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Fraud Prevention Blog

IRS Adds Safeguards to Prevent Identity Theft, Fraud

Posted by Sean Trundy on Tue, Jul 14, 2015 @ 04:27 PM

Following a recent online attack that resulted in the diversion of tax refunds and the theft of thousands of taxpayers' personal data, the I.R.S. is making moves to implement new safeguards. Preventing fraud and identity theft has long been a key issue for the Internal Revenue Service. The government agency announced that it will be collaborating with state officials and tax preparation firms to implement stricter authentication processes and study fraud patterns. 

Topics: identity theft, fraud protection tips, fraud news, fraud prevention protection, fraud prevention

Oct, 7 2014- Is Your Business Prepared for the Holidays?

Posted by Alisha Acosta on Tue, Oct 07, 2014 @ 12:54 PM

The holiday season is nearing meaning the busiest time of the year for retail businesses is arriving. This is the time of the year in which spending increases but also the times of the year when businesses are more susceptible to transactional fraud in the form of counterfeit currency, counterfeit credit cards and identity theft. It is important that your business is prepared to handle the influx of transactions that will come at this time of year and the possible fraudulent vulnerabilities that business are susceptible to during this season.

Topics: identity theft, counterfeit money, fake money, counterfeit fraud, fraud prevention protection, counterfeit money detectors, fraud prevention

Oct, 1 2014- Newest Identity Fraud Scam

Posted by Alisha Acosta on Wed, Oct 01, 2014 @ 08:00 AM

 Tax refund fraud is another form of identity theft that has recently afflicted the IRS. Recently 60 Minutes featured a piece discussing this costly scam that has been targeting the IRS.  It’s quite alarming that the Internal Revenue Service, the government agency that is responsible for tax collection and tax law enforcement, had accrued, according to 60 Minutes, over 5 billion dollars of losses due to this tax refund scam. Isn’t there some type of verification system that they implement to prevent such fraud from occurring?

Topics: identity theft, fraud protection tips, Whitepaper, fraud news, fraud prevention protection

Feb. 21, 2013 - What Does "Multi-Layered Fraud Prevention" Mean?

Posted by Sean Trundy on Thu, Feb 21, 2013 @ 01:51 PM

Simply put, multi-layered fraud prevention means that you must seek to understand the vulnerabilities or degree of fraud exposure of your operation. It also means that you should try to target appropriate fraud prevention methods to each vulnerability according to the level of potential loss, or the degree to which potential compliance violations might expose the organizations to fines and penalties. 

Topics: fraud protection tips, fraud prevention protection, fraud prevention

Organized Retail Theft - a $30 Billion-per-year Problem

Posted by Sean Trundy on Mon, Mar 19, 2012 @ 02:00 PM

Most loss prevention and asset management personnel make the mistake of thinking that shrinkage only comes from outside shoplifters. However, organized retail theft is growing, resulting in estimated losses of anywhere from $15 billion to $30 billion per year for supermarkets, chain drug stores, independent pharmacies, mass merchandisers, convenience stores, and other retailers. In fact, around 90 percent of retailers have been victims of these theft rings! This isn't the work of average, petty shoplifters; on the contrary, this is the work of professional theft rings that travel across state lines to pilfer large amounts of merchandise and resell it. Even worse, these theft rings utilize employees on the inside to help steal goods right out from your nose.

To prevent organized retail theft, there are a few things you can do that all require arming yourself with knowledge - about your employees, your customers, and theft rings themselves.

Topics: verification of ID, fraud protection tips, Whitepaper, fraud prevention protection, fraud prevention

"Know" Your Customer to Prevent Money Laundering

Posted by Gary Satanovsky on Fri, Sep 09, 2011 @ 03:23 AM

One of the biggest concerns of any financial institution – that is, any institution that routes payments between individuals / organizations, or which accepts payments over time – is money laundering. Profits obtained from some nefarious activity need to be 'washed' through the system to remove any trace of their origin; and individuals have found no shortage of ways to wash them – creating shell companies, giving out loans to themselves, buying and selling casino chips, or simply paying for everything in cash. Indeed, as our previous article about the depth and breadth of the practice showed, laundering comes in a variety of creative shapes and sizes, with some more apparent than others.

Topics: verification of ID, fraud protection tips, authenticating drivers licenses, anti-money laundering, ID Verification, fraud prevention protection

Inside Money Laundering - Anti Money Laundering

Posted by Gary Satanovsky on Wed, Aug 31, 2011 @ 11:59 AM

The last several weeks have seen a number of noteworthy arrests for money laundering. A fugitive American, who pled guilty to money laundering charges eight years ago but disappeared while out on bail, was finally returned to the U.S. after being apprehended in Mexico last year. And a Jamaican national was sentenced to 30 years in prison in the U.S. for money laundering, and ordered to pay $55 million in restitution to his victims – after he finishes out his 6 ½ year term for a prior conviction in Jamaica.

Topics: regulatory compliance, anti-money laundering, bank secrecy act, fraud prevention protection