Articles
What is Business Email Compromise (BEC) Fraud
Business email compromise (BEC) is a type of internet insecurity aimed at impersonating top-level executives, redirecting funds, and stealing invaluable data from organizations.
At the very low end of the scale, BEC scams do not require a sophisticated technical skill...
Articles
What is Sanction?
Sanctions are tools used to protect national or international security and help to stop financing crimes like terrorism, narcotics trafficking, illegal arms dealing and proliferation of weapons of mass destruction. They are restrictions imposed by countries and international organizations...
Articles
What is AML Transaction Monitoring
Transaction Monitoring defines the essence of having the right processes, procedures, systems, and governance to monitor customer transactions.
To enable effective transaction monitoring, customer historical information and interactions provide the basis for building customer transactional profile.
Transaction monitoring is a complex...
Articles
Book Review – Black Edge by Sheelah Kolhatkar
Black Edge, the story of a nobody that conquer the mighty wall street. If it sounds like your typical rag to riches story, you are not far away.
The rise of Stevie A Cohen through the noise of wall street...
Articles
Artificial Intelligence in Fraud Management
Financial Fraud Action UK estimated fraud losses in the UK totaled £768.8 million in 2016, an increase of 2% compared to 2015.
Fraud is a billion-dollar enterprise, with impacts on individuals, business and governmental organizations. Frauds is an evolving crime,...
Articles
Who was Charles Ponzi [Financial Crimes Profile]
Who Was Charles Ponzi
Born in Parma, Italy, in 1883, Charles Ponzi’s early days are somewhat unknown. He claimed to have attended the University of Rome La Sapienza but never graduated.
Ponzi arrived in Boston in November 1903 aboard the S.S....
Articles
What is Corruption
The broad definition of corruption is the abuse or misuse of power by a person in power for private gains. Corruption is usually associated with people in public positions, for example; politicians, civil servants, government officials, police officers etc....
Articles
What is Bribery
Bribery is the practice of offering or receiving something such as money or goods with the intention of influencing an outcome or behaviour of the receiving party. Bribery includes any form of favour in exchange for the desired outcome...
Articles
How to Launder Money
Over the last few decades, the funds involved in money laundering has continued to increase with the United Nations Office on Drugs and Crime (UNODC) estimating illegal funds from criminal proceeds amount to 3.6% of global GDP, with 2.7%...
Articles
What is Money Laundering
The concept of money laundering is as simple as hiding the source of wealth gained through illegal activities. Criminal activities such as drug trafficking, illegal arms sales, smuggling, embezzlement, insider trading, fraud and cybercrime are sources of illegal financial gains.
The process of...