President: Claudia Rosas Moderator: Alexis Guerrero Official Assistant: Ana Paula Castellanos 1

Economic and Social Council

receive money. The most common ways of carrying it B: Preventing fraudulent out are , sanctions screening, internal actions by international (that is a fraud committed by an individual against an organization), credit card fraud, mobile fraud through banking institutions internet banking services, bribery, insider trading, tax fraud, and identity fraud. INTRODUCTION Fraud has been a problem since ancient times, in fact, The Economic and Social Council is one of the six main the earliest recorded fraud dates back to 300 B.C. in organs of the United Nations. It was established by Greece and it continued passing through the ages, most the UN Charter in 1946. Topics related with economy, of the time relating with money, to nowadays. It has society and culture are debated and analyzed by it 54 involved from common people and employees to even members, which are selected by the General Assembly world leaders, such as Presidents and Prime Ministers. for the time of 3 years. It also coordinates, reviews The countries that are affected by these types of policies and international dialogue, and provides monetary crimes are nations in development; specially recommendations on international issues. ECOSOC is the ones in Africa such as South part of the achievement of the goals of the UN and it has been involved in multiple issues throughout history. Africa, Kenya, and Uganda. However, other developed countries like Russia, France, Belgium, and China also Banking or financial institutions are defined as a present high rates of bank . company that is engaged in dealing with monetary and financial transactions; they can operate from a local Globally, 19% of financial organizations declare that scale to an international scale. Such institutions can be they have lost up to $1 million USD due to fraud in the victims of bank fraud. Bank fraud is an illegal way of last 2 years. The monetary losses due to these actions crime carried out by an individual in order to possess or mostly affect people with low economic resources, 2

since they rely mainly on the public services and are union, approved the loan and the funds were deposited most, if not completely, incapable of paying the costly into Nikoli’s account. consequences of this problem. Countries are affected since it represents an additional difficulty to perform The money was then transferred almost immediately global commerce. It also limits development as it to another account in Macedonia via an international weakens the rule of law and the principles by which the wire transfer. Two years later, Nikoli requested another economic growth depends on. $250,000 loan and again, it was approved by the same partner and transferred to an offshore account. The One recent example of bank fraud was committed by credit union collapsed. Nikoli was arrested and in 2013 Danske Bank, the biggest money lender in Denmark. he was charged with bank fraud and money laundering. On February, 2019, regulators of Estonia demanded After pleading guilty and avoiding trial, Marko Nikoli was the bank to leave the country, as it was suspected sentenced to 27 months in federal prison, and ordered responsible for a $230 billion money-laundering to pay $1 million dollars in restitution to the St. Paul scandal. The Estonian branch of this bank has been Croatian Federal Credit Union. knowingly working with fraudulent customers and also did not prevent money laundering that involved more According to the Association of Certified Fraud than 1,000 customers for the past years. The economic Examiners (n.d.), financial organizations worldwide lost resources included in this fraud was nearly equivalent to about 5% of their revenues. Also, 63% of international the size of the Danish economy. businesses declared that they have experienced fraud losses in the past year. Another example of a fraudulent case was in 2003, where a man named Marko Nikoli of Ohio appeared Speaking at a worldwide level, an estimated $4.2 trillion at the St. Paul Croatian Federal Credit Union and USD is lost per year due to fraudulent actions. The rate presented fake documents to support his loan request of reported fraud attempts had its biggest increase for $250,000. His partner, who worked inside the credit from 2016 to 2018 in Latin America, where it rose 25%; 3

placing it in third place with 53%. It follows the second According to of UK (n.d.), fraud has place occupied by North with a 1% higher and Africa, risen almost 40% from 2017 to 2018. The figures come which is first in the list with 62%. Online banking fraud after 95 arrests were made across Europe earlier this may take several different forms, it has become one of summer following a joint law enforcement operation the main ways of committing fraud, especially with the targeting online fraudsters.The case of New Delhi implementation of technologies inside the bank system. stands out, since there was an estimated of 25,800 fraud cases that occured in 2017. This is related to The most common methods of fraudulent actions used credit/debit cards and internet banking. nowadays are: In contrast to these figures, public sector banks in India Keystroke Logging also called Keylogging. Keylogging account for 85% of bank fraud with nearly 6,500 fraud allows fraudsters to record your actual keystrokes and cases in 2017. According to the Economic Times of India mouse clicks in an effort to gain User IDs, passwords (n.d.), while the bulk of banking frauds was loan-related, or other sensitive information. Keyloggers are “trojan” a sharper rate of growth was observed in the total software programs that are installed with a virus and number of frauds in 2017-2018 and it was also driven by target your computer’s operating system. Armed with a significant jump in card and internet banking related this information, a fraudster may conduct unauthorized scams. transactions through your online banking service. (Capital City Bank, n.d) HISTORICAL BACKGROUND

Vishing. It is a criminal practice that uses social As it was previously mentioned, the first fraudulent engineering over the telephone system to gain access action dates back to Ancient Greece in the year 300 to private personal and financial information from the B.C. however, it continued through the following years. public, with the purpose of financial reward. The word During the Middle Age, fraud was centered on staple that is a combination of “voice” and phishing. goods and tax collection. 4

Later, with the development of trade and an increase in and the Neue Privat Bank in Zurich. exchanges, the Renaissance experience how currency fraud proliferated. Closer to actuality, in the 19th Over the past five years, the main banks that have been century society brought a new dimension of accounting affected are located in India, where the banking system manipulations, which involved: has been in controversies since 2015, due to multiple frauds. According to data compiled by the Reserve Bank The Proliferation of business corporations of India (n.d.) between January 1, 2015, and March 31, 2017, 5200 officials of public sector banks have been New corporate stakeholders arrested for committing fraud. The banks with most incidents are the State Bank of India (SBI) and the Lack of accounting standards or serious scientific Indian Overseas Bank (IOB). foundations Some of the most notable fraudulent actions of the past Up to date, hundreds, if not thousands of banks have century were: been affected due to fraud. One of the worst victims of the century was the Fairfield Greenwich Group, that lost The Original (1920). This case is relevant about $7.3 billion USD due to the Ponzi scheme made by because it introduces one of the main strategies and Bernie in 2008. techniques for committing fraud. This form of fraud has evolved and currently comes in many forms, from Another important bank of this event was HSBC, it “star businesses” to pyramid investments at both the lost about $1 billion USD as well. These are not the macro and micro levels. It arose when only affected, more than a hundred of international sold postal coupons, exaggerating the financial benefits companies that invested in the scheme have had and claiming that would have a profit of up to significant loses as well. These included international 50%. Due to this, investors lost up to $10 million USD. banks such as Santander, the French bank BNP Paribas 5

The Match King Hoax (1929). Var Krueger owned electronic communications and posing as a trustworthy banks, film companies, newspapers, mines, telephone entity, such as social media, IT administrators and some companies, and railways. He tried to form a monopoly recognized banks. to control manufacturing and distribution of all the world’s safety matches and asked investors to join him, Smishing: Also known as SMS Phishing, this is promising them they would see the profits of their accomplished by text messages that deliver an urgent investments. The scam began to fall message for the customer, regarding their personal accounts or cards. These baits induce consumers to apart in the Great Crash of 1929, when investors wanted divulge their personal information and data. to cash out but there was no actual inversion made. Ponzi Scheme: It is an illegal business practice in The Savings and loan scandal (1980). In this case, which new ’s money is used to make payments Charles Keating was running several savings and loans to earlier investors; exaggerating the actual profits institutions; he operated them as a bank, except he did that their inversions will have, the money paid to the not have the same regulations that are imposed on a investors is actually a distribution of capital. This bank. Therefore he was able to make bad investments, creates a chain effect that leads to multiple frauds with the purpose of “enrich the corporate officers”. inside and outside the banking system. Keating, along with his crew, did not tell their investors that they were investing in worthlessly. CURRENT RELEVANCE

The following practices presented are some of the ones International Banking Institutions are important that have been very common over the years. because they are essential to improve social and economic conditions in developing countries, through Phishing: This is made through the use of personal the promotion of sustainable development. When these information. This information is obtained using institutions or banks related to them are affected by 6

Figure 1

fraud, it can affect from companies to governments one. Money mules are also important to notice, due that and therefore the citizens. This is because these frauds they are people that are knowingly or even unknowingly can lead to a national or international crisis, causing recruited by fraudsters to transfer illegal acquisitions bailouts within governments and unemployment; as of money. Unfortunately, due to the fact that there is well as reductions in social spending and welfare as not a consistent pattern in these actions, it can be consequences. hard sometimes for banking institutions to detect such frauds. During the 2016-2017 period, the World Bank debarred (declared ineligible to benefit from their financed The global amount of money lost due to fraud is an projects) more than 700 institutions due to fraud and estimate of $4.2 trillion USD per year. In perspective, corruption. The origin countries with most of these this represents almost 6% of the world’s GDP; more institutions, respectively. were China, Germany, Vietnam, than twice as much of what Europe spends in health, India, the United States of America, Peru, Canada, and and also more than the double of the GDP of around 181 Nigeria. countries. Africa is a continent that is very vulnerable to fraud. According to the consulted firm PwC’s Global Through the years, technology has achieved to become Economic Crime and Fraud Survey 2018, 5 out of the 10 the main driver of the financial sector. However, this countries most affected by banking fraud are in Africa, also makes institutions more vulnerable to new risks with South Africa at the top of the list, these results can and threats, especially within the internet. One is known be appreciated in the image below. as phishing, when fraudsters send emails impersonating legitimate institutions to get customers into revealing Figure 1. Top 10 countries reporting most economic confidential information. crime. Adopted from “PWC”, PWC, 2018, PWC. Retrieved on April 2, 2019, from https://www.pwc.co.za/en/assets/ Malware is also a dangerous threat of bank frauds, since pdf/gecs- 2018.pdf Copyright 2018 by PWC. it can be sometimes hard for users to know if they have 7

Figure 2

Internet is also a threat when it comes to fraudulent Syndicate, Taazakhabar News. Retrieved on April 2, actions. Malware is a software that damages or can 2019, from http://taazakhabarnews.com/india-is- gain unauthorized access to computer systems, which among-top-10-countries-where-online-banking-is- is done through the internet or email services. Total most- unsafe/ Copyright 2019 by Taazakhabar News. notifications of infections by banking malware were 1, 188, 711. Among the countries that are most vulnerable Although fraud is an issue that is hard to address, to malware attacks, fraud, and planting malicious codes some banking institutions are making their efforts to there is Brazil, Italy, Russian Federation, United States, overcome it. The World Bank, for instance, created a United Kingdom, Germany, India, Austria, Vietnam, and toolkit to tackle fraud in social protection programs. This France. toolkit is made to prevent, detect, deter and monitor fraudulent actions. In the image below, the amount of users affected due to banking malware per country is represented. Countries Prevention consists of ensuring that all possible that are not so vulnerable to this threat is because they fraudulent issues can be managed and used by are developing ones with limited internet resources. appropriate administrative procedures and information “Cyberattacks have the potential for triggering inter- campaigns. Detection is made through the use of State and other conflicts which can put the entire intelligence, such as hotlines to report frauds, reviews development process at considerable risk. of benefits cases to determine the capacity of fraud and the collaboration governmental agencies. Deterrence Developing countries, with relatively weak surveillance involves the use of sanctions and prosecutions. capacity are most vulnerable to such cyberattacks” Monitoring is also important to ensure that these (Kapambwe, 2011). actions are not repeated. These tools have been adopted by developed countries, however, the majority Figure 2. Number of users targeted by banking malware. of them have limited resources, lack of technological Adopted from “Taazakhabar News”, Dateline India advancements and their unsteady economy. 8

Credit cards also play a major role in fraud commitment, international law, therefore they have to fulfill certain especially when they involve tax havens, that consist obligations and rights established by them. One of of offering foreign businesses or individuals with a very the main sources of international law are treaties; low or no tax liability and share a significantly limited such as the Articles of Agreement, which is the most amount of information to tax authorities. This generates important one for the World Bank and the International easy management of frauds, such as money laundering Monetary Fund. It establishes that they are committed and illegal transactions. One of the most notable cases to contributing to the growth and development of all of is the “Panama Papers”. This was about the reveal their Member States. of more than 11 million documents that supposedly disclosed a clandestine network, involving around 140 Another principle by which they must act through and politicians and world leaders of more than 50 countries base their policies, according to customary international that were connected to offshore companies in 21 tax law, is the respect towards all of the Member States havens. sovereignty and forbidding environmental harm to neighbor countries without their consent. The last Some notable people working to find viable solutions to principle relies on acting through laws that are accepted this matter are the former Prime Ministers of countries by all nations. Though not all nations accept all the like Jordan, Mongolia, Sudan, and Georgia as well as general principles of the law, some of the ones that current ones in Australia, Mongolia, Argentina, among they all have in common are that they must act in a others. Thanks to the International Consortium of transparent and non-discriminatory way.

Investigative Journalists, $1.2 billion USD were recouped INTERNATIONAL ACTIONS internationally however, investigations continue as more than 82 of them have been opened. As it was previously mentioned, it is estimated that $4.2 trillion USD are lost due to fraud. This is why International banking institutions are subjects of Member States from the Organisation for Economic 9

Co-operation and Development (OECD) use measures Colombia: Application of spot checks in the Familias to prevent fraudulent actions; such as reviews made out en Acción cash transfer program that helps to of samples for decision making in banking programs, increase the investment in children with low economic analysis aiming to discover the evidence of problematic resources. Spot checks are supervision mechanisms payments (also known as data mining), public within the operational procedures of banking programs, communication, educational activities, setting of goals they review different actions taken by the programs. on fraud and performance monitoring, and easy to use Their operations include manuals, organizational mechanisms to report suspected fraud such as online responsibilities and operations in order to verify eligible ones. families, payments and the fulfilment of conditionals to prevent fraud. The World Bank has contributed to preventing fraud through procurements and anti- fraud policies. It Brazil: Enhancing accountability in Brazil Bolsa implements workshops, as it was the case in the Familia program, whose purpose is to combat social Republic of Tajikistan, in order to raise awareness and and economic inequality in the country. This is made better inform stakeholders about them; as well as to through random evaluations and investigations in the raise open discussions to prevent, detect and address executive, legislative and independent audit branches. financial malpractices in WB projects. These policies Also through the establishment of social control are made through guidelines that state requirements councils to monitor the registration process, the and sanctions, including its principles that determine beneficiary list, conditionalities and provision of public which are the actions that the institution condemns as services. fraudulent. United Kingdom: Since 1997, the Department of Work Other countries have also made small but significant and Pensions has been working by investing about improvements in order to prevent fraudulent actions $200 billion USD a year in order to combat fraud. Their such as the cases in: strategies include payment of direct accounts instead of 10

bank checks, staff training, data matching, investigation, Agency of the United Nations system. This agreement hotlines to report fraud, operations collaborating with also established that both organizations must commit other agencies, extended sanctions, public awareness to help in crisis and financial leverage. campaign “Targeting Benefit Thieves” and asset confiscation. ECOSOC has a some punishments for fraudulent actions and that are not violent, however they are Six Nations Benefit Fraud Conference: Each year, ranges in degrees and so each degree depends on the Australia, Ireland, Canada, New Zealand, the UK and US cause of this action. These punishments can be from participate in this conference. Such conference was 0-3 months of minor offences, they can also be up to made for them to share their experiences on combating 30 months in the more serious cases and one state also error and fraud. This is because each of these nations mentioned that the minimum punishments only were have made their own improvements in such area, mandatory to some of the type of frauds. Many states however they also have certain concerns. This forum is also use fines, as a punishment and in some cases also used by them to express them and open a discussion the loss of their professional status or their drivers for international knowledge. license.

UN ACTIONS There are some measures that the United Nations suggest in order to “avoid” these type of actions. Regarding the UN, it cooperates not only with ECOSOC but any other committee that seeks to prevent actions Developing an anti fraud policy for their organizations that may lead to frauds. Anti-corruption plans and and update the existing ones, taking into account the transparency agencies are perfect examples of these public and private sector practices. This policy must ones.The World Bank and the United Nations have be presented to the governing bodies for information, been working together since the 1947 agreement that adoption and endorsement of the regulations. designated the WB as an Independent Specialized (Bartsiotas, 2016) 11

Establishing a training for anti-fraud awareness developed in Vienna with the help of donor countries for strategy. It should be mandatory at least for the staff it to be developed. in in functional areas that are vulnerable to fraud. Instructing legal offices to review and update the legal instruments for engaging in third parties, such as vendors, with a particular attention to anti fraud clauses and provisions.

An example of a UN operation that prevents bank fraud can be seen in the resolution 2001/13 that seeks for international cooperation in preventing and combating the transfer of funds of illicit origin, derived from acts of corruption, including the laundering of funds, and ins returning such funds.

This is made through international cooperation, developing preventive measures such as recording transactions in a transparent way, as well as requesting the help of governments to support the Office for Drug Control and Crime Prevention to prevent illicit transactions. Another UN measure to prevent fraudulent actions is the GA Resolution 55/61, it talks about preventing corruption through the creation of a legal instrument that is independent of the United Nations Convention against Crime. Such instrument was 12

POINTS TO DISCUSS

Actions and strategies Consideration of a fraudulent action Types (online, laundering, robbery…) Resolutions and documents International policies on fraudulent actions 2001/13 ECOSOC Financial aid Framework and guidelines to banks (international and national statute) Bad use of law for the protection against a fraudulent action Abuse on law Extern aid IFI GA IMF WB 13

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