Articles tagged with Fraud
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A study published in EPJ Data Science found that algorithms predicting crimes more accurately than existing models, with significant improvements in predictions for assaults and drug offences. The system used location and activity data from Foursquare users to make predictions.
A new MIT model has been developed to reduce false positives in credit card fraud detection, achieving a 54% reduction in incorrect flagging of legitimate transactions. By extracting more than 200 detailed features for each individual transaction, the model can better pinpoint unusual spending habits and improve accuracy.
The UTA industrial engineering team partnered with Foxconn to develop data analytics and smart manufacturing solutions for improving efficiency in large-scale cell phone manufacturing processes. The partnership resulted in the development of automated systems to detect fake parts, reduce human inspection time, and increase output.
Researchers found that banks increase loan interest rates for borrowers with peer firm restatements and more severe customer firm restatements, impacting business relationships and credit scores.
Research by University of Georgia finds that highly educated non-executive employees generate and review accounting reports, catching errors or fraud more often than auditors and regulators. This improves a firm's external financial reporting accuracy and reduces manipulation in SEC filings.
A new study from UT Dallas found that the loss of trust in investment advisory services after the Madoff scandal led to changes in investors' behavior, with $363 billion pulled from advisors and many firms closing. The researchers also identified the spread of distrust through social networks and local media.
A Cornell University study quantified the effect of Madoff's Ponzi scheme, finding investors withdrew $363 billion from financial advisers, stashing it in safe assets. The loss of trust led to significant changes in investment behavior, with investment firms shutting down due to heavy withdrawals.
Researchers found that older victims of fraud have poorer cognitive abilities in everyday activities and are less conscientious and honest. Cognitive factors, such as simple calculations and remembering events, play a crucial role in identifying and avoiding scams. The study's findings can help prevent fraud victimization in older people.
A new study by University of Illinois experts finds that experienced auditors can detect fraud more accurately when prompted to look for signs of guilt in the CEO's voice. The researchers compiled judgments from 31 veteran auditors, who improved their accuracy rate from 43% to 70% with the cue. This suggests that even seasoned auditors...
Researchers at Newcastle University found that hackers can hack a credit card account in as little as 6 seconds by guessing the card number, expiry date, and CVV. The 'Distributed Guessing Attack' method allows hackers to circumvent security features and validate card details across multiple websites.
New technologies can assist in protecting older adults from financial fraud, including transactions via wearable technologies and bank cards with chip-and-signature security features. Professionals should be trained to recognize signs of cognitive decline and help clients plan for the possibility of future impairment.
A new study by Rice University researchers found that strong external governance mechanisms can actually increase the likelihood of financial fraud among top managers. Higher levels of dedicated institutional ownership and increased analyst pressure were linked to higher rates of fraud. The findings challenge traditional agency theory,...
A recent study published in Frontiers in Psychology found that people are more likely to inflate insurance claims if their original submissions are rejected. The researchers used a mock insurance claim scenario and found that rejection leads to increased feelings of unhappiness and dishonest behavior.
A study by Florida Atlantic University researchers found that explicit whistleblower protections can evoke fear and make individuals less likely to report misconduct. The study suggests that promoting retaliation protections increases perceptions of risk by 25%.
A new study from Michigan State University applies criminology theory to combat counterfeit medicines, identifying key factors in crime occurrence and the importance of field product authentication efforts. By analyzing protocols for crime scene investigation and forensic science in Nigeria, the researchers found that a country's willi...
Researchers identified two factors that lead investors to assess fraud risk, including reliance on financial statements and perception of corporate fraud prevalence. Most nonprofessional investors are also concentrated in fewer companies, making them more vulnerable to fraudulent activity.
Researchers in Egypt have developed a biometric identification system for cattle using unique muzzle features, reducing the risk of food fraud and improving tracking efficiency. The system achieved high accuracy rates of 94% in actual tests, making it a promising solution for ranchers to control their stock.
New research from North Carolina State University and Bucknell University finds that strong anti-retaliation policies encourage employees to report wrongdoing internally. Protection from retaliation is key, contingent on employee trust in the company. Monetary incentives do not necessarily influence whistleblowing behavior, but can fra...
A new technique for detecting meat adulteration has been reported by scientists from Germany, offering a vast improvement over current methods. The approach uses protein analysis to reliably detect as little as 0.24% horse or pork in processed beef samples.
A two-year project will investigate vulnerabilities in food supply chains and evaluate effective ways to improve consumer trust in food. The team will analyze various food supply chains and test the effectiveness of fraud prevention strategies.
Dr Zulfiqar Bhutta believes that criminal sanctions are necessary to deter research misconduct, citing high rates of scientific misconduct and significant human health consequences. However, Dr Julian Crane argues that criminalization would undermine trust in research and is not an effective deterrent.
Researchers create statistical portraits of firms and top executives involved in fraud to identify antecedent conditions and risk factors. The project aims to provide policymakers and stakeholders with a rich database for analyzing public companies and executive involvement in severe financial crime.
Recent advances in data analysis technology have given federal controllers new weapons in the fight against Medicare and Medicaid fraud. Researchers found that for every dollar spent on fraud control, $7 was returned, with significant recoveries made in fiscal years 2011 and 2012.
Researchers found women rarely part of corporate conspiracies and tend to play minor roles in fraud schemes. Women's involvement may be motivated by ethical concerns and social relationships, leading to lower financial gains from corporate crime.
A recent study published in Clinical Gerontologist found that older adults with high levels of depression and low social needs fulfillment are more likely to experience financial fraud. The study, which included 4,440 participants, revealed a 226% increase in fraud prevalence among the most psychologically vulnerable population.
A lack of accurate data on financial crime hampers efforts to tackle business fraud and tax evasion. Professor Michael Levi's research highlights the need for a more evidence-based approach to policing and addressing financial crimes.
A new UCLA study suggests that older adults' brains are less active in the anterior insula region, which is linked to disgust and detecting dishonest faces. This reduced activity makes it harder for older adults to recognize untrustworthy faces, leading to increased vulnerability to financial exploitation.
A study by University of Leicester scientist Professor Monica Whitty found that online dating scammers use basic marketing techniques to groom victims, leading to feelings of a genuine relationship. The research also reveals that people with strong romantic beliefs and idealized views of partners are most likely to fall prey to online ...
A study found that corporate directors tend to ignore anonymous whistleblower allegations, especially if they threaten their reputation. In contrast, non-anonymous allegations are more likely to trigger investigations and resource allocation.
Researchers at North Carolina State University have developed a new warning system to spot financial statement fraud by evaluating easily verifiable nonfinancial measures such as employee growth, facility square footage, and industry-specific metrics. This method shows promise in detecting fraudulent companies with inflated revenue cla...
Research by McMaster University reveals that identity theft and fraud are increasing concerns for consumers, with phishing, credit card skimming, and insider theft being major threats. The study's model defines ID theft and fraud as two distinct problems, aiming to educate the public on how their personal data can be misappropriated an...
Researchers suggest a new paradigm for coping with cybercrime by shifting focus from punishment to deterrence and prevention. Individuals must recognize their own front-line defense against cybercrime and work together to build and maintain defenses.
Recent trials show intermittent HIV treatment increases risk of infections and death. A large-scale survey links 'burnout' to suicidal thoughts in med students, but finds it reversible. Whistleblower-initiated legal action against Medicare fraud has increased significantly since the 1990s.
Researchers at Iowa State University are developing technologies to fight cyber crime and make online activities more secure. They have filed a patent on a technology that detects 'click fraud', which falsely drives up hits to ads posted on Web sites, resulting in higher costs for pay-per-click advertising.
Medical identity theft can lead to erroneous entries in existing records, causing long-lasting harm to victims' medical and financial lives. Experts emphasize the importance of protecting patient information and privacy, as current protections for medical identify theft are lacking.
A Swedish study found that steroid users were twice as likely to be convicted of weapons offenses and one and a half times more likely to be convicted of fraud. In contrast, there was no association between steroid use and violent crimes or property crimes.
A recent fraudulent attempt at IVF treatment highlighted the need for improved patient identification methods. The study found that 37% of clinics experienced or suspected cases of patient identity fraud, with many lacking adequate safeguards.
Scientists uncover proof Frobisher's assayers intentionally added gold to worthless black rocks, fueling an investment frenzy. Lead samples analyzed for the first time show no contamination, confirming a massive fraud.
A decline in burglary rates since 1980 is attributed to a shift towards drug trafficking and various forms of non-index crimes. Researchers suggest that the abundance of stolen goods has reduced demand, making burglary less lucrative, while improvements in security measures have also deterred potential burglars.