FBI releases “The State of Financial Crimes” report

The FBI has recently released its “State of Financial Crimes” report in which the FBI focuses on advising the public about the status of financial crimes investigations on corporate fraud, securities and commodities fraud, health care fraud, financial institution fraud, mortgage fraud, insurance fraud, mass marketing fraud, and money laundering.

You can download the report in full or view it online here.

Key sections of the report include the following:

Corporate fraud:  The FBI reports that they have  seen an increase in the number of insider trading cases.

Securities/commodities fraud:   According to the FBI there have been increases in new schemes—like securities market manipulation via cyber intrusion—as well as the tried-and-true—like Ponzi scams.

Health care fraud:    The most commons schemes included: billing for services not provided, duplicate claims, medically unnecessary services, upcoding of services or equipment, and kickbacks for referring patients for services paid for by Medicare/Medicaid.  The report indicates an increased involvement of organized criminal groups in many of these schemes.

Mortgage fraud:   It is reported that “distressed homeowner fraud has replaced loan origination fraud as the number one mortgage fraud threat in many FBI offices. Other schemes include illegal property flipping, equity skimming, loan modification schemes, and builder bailout/condo conversion.”

Financial institution fraud: Investigations in this area focused on insider fraud(embezzlement and misapplication), check fraud, counterfeit negotiable instruments, check kiting, and fraud contributing to the failure of financial institutions.

Identity theft secrets offers a number of “true crime” reports of these types of fraud as well as how to recognize them, avoid them and what to do if you are a victim of them.   Here is where you can find help and more information from identitytheftsecretson:

Securities/commodities fraud: 

Retirement Dreams turn into Ponzi Scheme Nightmare

Don’t play games with your online and mobile banking


Hackers Hit Sony Again and Again

Health care fraud:

Age does matter: Largest Medicare fraud case goes ‘easy’ on elderly

Bad Medicine isn’t What I Need: Health Care Fraud’s Most Wanted List

Mortgage fraud:

Ponzi Schemes: Beware of More Mortgage Scams


Flopping Houses: A whole new meaning to mortgage fraud

As you will see in the FBI report, there is a whole lot of “good news/bad news.”   The good news is that lots of people are being busted for crimes like fraud and theft.  The bad news is that the bad guys are getting really good at using technology to make their scams a whole lot more convincing.


Tags: , , ,

Comments are closed.