Watch your step

“Terrorists are effectively using the Internet banking system for financing their operations. Money is easily transferred from the various destinations of the legitimate businesses to the accounts of the terrorist. They prefer this because of the secrecy and anonymity they can maintain with their banking operations,” says Mayur Joshi, Founder…

India might be losing USD 40 bn to employee frauds: IFR survey

Bangalore, Mar 14 (PTI) India might be losing as much as USD 40 billion annually due to frauds committed by employees, according to a survey by India Forensic Research, a firm engaged in fraud examination and forensic accounting in India.”Insider collusion is one of the biggest reasons of fraud and…

Expectations of Forensic Professionals from Linkedin

LinkedIn is facing the two biggest problems that all social networks face, competition for eyes and how to monetize. Social Networking is full of competition and Facebook and Twitter are mega competitors.Another competitor is Branchout, which bills itself as the leading professional network on Facebook, and publishes a Facebook app….

Antifraud community Integration with Linkedin

In my previous article, in the series of Linkedin for anti-fraud professionals, i mentioned about the company i found on iStart.Company which started as the anti-fraud social media converted itself to e-commerce company. Their reasons were quite obvious. Social media requires long term funding support where as e-commerce site helps…

Early Warning Signals of Corporate frauds

Early warning signals of corporate frauds with specific emphasis on Satyam Scam project has been taken to identify a set of exceptional transactions, that will act as benchmark for the industry to investigate the financial transactions for the possibility of the fraud. The early warning signals of corporate frauds is…

RBI Circular on forensic auditing

On 16th September’2009, Reserve Bank of India issued a circular to the Chairmen and the CEO’s of the banks. RBI has expressed serious concerns about the deteriorating quality of the assets. While discussing certain cases of frauds of exceptionally large amounts, the Board for Financial Supervision (BFS) has expressed grave…

AML related RBI notifications

  Notifications issued by RBI 05.11.2009 – CFT- Unlawful Activities (Prevention) Act, 1967 – Obligation of RRBs 29.10.2009 – CFT- Unlawful Activities (Prevention) Act, 1967 – Obligation of State and Central Co-operative Banks 30.09.2009 – KYC / AML Standards / CFT / Obligation of State and Central Co-operative Banks 29.09.2009 – KYC Norms /…

Corporate Corruption can kill the business

“After completing my education, I practiced law in the Washington D.C. office of WilmerHale, an international law firm of 1200 attorneys, where I represented Fortune 500 companies in securities fraud investigations and litigation.” Dr. Andrew Spalding revealed to Riskpro team in the Fraud, Forensics and Corruption Symposium. Dr. Spalding is…

Kammer, World Bank and Indian frauds

“I participated to Indiaforensic’s (IF) fraud conference in June 2008, and, despite IF being a young organization, I was extremely impressed by the capacity and maturity of its staff. I had the privilege of sharing the podium with first class speakers from some of India’s main corporations, currently operating on…

ACFE CEO Speaks to Fraudtoday

“The world continues to get smaller due to advances in technology.  Companies will continue to expand globally.  You can be a small, one-person company at home in India and sell to a company in Europe with nothing more than a computer.  Unfortunately, the differences in legal systems are probably the…