vulnerabilities and help catch identity theft related to mobile payment fraud. [9/9/15]