The Little Book of Big Scams – 5Th Edition
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Money Mule Recruitment Among University Students in Malaysia: Awareness Perspective
PUPIL: International Journal of Teaching, Education and Learning ISSN 2457-0648 Vedamanikam & Chethiyar, 2020 Volume 4 Issue 1, pp. 19-37 Date of Publication: 25th June 2020 DOI- https://doi.org/10.20319/pijtel.2020.41.1937 This paper can be cited as: Vedamanikam, M., Chethiyar, S. D. M. (2020). Money Mule Recruitment among University Students in Malaysia: Awareness Perspective. PUPIL: International Journal of Teaching, Education and Learning, 4(1),19-37. This work is licensed under the Creative Commons Attribution-Non Commercial 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA. MONEY MULE RECRUITMENT AMONG UNIVERSITY STUDENTS IN MALAYSIA: AWARENESS PERSPECTIVE Mohanamerry Vedamanikam Manager, AML Compliance, Western Union Payments (Malaysia) Sdn Bhd (970512P) Level 22.03, The Gardens North Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Malaysia [email protected] Saralah Devi Mariamdaran Chethiyar Senior Lecturer, Psychology & Counselling Program, School of Applied Psychology, Social Work and Policy, College of Arts and Sciences, University Utara Malaysia, Malaysia [email protected] Abstract Money laundering is perceived as a global threat with funds sourced from illegal and fraudulent activities. Money mules are recruited by criminal networks in money laundering chain, positioned between actual criminal and the illicit funds, enabling the criminals to be anonymous and non-visible to the detection of law enforcement. Job vacancy with various positions are offered with attractive financial rewards and work flexibility and the criminal elements are hidden behind the job criteria. -
Behind the “From” Lines: Email Fraud on a Global Scale Ten Cybercriminal Organizations Unmasked
AGARI CYBER INTELLIGENCE DIVISION REPORT Behind the “From” Lines: Email Fraud on a Global Scale Ten Cybercriminal Organizations Unmasked © Copyright 2019 AGARI Data, Inc. Executive Summary Nigerian Scammers Target American Businesses Over the course of the past 10 months, using responsible active defense “ Since I can't send techniques, Agari captured 78 criminal email accounts, belonging to 10 criminal more money, maybe organizations, and containing 59,652 unique email messages. Agari analyzed the I'm of no use to you contents of these email accounts to investigate the tactics, targets and identities now. I certainly feel of the criminals. And now, that analysis enables stronger defensive strategies and like that could be measures. the deal here...A realtor is coming over What’s more, Agari has used this analysis to warn financial institutions about tomorrow to help accounts being used for criminal activity, and to provide evidence to law me list my house for enforcement. Agari has also warned victims, and in at least once case, quick action sale. I'm talking to an helped a company recover its money. attorney now about how to keep the One of the more interesting findings from this analysis was that while much of the collection agencies high-profile cybersecurity news of the past year has involved state sponsors like away and protect my Russia and North Korea, American businesses and individuals are far more likely to kids. All this time, I'm be targeted by Nigerian scam artists. wondering if I've heard Nigerian scam artists, traditionally associated with implausible get-rich-quick from you for the last schemes and other scams of individuals, have become more sophisticated and time. -
Online Money Laundering Operations to Take Place
Laundering Money Online: a review of cybercriminals’ methods Jean-Loup Richet Tools and Resources for Anti-Corruption Knowledge – June, 01, 2013 - United Nations Office on Drugs and Crime (UNODC). Executive Summary Money laundering is a critical step in the cyber crime process which is experiencing some changes as hackers and their criminal colleagues continually alter and optimize payment mechanisms. Conducting quantitative research on underground laundering activity poses an inherent challenge: Bad guys and their banks don’t share information on criminal pursuits. However, by analyzing forums, we have identified two growth areas in money laundering: Online gaming—Online role playing games provide an easy way for criminals to launder money. This frequently involves the opening of numerous different accounts on various online games to move money. Micro laundering—Cyber criminals are increasingly looking at micro laundering via sites like PayPal or, interestingly, using job advertising sites, to avoid detection. Moreover, as online and mobile micro-payment are interconnected with traditional payment services, funds can now be moved to or from a variety of payment methods, increasing the difficulty to apprehend money launderers. Micro laundering makes it possible to launder a large amount of money in small amounts through thousands of electronic transactions. One growing scenario: using virtual credit cards as an alternative to prepaid mobile cards; they could be funded with a scammed bank account – with instant transaction – and used as a foundation of a PayPal account that would be laundered through a micro-laundering scheme. Laundering Money Online: a review of cybercriminals’ methods Millions of transactions take place over the internet each day, and criminal organizations are taking advantage of this fact to launder illegally acquired funds through covert, anonymous online transactions. -
FINANCIAL CRIME DIGEST July 2020
FINANCIAL CRIME DIGEST July 2020 Diligent analysis. Powering business.™ aperio-intelligence.com FINANCIAL CRIME DIGEST | JULY 2020 ISSN: 2632-8364 About Us Founded in 2014, Aperio Intelligence is a specialist, independent corporate intelligence frm, headquartered in London. Collectively our team has decades of experience in undertaking complex investigations and intelligence analysis. We speak over twenty languages in- house, including all major European languages, as well as Russian, Arabic, Farsi, Mandarin and Cantonese. We have completed more than 3,000 assignments over the last three years, involving some 150 territories. Our client base includes a broad range of leading international fnancial institutions, law frms and multinationals. Our role is to help identify and understand fnancial crime, contacts, cultivated over decades, who support us regularly integrity and reputational risks, which can arise from a lack in undertaking local enquiries on a confdential and discreet of knowledge of counterparties or local jurisdictions, basis. As a specialist provider of corporate intelligence, we enabling our clients to make better informed decisions. source information and undertake research to the highest legal and ethical standards. Our independence means we Our due diligence practice helps clients comply with anti- avoid potential conficts of interest that can affect larger bribery and corruption, anti-money laundering and other organisations. relevant fnancial crime legislation, such as sanctions compliance, or the evaluation of tax evasion or sanctions We work on a “Client First” basis, founded on a strong risks. Our services support the on-boarding, periodic or commitment to quality control, confdentiality and respect retrospective review of clients or third parties. for time constraints. -
Model for Money Mule Recruitment in Malaysia: Awareness Perspective
PEOPLE: International Journal of Social Sciences ISSN 2454-5899 Vedamanikam et al, 2020 Volume 6 Issue 2, pp. 379-392 Date of Publication: 18th August, 2020 DOI- https://doi.org/10.20319/pijss.2020.62.379392 This paper can be cited as: Vedamanikam, M., Chethiyar, S. D. M. & Nasir, N. B. C. M. (2020). Model for Money Mule Recruitment in Malaysia: Awareness Perspective. PEOPLE: International Journal of Social Sciences, 6(2), 379-392. This work is licensed under the Creative Commons Attribution-NonCommercial 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by-nc/4.0/ or send a letter to Creative Commons, PO Box 1866, Mountain View, CA 94042, USA. MODEL FOR MONEY MULE RECRUITMENT IN MALAYSIA: AWARENESS PERSPECTIVE Mohanamerry Vedamanikam Ph.D. Candidate (Psychology), School of Applied Psychology, Social Work and Policy, College of Arts and Sciences, University Utara Malaysia, Malaysia [email protected] Saralah Devi Mariamdaran Chethiyar Senior Lecturer, Psychology & Counselling Program, School of Applied Psychology, Social Work and Policy, College of Arts and Sciences, University Utara Malaysia, Malaysia [email protected] Norruzeyati bt Che Mohd Nasir Senior Lecturer, Psychology & Counselling Program, School of Applied Psychology, Social Work and Policy, College of Arts and Sciences, University Utara Malaysia, Malaysia [email protected] ______________________________________________________________________________ Abstract Technology advancement has taken a new shape in leading the world into digital civilization, remarkably in e-commerce, communication and financial sectors. Taking advantage of the technology, criminals have also digitalized their modus operandi targeting the digital society with fraud and cybercrimes, hence contributing illicit funds. -
7Th Annual Risk Americas Convention - 2018
7th Annual Risk Americas Convention - 2018 Fraud, Cybercrime and Reputation Risk – What Organizations Can Do About It Dalit Stern, CPA, CFE Senior Director Enterprise Fraud Risk Management, TIAA New York - May 17, 2018 Agenda The intertwined landscape of fraud and cyber A vibrant marketplace changes the face of fraud Sophistication of social engineering techniques Customers Corporations The impact of cyber risk on fraud and reputation risks what to do about it Q&A 2 Disclaimer The views expressed in this presentation and in today’s discussion are the views of the speaker and do not necessarily reflect the views or policies of TIAA. Examples, charts and metrics are purely for illustrational purposes, and may have been modified or simplified in order to clarify a point. Neither the speaker, nor TIAA, accept responsibility for any consequence of the use of any part of the framework presented herein. 3 The Intertwined Landscape of Fraud and Cyber Assessing the risk of fraud in financial institutions: • Financial institutions continue to be subject to fraud: • In person • Remote fraud (online, interactive voice response (IVR) , paper ) • Consistent trends of money out and account maintenance fraud enabled by cyber incidents • Cyberattacks are becoming a more prominent fraud threat - designed to target: • Customer assets • Financial institution assets • Certain subsectors are more prone to cyber fraud but most see increased activity (e.g., banking, brokerage, retirement 4 insurance, investments) The Intertwined Landscape of Fraud and -
Consumer Protection: Online Scams
BRIEFING PAPER Number 9214, 20 May 2021 Consumer protection: By Lorraine Conway online scams Contents: 1. Introduction 2. Statistics: how big is the problem? 3. Common types of online scams 4. Victims of online scams 5. What is being done to combat scams? 6. Government’s position 7. Select Committee inquiries 8. Parliamentary debates and PQs www.parliament.uk/commons-library | intranet.parliament.uk/commons-library | [email protected] | @commonslibrary 2 Consumer protection: online scams Contents Summary 3 1. Introduction 4 2. Statistics: how big is the problem? 5 3. Common types of online scams 7 3.1 Authorised push payment (APP) scams 7 3.2 Phishing 7 3.3 Computer virus online scam 8 3.4 Copycat websites 8 3.5 Clone sites 8 3.6 Investment scams 9 3.7 Online pension scams 9 3.8 Stranded traveller emails 10 3.9 Online relationship scams 10 3.10 Health scams 10 3.11 Money mule scams 10 3.12 Covid-19 online scams 10 4. Victims of online scams 13 4.1 Who are they? 13 4.2 How to report an online scam 14 4.3 Will victims get their money back? 15 4.4 Where can a scam victim go for help? 17 5. What is being done to combat scams? 18 5.1 Public awareness campaigns 18 5.2 National Cyber Security Centre 18 5.3 Bilateral fraud charters 18 5.4 Financial services initiatives 19 5.5 Initiatives taken by online platforms 19 6. Government’s position 22 6.1 Online advertising programme 22 6.2 Draft Online Safety Bill 23 Background 23 Scope of the draft Bill 24 Responses to the draft Bill 24 7. -
Tackling Money Mules
Tackling Money Mules ABA Foundation Webinar December 10, 2020 3:00 – 4:00 ET Moderator • Name: Sam Kunjukunju • Organization: ABA Foundation • Title: Senior Director of Bank Community Engagement • Focus Areas: Elders & Community Development • Phone: 202-663-5418 • Email: [email protected] Speakers • Jackie Blaesi-Freed, Assistant Director, United States Department of Justice • Catheryn Eisaman-Avalos, Vice President of Financial Crimes Risk Strategies, Zions Bancorp • Gauri Sharma, Vice President of Professional Certifications, American Bankers Association Agenda DOJ Money Mule Initiative Banking, Recognizing and Addressing Money Mules ABA Professional Development Resources Free ABA Foundation Materials Questions and Answers Tackling Money Mules Jacqueline Blaesi-Freed Assistant Director Consumer Protection Branch Department of Justice CONSUMER PROTECTION BRANCH • Enforce laws that protect consumers’ health, safety, and economic security • Civil and criminal authority • Embedded law enforcement agents, investigators, and analysts • Coordinating role in the Department’s Elder Justice Initiative, Transnational Elder Fraud Strike Force, and Money Mule Initiative 6 Money Mules 7 THE MONEY MULE PHENOMENON • Growth in transnational criminal organizations targeting consumers, businesses, government funds • Romance fraud, lottery fraud, government imposter fraud, technical support fraud, person-in-need scams • Business email compromise/CEO fraud • Unemployment insurance fraud/PPP • Need for U.S.-based financial infrastructure, obfuscation of -
Dark Market Report: the New Economy
2020 DARK MARKET REPORT: THE NEW ECONOMY DARK MARKET REPORT | THE NEW ECONOMY CONTENT INTRODUCTION 3 PRICES FOR HACKER GOODS AND SERVICES 5 CYBERCRIME SERVICES 8 Ecommerce Services .................................................................................................................................................. 8 Dark Web Advertising ................................................................................................................................................. 9 Money Laundering, DDOS, SMS Bombing ............................................................................................................... 10 Bulletproof Hosting ..................................................................................................................................................... 14 Commercial Software ................................................................................................................................................. 15 Customer Service ........................................................................................................................................................ 15 UNDERGROUND MARKETPLACE PRODUCTS 17 Business Fullz .............................................................................................................................................................. 17 Financial Loans ............................................................................................................................................................ 18 -
Young Victims of Financial Crime Inquiry
financial crime appg and scamming YOUNG VICTIMS OF FINANCIAL CRIME INQUIRY 2018 REPORT www.appgfinancialcrime.org www.appgfinancialcrime.org 1 FOREWORD EXECUTIVE SUMMARY FRAUD IS THE VOLUME The recommendations set out below 2. Social media platforms should be proactive in CRIME OF THE 21ST CENTURY arise from the inquiry undertaken by preventing scams from being promoted on their platforms and raise awareness amongst their the All Party Parliamentary Group on AND, UNLESS STEPS ARE users: TAKEN TO ARREST ITS Financial Crime and Scamming. • Social media organisations should do more GROWTH, THIS CRIME WILL The background to the inquiry is the significant to warn young people of the dangers of CONTINUE TO GROW. increase in the number of young people who have oversharing information online and of the fallen victim to fraud together with an increase in practice of those who recruit ‘money mules’ young people drawn into crime who allowed their through social media channels. bank accounts to be used to launder the proceeds of crime4. • Social media channels should also be more The most recent Office of National Statistics England and Wales Crime Survey proactive in vetting advertisements promising The APPG has been keen to focus on how to “easy money”. showed that there were over three million incidents of fraud in the year ending educate young people so that they have an 1 March 2018 . increased awareness of the danger of oversharing 3. Law enforcement should have dedicated information and are more wary of adverts on social resources focused on the investigation and Fraud is the volume crime of the 21st century and, unless steps are taken to arrest its growth, this crime will media that promise “easy money” by allowing their disruption of money mule networks. -
MONEY MULING Public Awareness and Prevention More Than 90% of Money Mule Transactions Identified Through the European Money Mule Actions Are Linked to Cybercrime
MONEY MULING Public awareness and prevention More than 90% of money mule transactions identified through the European Money Mule Actions are linked to cybercrime. The illegal money often comes from criminal activities like phishing, malware attacks, online auction fraud, e-commerce fraud, business e-mail compromise (BEC) and CEO fraud, romance scams, holiday fraud (booking fraud) and many others. WHAT IS MONEY MULING? Money muling is a type of money laundering. A money mule is a person who receives money from a third party in their bank account and transfers it to another one or takes it out in cash and gives it to someone else, obtaining a commission for it. Even if money mules are not directly involved in the crimes that generate the money (cybercrime, payment and on-line fraud, drugs, human trafficking, etc.), they are accomplices, as they launder the proceeds of such crimes. Simply put, money mules help criminal syndicates to remain anonymous while moving funds around the world. 1 2 FLYERS Job offers Students People in economic hardship POSTERS #DontbeaMule #Easymoney Consequences can be severe Ignorance is no excuse Money laundering is a crime PUBLIC SERVICE ANNOUNCEMENT US FBI HOW ARE MONEY MULES RECRUITED? Seemingly legitimate job offers (e.g. ‘money transfer agents’) announced via online job forums, emails, social media (e.g. Facebook posts in closed groups, Instagram, Snapchat) or pop-up ads. Direct messages sent through instant messaging apps (e.g. WhatsApp, Viber, Telegram) or by email. Directly in person, on the street. WHO ARE THE MOST TARGETED INDIVIDUALS? Newcomers to the country (often targeted soon after arrival) and unemployed people, students and those in economic hardship. -
National Money Laundering Risk Assessment 2018
NATIONAL MONEY LAUNDERING RISK ASSESSMENT 2018 EXECUTIVE SUMMARY The 2018 National Money Laundering Risk Assessment (2018 NMLRA) identifies the money laundering threats, vulnerabilities, and risks that the United States currently faces, updating the 2015 National Money Laundering Risk Assessment (2015 NMLRA).1 Relevant component agencies, bureaus, and offices of Treasury, the Department of Justice (DOJ), the Department of Homeland Security (DHS), as well as U.S. regulatory agencies, participated in the development of the risk assessment. The 2018 NMLRA is based on interviews with relevant authorities as well as a review of federal and state public sector actions and analysis, and private sector research, issued since the 2015 NMLRA. The United States continues to estimate that domestic financial crime, excluding tax evasion, generates approximately $300 billion of proceeds for potential laundering, based on the sources and analysis cited in the 2015 NMLRA.2 Criminal prosecutions and law enforcement investigations indicate that most of the money earned from crime in the United States stays in the United States, but also that the United States is an attractive destination for illicit funds generated abroad. The crimes that generate the bulk of illicit proceeds in the United States are fraud, drug trafficking, human smuggling, human trafficking, organized crime, and corruption. The many varieties of fraud, including bank fraud, consumer fraud, healthcare fraud, securities fraud, and tax refund fraud, are believed to generate the largest share of illicit proceeds. Healthcare fraud alone generates proceeds of approximately $100 billion annually. Prosecutions indicate that healthcare fraud often involves complicit healthcare professionals submitting fraudulent bills to insurers.