6 - 2013

Don’t Let an Imposter Into Your Savings

Every day there seems to be a new headline that criminal computer hacking is still on the rise. Targeting government and corporate accounts, enterprising hackers use sophisticated tools to raid online bank accounts. But even if you’re a small depositor, your deposits are hard-earned savings entitled to the same protection as those of big time depositors.

Large Scale Fraud
Online Raiding of Government Secrets. Early in 2013, company Kaspersky Lab discovered a spyware scheme targeting government offices on a global scale that had been going on without being detected for five years. The country most affected by this hacking campaign was Russia. The security company theorizes that the hackers were either for hire or auctioning off their loot to the highest bidder in the underground world.

Theft of Bank Account Credentials from Consumers. McAfee, a security firm now owned by the chip maker Intel Corp., claims to have detected a program that can steal credentials from bank account owners. Called Citadel Trojan, it is used for bank fraud by capturing bank account passwords as they are being typed.

Small Scale Bank Fraud
Allowing an imposter to even just peep into your savings account is the last thing you would want to happen. No matter how secure you think your bank is, the potential for fraud is real. Take the following cases:

* A bank officer can transfer funds from different dormant or slow moving deposit accounts to dummy accounts set up for the purpose. Since the bank account owners do not often check their accounts, the scheme could go undetected for a long time.

* A credit card custodian can pass on unclaimed approved credit cards to outside contacts, including relevant personal information.

* Even your own trusted secretary may embezzle your checking account deposits without you knowing it because of the trust that has been established. This can be done by forging your signature or altering other check details.

The Relevance of an MBA in Fraud Management
With bank scandals and fraudulent financial activities becoming more prevalent, the need for people with fraud detection skills to combat financial crimes is imperative. Accountants, CPAs and bank executives with sensitive positions are some professionals that need special knowledge and proficiencies in forensic accounting through an MBA in fraud management.

An MBA in fraud management is a specialization after a first course in any of the business fields like finance, management, economics or accounting.

For people tasked with detecting fraud, managerial and critical thinking techniques are not enough. An eye for evidentiary details is a crucial skill to help create a fraud-free financial environment. Interested students for an MBA in fraud management course will typically specialize in investigative techniques in banking, credit card fraud, insurance or economic crime prevention.

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