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Jan 01 2016
Fraud Prevention Seminar
Georgette Bevan, CCE, NACM Business Credit Services


Bunny Gooch, Intelligence Analyst/Task Force Officer, U.S. Department of Justice, Federal Bureau of Investigation was the opening speaker. Agent Gooch reported that Identity theft is the fastest growing crime in the U.S. Identity theft has surpassed narcotics in crime. It is currently estimated that meth users commit about 50% of all identity theft crimes with immigrants being heavily involved.

The groups most targeted in identity theft

1.      Elderly

2.      Children

3.      18-22 year old (due to social media posts)

4.      Post mortem

5.      Deployed military

The best self-defense is to protect your information

* Don't give out your phone or email at stores

* Limit what you put on social media, content and photos

* Use care accepting "Friend Requests" - a fraud technique known as "farking" steals your contacts

* Use aluminum sleeve or wallet to protect credit card/chipped cards from skimmers

* Vacation identity theft, don't post online your vacation plans or photos till you are home

* Holiday identity theft - beware of large groups of shoppers - targets for I.D. theft

*Use caution using credit card, bank account information online

* Shred personal info - and not in strips

* Tax fraud - fraudulent tax return filing to steal refunds

* Hacking of iPhone, android and mobile pay rising
* Cell phone virus protection- Avira recommended

* Freeze your credit reports. Unfreeze when you want to utilize it **see below

* Freeze child SSN until they are 17 - it automatically drops off on their 17th B-Day

Mortgage fraud, insurance fraud (staged accidents), medical fraud (1.8 million in medical fraud a year) harms us all - prices go up for insurance premiums.



If you see something - say something! Together we can help. Keep our community safe. Call 801-579-1400, Federal Trade Commission; or local law enforcement to report any suspicious or unusual activity. Agent Bunny Gouch can be reached at 801-381-7649 or bgooch@utah.gov.

**Federal Trade Commission Credit Freeze FAQ's http://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs


Resident Special Agent William Bishop Secret Service, Treasury Department stated that about 1% of the currency in circulation is counterfeit. Protect your business by raising awareness of currency security features.

Security features

* Color shifting ink - copper to green numeral

 * Portrait watermark

   - Hold note to light

   - Visible from both sides

* Security thread

   - Hold note to light to see embedded thread left of portrait

   - Thread imprinted with USA and denomination

   - Visible from both sides of note

   - Thread glows pink when illuminated by ultraviolet light

* Raised print- detected by moving your finger up and down (distinctive texture)

* Micro printing in several places

Bank deducts counterfeit currency amount from the person who deposits it.

How to detect counterfeits
* Compare to genuine of same denomination

   - Compare old bills to old bills

   - Compare new bills to new bills

* Examine the characteristics of the paper

   - Genuine red & blue fibers embedded

       - Foreign currencies have security fibers that are not red & blue (washed paper)

* Look for genuine watermark

* Look for color shift in ink (copper to green)

* Use a UV light on security thread, genuine threads glow pink

* Inferior inks wash off

* Genuine notes are slightly rough texture printing while counterfeits are smooth

For more information:





Charles Groat, Vice President, Zions Bank stated that 62% companies experience fraud. The most common types of business fraud are check fraud, credit/debit card fraud and wire fraud. Mr. Groat anticipates that the EMV (Euro pay MasterCard Visa) chip technology will improve security on credit/debit cards, but will push fraudsters back to check and wire fraud. Most fraudsters go after "mom and pop shops."

Preventative measures a company can take include:

* Positive pay

* Payee Match

* Daily Reconciliation

* Separation of duties

* Mobile alerts through online banking

* Make sure it is legitimate - not a fraudulent phishing scam

* EMV doesn't help with no card present transactions

* Company credit cards - establish a spending policy

* Review statements regularly

* Segregate your point of sale network

* Don't surf web on work computers


Examples of possible fraudulent situations include:

* Beneficiary/vendor email account is hacked and new instructions for invoice payment sent

* Executive employee email account hacked and instructions to send money to new account sent

* Policies and procedures with company wire transfers, require dual input/approval