WASHINGTON, D.C. – The Consumer Bankers Association (CBA) is proud to recognize the following lawmakers as Fraud Fighters for their important work to combat fraud and scams – helping to protect Americans from criminals and financial hardship. This week, CBA Fraud Committee Chair and EverBank Senior Vice President Patrick McDade will also testify before Congress on how banks and lawmakers can work together to further combat fraudsters and scammers.
“Fraud has surged at an alarming rate, affecting American consumers’ ability to afford necessities and causing further emotional pain,” CBA President and CEO Lindsey Johnson said. “Banks spend billions of dollars and thousands of man hours each year working to protect consumers from fraud and scams. CBA has long called for federal action to protect consumers from fraud and scams, hosting roundtables with policy experts, and publishing…
This category refers to crimes committed by employees or insiders against their own organizations. It is often the most damaging because the perpetrator has authorized access to systems.
- Asset Misappropriation: The most common form, involving the theft of company resources. This ranges from simple “skimming” (taking cash before it’s recorded) to complex schemes involving the theft of inventory or intellectual property.
- Payroll Fraud: Employees may create “ghost employees” on the system, falsify their own timesheets to claim unworked overtime, or divert salary payments to their own accounts.
- Financial Statement Fraud: Management deliberately misrepresents the company’s financial health by inflating revenue or hiding liabilities to attract investors or meet performance bonuses.