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Financial Services Anti-Fraud Risk and Control Workbook


Myth-busting guidance for fraud preventionin a practical workbook format

An excellent primer for developing and implementing an anti-fraud program that works, Financial Services Anti-Fraud Risk and Control Workbook engages readers in an absorbing self-paced learning experience to develop familiarity with the practical aspects of fraud detection and prevention at banks, investment firms, credit unions, insurance companies, and other financial services providers.

Whether you are a bank executive, auditor, accountant, senior financial executive, financial services operations manager, loan officer, regulator, or examiner, this invaluable resource provides you with essential coverage of:

  • How fraudsters exploit weaknesses in financial services organizations

  • How fraudsters think and operate

  • The tell-tale signs of different types of internal and external fraud against financial services companies

  • Detecting corruption schemes such as bribery, kickbacks, and conflicts of interest, and the many innovative forms of financial records manipulation

  • Conducting a successful fraud risk assessment

  • Basic fraud detection tools and techniques for financial services companies, auditors, and investigators

  • Fraud prevention lessons from the financial meltdown of 2007-2008

Written by a recognized expert in the field of fraud detection and prevention, this effective workbook is filled with interactive exercises, case studies, and chapter quizzes, and shares industry-tested methods for detecting, preventing, and reporting fraud.

Discover how to mitigate fraud risks in your organization with the myth-busting techniques and tools in Financial Services Anti-Fraud Risk and Control Workbook.

Peter D. Goldmann is founder and President of White-Collar Crime 101 LLC, the parent company of FraudAware and publisher of the monthly newsletter, White-Collar Crime Fighter. He has been the Publisher and Editor of White-Collar Crime Fighter for over twelve years and is recognized as a leading expert in the areas of fraud detection, prevention, investigation, and training. He has written numerous articles on practical approaches to fraud prevention and detection.



Introduction: Brief History of Fraud in the Financial Services Industry.

Chapter 1 Why No Financial Services Institution Is Immune to Fraud.

Statistical Perspective.

What Is Fraud?

Myths and Realities about Financial Services Fraud.

Review Points.

Chapter Quiz.

Chapter 2 The Human Element of Fraud.

Who Are the Bad Guys?

Insider Threat.

The Fraud Triangle.

The Fraud Triangle in Financial Services.

Pressure at Lehman: An Extreme Example.

Opportunity and Rationalization.

Rationalizing High-Level Fraud.

A Fraud Diamond?

Review Points.

Chapter Quiz.

Chapter 3 Internal Fraud: Loan and Mortgage Fraud.

Loan Fraud (Nonresidential Mortgage).

Mortgage Fraud.

Types of Internal Mortgage Fraud to Beware Of.

Red Flags of Employee-Level Loan and Mortgage Fraud.

Preventing Employee-Level Loan and Mortgage Fraud.

Review Points.

Chapter Quiz.

Chapter 4 Employee-Level Embezzlement.

Looting Customer Accounts.

Looting Noncustomer Funds.

Theft of Confi dential Information.

Insider Abuse of Computer Systems.

Red Flags of Employee-Level Embezzlement.

Preventing Employee-Level Embezzlement and Information Theft.

Review Points.

Chapter Quiz.

Chapter 5 Internal Fraud: Management Level.

Looting and Embezzlement.

Illegal Financial Transactions/Corruption.

Fraudulent Financial Reporting.

Deceiving Borrowers, Investors, and Regulators.

Red Flags of Management-Level Internal Fraud.

Management-Level Fraud Prevention Checklists.

Review Points.

Chapter Quiz.

Chapter 6 External Fraud against Financial Services Companies.

Externally Perpetrated Loan Fraud (Nonmortgage).

Externally Perpetrated Mortgage Fraud Schemes.

New Forms of Identity Theft and Fraud.

Red Flags of External Fraud.

External Fraud Prevention Checklists.

Review Points.

Chapter Quiz.

Chapter 7 Conducting a Successful Fraud Risk Assessment.

Getting It Done.

Procedures for Conducting a Fraud Risk Assessment.

Roles of the Board and Management in Fraud Risk Assessments.

Review Points.

Chapter Quiz.

Chapter 8 Legal and Regulatory Compliance for Controlling Fraud Risk.

Fraud Rules to Take Seriously.

Hypothetical Case: Compliance and InfoSecurity.

Develop and Implement a Response Program.

Future Regulation: A Prediction.

Review Points.

Chapter Quiz.

Chapter 9 Fraud Detection in Financial Services Companies.

Basic Detection Methods.

Advanced Fraud Detection Tools and Techniques.

Essentials of Fraud Auditing in Financial Institutions.

Essentials of Automated Auditing.


Review Points.

Chapter Quiz.

Appendix A: Answers to Chapter Quizzes.

Appendix B: Answer Key for Case Studies.



About the Author.