Hello Global Risk Community member,
Many organizations use multiple business applications for maximum productivity. They use best-of-breed software to manage various aspects of their business, including finances, sales, and human resources.
While this approach offers many advantages, there are also potential risks.
When the same person has authority across these applications to create transactions, there is a possibility for fraud that may go undetected for months.
For example, a user can crea
fraud (107)
Hi Global Risk Community member
The analyst group, Gartner, has said, "Effective segregation of duties (SOD) controls can reduce the risk of internal fraud by up to 60% through early detection of internal process failures in key business systems."
And in a survey by KPMG, over 50% of respondents said they have more than 10 in-scope business applications for SOX compliance, but less than 30% of them had a tool that supports cross-application SOD reviews.
Failure to maintain adequate segregation
Identity fraud is becoming an increasing problem day after day for businesses. Criminals create new mechanisms for fraud as identity theft tends to raise problems for customers. According to the 2019 Javelin Plan and Analysis Identity Fraud Report, in 2018, there were 14.4 million users who had become victims of identity fraud, down from 16.7 million in 2017, the record figure. Identity theft in 2018 was nevertheless more burdensome: 3.3 million individuals were liable, about three times as many
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This is a transcript of our interview with Dean Nicolls, VP Marketing at Jumio
You can watch the original video interview here
Boris: Hello ladies and gentlemen and welcome to our interview with Dean Nicolls. Dean is a VP of marketing at Jumio corporation and in this role he is helping Jumio become the number one global brand in digital identity verification.
Jumio is the leading ID credentials authentication company that helps businesses reduce fraud, meet regulations and increase revenue whil
Identity theft is when a person steals another person’s private and personal information, generally to make money from it. You probably already knew this, but have you heard of synthetic identity theft? This is a bit different.
With synthetic identity theft, a person creates a new and very fake identity by combining the real information from a person with made-up information. You might not think this is a big deal, but it can be very bad for anyone who has their identity stolen.
Here are three way
By Sophie Bottazzi, Senior Research Executive, CeFPro
The payment industry in Europe continues to evolve with the huge influx of new payments providers in the market, increased regulatory demand and evolving customer expectations of products and services. With the implementation of PSD2/Open Banking becoming more embedded, the payments landscape continues to evolve as APIs open up customer data for more institutions to leverage. With such increased demand and competition comes heightened regulato
Have you ever seen a house and thought…I wish I could afford that? Some people actually try it, but let this story be a lesson learned: if you can’t afford the cost of a house, you probably shouldn’t try to buy it.
Pamela Chandler was arrested and now faces forgery charges after she tried to purchase a home with a million-dollar price tag. How did she do it? She used false documents. Chandler, who also goes as Pamela Goldwyn, was arrested by a special Financial Crimes Task Force in Bossier City,
For me, founding NorthRow wasn’t just about the business opportunity, but a chance to make a difference to the devastating effects that fraud and other forms of financial crime can have on individuals and companies.
Witnessing the corrosive effect of fraud on a family business was a key inspiration and I’ve embraced the opportunity to use my background in software, data and business to found a venture that now digitally transforms clients’ onboarding and monitoring processes, helps prevent fraud
The problem for cyber security in the life insurance sector is very severe, as is the case in other sectors such as banking, healthcare, etc. The insurance industry has a huge amount of client data and clients have a lot of confidence in the organizations with whom they do business.
What is insurance fraud detection?
The insurance industry is moving to a contemporary paradigm that focuses on risk mitigation and prevention instead of financial loss compensation. This is driving the development of n
I AM RETIRING SO HERE ARE SOME PARTING SHOTS
FIRST
I posted an essay with a similar title at academia here
https://www.academia.edu/6351124/There_is_no_risk_free_rate_of_return_available
There should be a risk free investment because its absence is slowing the world's economies.
You can read more here:
http://macro-economic-design.blogspot.com
and here:
SECOND
HOW DAMAGING IS MONEY LAUNDERING LEGISLATION?
Approximately 885 million digital documents have been exposed from mortgage deals that date back to 2003. First American Financial Corp is a provider of title insurance, as well as other services for the mortgage and real estate industries, and it allowed millions of records to be exposed according to one report.
The exposure is likely to put a variety of bank account statements and account numbers at risk, as well as Social Security numbers, tax records, wire transaction receipts, mortgage recor
If you have been thinking about a credit freeze, you probably should know that the process is designed so that a creditor cannot see your credit report unless you specifically allow it. This process blocks any potential creditors from viewing or pulling your file, which makes it much more difficult for an identity thief to apply for new credit using your name or information. For links to freeze your credit at the 3 major bureaus go to How to Freeze My Credit. However, there have been reports of
Recently, a man was accused of pretending to be a real estate agent just to steal some jewelry from an open house. According to Toronto police, he has been arrested.
The victims are a couple (their identity isn’t being listed for their safety). They had an open house in a small city called Oakville. It’s in Ontario, which is about an hour west of Toronto (also in Canada). According to the investigators, a 29-year-old man saw an online ad for the open house. He decided to pretend that he was a rea
Are you aware that many people probably have access to your personal info? If you have ever gotten an apartment, have insurance, or applied for a job, someone has done a background check on you, and you might be shocked by what’s in there, including your debts, income, loan payments, and more. On top of this, there are also companies collecting information on you including:
- Lenders
- Employers
- Government agencies
- Volunteer organizations
- Landlords
- Banks/credit unions
- Insurance companies
- Debt collectors
- Util
Any industry involving wiring transfers of large sums of money is vulnerable to this new type of hack. Purchasing a car, home or piece of art are large transactions and are not usually done in cash. In well-established industries like real estate, there are some checks and balances, but while one would think it would be very tough to pull off this scam in real estate, it is just as easy. I do not know how many billionaire art collectors follow my blog (they should!), but most of you are regular
There are a lot of scammers out there, and one of the things they do is create fake websites to try to trick you into giving them personal information. Here are some ways that you can determine if a website is fake or not:
How Did I Get Here?
Ask yourself how you got to the site. Did you click a link in an email? Email is the most effective ways scammers direct their victims to fake sites. Same thing goes with links from social media sites, Danger Will Robinson! Don’t click these links. Instead, g
If you have a contactless card, you might have worries about skimming. A contactless card or “frictionless” or “tap and go” is a card that has technology in it that allows payment over secure wireless like Apple Pay, Android Pay etc. Basically, this is where a criminal literally digitally pickpockets you by scanning things like your debit card or passport. What’s scary about this is that anyone can get an app for their phone that will allow them to skim. Is there protection for this? Maybe.
But b
USPSID stands for U.S. Postal Service Informed Delivery. It is a good thing to sign up for because it informs you of your expected deliveries.
But there’s a problem: Someone ELSE could pose as you and sign up for this service, getting your mail before you have a chance to.
In fact, it has already happened. Crooks have signed up as other address owners and collected their mail.
This can lead to credit card fraud if some of that mail includes new credit cards or credit card applications.
And what if t
