Investigations: Bank Fraud
Living reference work entry
Fraud, as an all-encompassing term, is a problem that has negatively affected institutions across the world to the tune of approximately $3.5 trillion per year, with $16.8 billion in US losses (Pascual et al. 2018). In 2014, McAfee and the Center for Strategic and International Studies found the losses from cybercrime alone to be between $375 and $575 billion per year (Insurance Information Institute 2018). Schemes such as identity fraud, credit card fraud, skimming, wire fraud, check tampering, and financial statement fraud have been some of the more common and lucrative methods employed in these schemes. These fraud schemes impact multiple sectors of society, such as government and public service organizations, individuals, financial institutions, online retailers, and traditional brick and mortar merchants.
“Data! Data! Data!” he cried impatiently. “I can’t make bricks without clay.”
–The Adventure of the Abbey Grange
Just as Sherlock Holmes implored...
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