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Indian banks reported at least one fraud every hour in 2017

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Today’s Fraud News from around the world:

Indian banks reported at least one fraud every hour in 2017: The crisis of confidence in India's banking sector has come to a head, particularly over the last two months. First, there was the $ 2 billion loan fraud at Punjab National Bank (PNB) in February 2018 and then, in March, the alleged irregularities at ICICI Bank. However, data show that long before PNB …: Google Alert – Fraud

Securing ecommerce payments and fighting fraud with AI: This editorial was first published in our Web Fraud Prevention and Online Authentication Market Guide 2017/2018. The Guide is a complete overview of the fraud management, digital identity verification and authentication ecosystem provided by thought leaders in the industry from leading solution …: Google Alert – Fraud

More light to shine on welfare fraud: Welfare fraud in Mesa County is investigated by staff at the Mesa County Department of Human Services. While most cases are handled administratively, the department refers about three to five of the "most egregious" cases to the District Attorney's Office for criminal prosecution, said Susan Skyberg, …: Google Alert – Fraud

Karnataka Bank falls 7% after reported fraud in working capital loans to Gitanjali Gems: The fraud was on account of non-realisation of exports bills and diversion of funds. However, the bank does not have any letter of undertaking (LoU) exposure in Gitanjali Gems. "The working capital facilities were extended by the bank under consortium arrangement and necessary provisions will be …: Google Alert – Fraud

Fraud scheme targets college students: FORT COLLINS, Colo. – FOX31 wants to warn you about a fraud scheme that is targeting college students applying for summer jobs. FOX31 talked to a local family whose daughter almost fell victim. “It's just so wrong,” Gary Schwartz said. Schwartz's daughter, Emma, is a freshmen at Colorado State …: Google Alert – Fraud

Steps to keep your company free of workplace fraud (Video): Large firm or small business, workplace fraud can strike at any organization. Don't wait until it's too late to do something about workplace fraud. Take these steps to mitigate or even prevent fraud from happening at your company. Kelly G. Besaw, CPA, CVA, at CTBK for more information about workplace …: Google Alert – Fraud

Coffee board raises fraud alarm: The Coffee Industry Board (CIB) is warning of a scam involving the fraudulent misuse of the email addresses of several CIB employees and licensed coffee stakeholders in Jamaica and overseas. "The public, especially licenced (sic) coffee stakeholders, are advised to contact the CIB shipping …: Google Alert – Fraud

The Rundown: Schwank, Aument go after food stamp fraud: Some people rely on food stamps to avoid hunger. And some people are fraudulently using them. State Sens. Judy Schwank and Ryan Aument are planning to introduce a bill to create stiffer penalties for those engaging in fraud in exchange for Supplemental Nutrition Assistance Program (SNAP) …: Google Alert – Fraud

California Commits Massive Medicaid Fraud: If the word “fraud” seems over the top, consider what happens to doctors who filch Medicaid funds to which they aren't entitled. This case, reported by the Boston Globe, is typical: “A Brookline doctor has been sentenced to 11 months in jail and ordered to pay $ 9.3 million for running a Medicaid fraud …: Google Alert – Fraud

State-Owned Banks Worst Hit By Fraud Despite Spending More On Audits: India's government-owned banks have a problem: they spend much more money on audit checks compared to private lenders. Yet, they account for most of the banking frauds in the country, led by Bank of Maharashtra. That's according to a new report by proxy advisory firm Institutional Investors …: Google Alert – Fraud