Property crimes

SEC Halts Alleged Ongoing Offering Fraud Involving Cycling Companies

Retrieved on: 
Thursday, July 22, 2021
Asset forfeiture, Disgorgement, Securities fraud, Crime, Property crimes, Deception, Madoff investment scandal

The SEC alleges that the defendants made false statements in raising millions of dollars for an investment fund ostensibly to purchase controlling interests in three Italian cycling companies, but never made the acquisitions and instead fraudulently diverted money raised.

Key Points: 
  • The SEC alleges that the defendants made false statements in raising millions of dollars for an investment fund ostensibly to purchase controlling interests in three Italian cycling companies, but never made the acquisitions and instead fraudulently diverted money raised.
  • According to the complaint, Mancini misappropriated almost $400,000 of investor funds and made at least $800,000 in Ponzi-like payments to other investors.
  • The SEC has significant expertise in rooting out investment fraud by tracing the uses of investor funds even where, as we allege happened here, some funds were transferred to foreign accounts.
  • The SEC seeks emergency relief as well as permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.

NYACT Hosts Joint Conference for Law Enforcement and Special Investigators on COVID Fraud and Scams

Retrieved on: 
Thursday, July 15, 2021
Fraud, Crime, Property crimes, Articles, Crimes, Property law, Deception, Tort law, Identity theft, Mass marketing fraud, Internet fraud prevention

Training topics includedcurrent state of the legislative environment post-COVID-19 and auto fraud trends including tow truck and rental fraud.

Key Points: 
  • Training topics includedcurrent state of the legislative environment post-COVID-19 and auto fraud trends including tow truck and rental fraud.
  • The annual summer conference goal is to provide current training practices and networking opportunities to state and national law enforcement personnel and insurance industry representatives that focus on fraud investigations.
  • Fraud is a broad type of crime, but scams usually fall into one of several categories.
  • There has been an increase found in almost every category, however, job opportunity, identity theft and credit bureau scams are the fastest-growing types of fraud.

The Canadian Anti-Fraud Centre and United States Secret Service stop $750,000 fraud transfer

Retrieved on: 
Wednesday, July 14, 2021
Fraud, Crime, Property crimes, Crimes, Deception, Tort law, Canadian Anti-Fraud Centre, Organized crime

The bank investigator put a hold on the transfer, contacted the company and began procedures to reverse the funds.

Key Points: 
  • The bank investigator put a hold on the transfer, contacted the company and began procedures to reverse the funds.
  • This incident is an excellent example of the importance of international partnerships and reporting to the Canadian Anti-Fraud Centre.
  • As transnational criminal organizations target U.S. and Canadian interests through sophisticated cyber-enabled fraud schemes, our collaborative efforts are paramount to our continued success.
  • The United States Secret Service Ottawa Field Office values the exemplary relationship shared with the Canadian Anti-Fraud Centre, and the various public/private sector partners for the swift response to matters of mutual interest."

Global Fraud Detection and Prevention Market to Reach $46.4 Billion by 2026

Retrieved on: 
Wednesday, July 14, 2021
Crime, Property crimes, Crimes, Deception, Fraud, Tort law, Human behavior

SAN FRANCISCO, July 14, 2021 /PRNewswire/ --A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fraud Detection and Prevention - Global Market Trajectory & Analytics" .

Key Points: 
  • SAN FRANCISCO, July 14, 2021 /PRNewswire/ --A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Fraud Detection and Prevention - Global Market Trajectory & Analytics" .
  • Fraud detection and prevention solutions are software applications that offer sophisticated analytical tools to detect and prevent fraud in real-time.
  • Amid the COVID-19 crisis, the global market for Fraud Detection and Prevention estimated at US$19.5 Billion in the year 2020, is projected to reach a revised size of US$46.4 Billion by 2026, growing at a CAGR of 14.8% over the analysis period.
  • The U.S. Market is Estimated at $8 Billion in 2021, While China is Forecast to Reach $8.4 Billion by 2026
    The Fraud Detection and Prevention market in the U.S. is estimated at US$8 Billion in the year 2021.

Veteran Nets and Danske Bank Exec Appointed MyChargeBack VP of European Operations and Business Development

Retrieved on: 
Wednesday, July 14, 2021
Crimes, Property crimes, Crime, Chargeback, Fraud, Human behavior, Articles

Judith joins MyChargeBack from Nets, one of the top payment providers in Europe with more than 250 bank partners, where she served as senior vice president.

Key Points: 
  • Judith joins MyChargeBack from Nets, one of the top payment providers in Europe with more than 250 bank partners, where she served as senior vice president.
  • In that position she played a key role in the firm's development of products designed to help issuers reduce losses due to fraud.
  • Prior to Nets, she directed global fraud management at Danske Bank, one of the largest financial institutions in Scandinavia.
  • "Judith boasts an impressive background in chargebacks, dispute resolution, risk management, and fraud prevention," noted Michael B. Cohen, Vice President of Global Operations for MyChargeBack.

Featurespace Files Patents to Halt Enterprise Financial Crime

Retrieved on: 
Monday, July 12, 2021
Technology, Finance, Security, Banking, Other Technology, Professional services, Software, Internet, Data management, Crime, Property crimes, Property law, Crimes, Financial regulation, Money laundering, Tax evasion, Terrorism, Financial crime, Fraud, Crime prevention

Featurespace, the leading provider of Enterprise Financial Crime prevention technology for fraud and anti-money laundering, has filed two global patents that will enable new levels of customer protection in the financial industry.

Key Points: 
  • Featurespace, the leading provider of Enterprise Financial Crime prevention technology for fraud and anti-money laundering, has filed two global patents that will enable new levels of customer protection in the financial industry.
  • The fight against fraudsters and the organizations that commit financial crime on a large scale is challenging and ever-evolving, Excell added.
  • Technology, specifically machine learning will continue to be central in this fight and these two patents from Featurespace advance our leading market position and our capacity to help progressive financial institutions protect the consumer.
  • Featurespace is the world leader in Enterprise Financial Crime prevention for fraud and Anti-Money Laundering.

SAS best in class in health care payment integrity, says Aite Group

Retrieved on: 
Wednesday, July 7, 2021
Articles, Business intelligence, Fraud, Crime, Contents, Healthcare in the United States, Crimes, Property crimes, Health care fraud, Analytics, SAS, Health care in the United States

Whether by inadvertent error or malicious fraud, payment integrity issues bleed an astounding $800 billion annually from the US health care system by some estimates.

Key Points: 
  • Whether by inadvertent error or malicious fraud, payment integrity issues bleed an astounding $800 billion annually from the US health care system by some estimates.
  • SAS analytics detect and prevent health care fraud, waste and abuse at every stage of the claims process, helping stop improper payments before claims are paid.
  • "Health care payers are on a quest to make informed decisions as they strive to optimize their claims processing and payment operations.
  • Aite Group notes SAS' core strengths include:
    Experience in fraud, waste and abuse (FWA) and health analytics.

The NICB Announces Its Inaugural 'Contractor Fraud Awareness Week'

Retrieved on: 
Wednesday, July 7, 2021
Insurance fraud, Crime, Insurance in the United States, Law enforcement in the United States, National Insurance Crime Bureau, Crimes, Property crimes, Fraud, David Glawe, Property law, Human behavior, Vehicle Theft Protection Program

Contractor Fraud Awareness Weekis dedicated to spreading the word about these bad actors.

Key Points: 
  • Contractor Fraud Awareness Weekis dedicated to spreading the word about these bad actors.
  • On July 14th, NICB President and CEO David Glawe will appear on local television networks across the country in states notorious for natural disasters discussing post-disaster fraud.
  • For more information about Contractor Fraud Awareness Week and how to become a partner, visit the NICB website and the Contractor Fraud Awareness Week web page to join the National Insurance Crime Bureau on the front line to educate consumers on how they can protect themselves following a catastrophe.
  • Sign up now to partner in NICB's inaugural Contractor Fraud Awareness Week.

NICB'S 'The Informer' Spotlights Natural Catastrophes And Avoiding Post-Disaster Contractor Fraud

Retrieved on: 
Tuesday, June 29, 2021
Articles, Crime, Crimes, Property crimes, Actuarial science, Natural hazards, Insurance, Natural disaster, Risk, Disaster, Wildfire, Fraud

The Summer edition focuses primarily on natural catastrophes and post-disaster fraud issues, investigations, and information resources.

Key Points: 
  • The Summer edition focuses primarily on natural catastrophes and post-disaster fraud issues, investigations, and information resources.
  • The publication is aimed at providing insurance industry executives with anticipatory intelligence to help identify risks and emerging threats to the industry.
  • While spring is notorious for volatile temperatures and tornadoes, summer brings with it the increased risk for hurricanes and wildfires.
  • "As such, insurance fraud follows closely behind, whether it is in the aftermath of natural disasters, cybercrime, or auto theft and accidents, the list is essentially endless."

SAISON Automobile and Fire Insurance Goes Live on Shift Claims Fraud Detection

Retrieved on: 
Thursday, June 24, 2021
Crime, Crimes, Property crimes, Insurance, Fraud, Articles, Insurance fraud

PARIS and BOSTON, June 24, 2021 /PRNewswire/ -- Shift Technology , a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced that SAISON Automobile and Fire Insurance Co., Ltd.has gone live on Shift Claims Fraud Detection .

Key Points: 
  • PARIS and BOSTON, June 24, 2021 /PRNewswire/ -- Shift Technology , a provider of AI-driven decision automation and optimization solutions for the global insurance industry, today announced that SAISON Automobile and Fire Insurance Co., Ltd.has gone live on Shift Claims Fraud Detection .
  • One of the solutions comprising the Shift Insurance Suite ,Shift Claims Fraud Detection allows the insurer to detect insurance payment claims that may have been made through illicit means.
  • In this climate, SAISON Automobile and Fire decided to implement Shift Claims Fraud Detection, which is well-known for its use of digital technology in false claim detection, in order to maintain a fair and just insurance payment stance towards honest customers while mitigating the impact of false claims.
  • Shift Claims Fraud Detection uses artificial intelligence (AI) to analyze a vast amount of past insurance claims data identify patterns and connections to suspicious claims.