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Las Vegas Fraud Trends. Presented by: Christopher Gandy, CFE. Cost of Crime in US. Violent Crime$ 14 Billion Property Crime$ 17.6 Billion Vehicle Accidents $ 74 Billion Fraud $ 2.3 Trillion Do we have a problem in the US?. Ronald Reagan.

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Las Vegas Fraud Trends

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Las vegas fraud trends

Las Vegas Fraud Trends

Presented by:

Christopher Gandy, CFE


Cost of crime in us

Cost of Crime in US

Violent Crime$ 14 Billion

Property Crime$ 17.6 Billion

Vehicle Accidents $ 74 Billion

Fraud $ 2.3 Trillion

Do we have a problem in the US?


Ronald reagan

Ronald Reagan

  • “I’ve been trying … to think of a way to illustrate how big a trillion is. The best that I could come up with is that if you had a stack of $1000 dollar bills in your hand only four inches high, you would be a millionaire.

  • A trillion dollars would be a stack of $1000 dollar bills 67 miles high.”

  • Ronald Regan said this quote in 1981 to help people visualize the size of the national debt, which was approaching $1 trillion.  

  • By comparison, the $700 billion bailout would be a stack of $1000 dollar bills 44 miles high.


Types of crimes

Types of Crimes

  • Loan Fraud

  • Access Device Fraud –Credit Cards and ATM

  • Counterfeit Checks and Identification

  • Abuse of Elderly

  • Embezzlements

  • Theft of Property

  • Skimming Credit Cards

  • Ghost Employees

  • False Billing Schemes

  • Identity Theft

  • Phishing Schemes


Mortgage fraud

Mortgage Fraud

  • Inflated Appraisals

    The appraisal is artificially inflated to make the home seem like it is worth more than it actually is.

  • What should we do?

  • Inspections of the property –not just the front, inside and out.

  • Check prices of other property in area


Loan fraud

Loan Fraud

  • Using false identity

    A person's identity and/or credit history is falsely used to apply for a loan. This may be done with the person's knowledge (who's known as a "straw buyer") or it may be a case of identity theft.

    What can we do?

  • Run the buyers name on the Clark County Assessors Office web site, does he own other property

  • Run the property address

  • Contact the listed owner of the property, is this the same person


Foreclosure scams

Foreclosure Scams

The "rescuer“

  • Charges outrageous fees for light-duty phone calls

    The Bailout

  • Deceived into signing over title


Loan fraud1

Loan Fraud

  • Equity skimming

    An investor uses a straw buyer along with a false credit history and false income information to apply for a loan. After the loan closes, the "straw buyer" then signs the property over to the investor who then rents out the property (without making mortgage payments) until the property is foreclosed.


Loan fraud2

Loan Fraud

  • Property flipping

    The act of buying a property, fixing it up and selling it at a profit. This is not an illegal act unless the acquisition of the property involved falsifying loan documents such as income information, appraisals, etc.


Access device fraud

Access Device Fraud

Destination Las Vegas

  • 40 Million visitors in 2006

    Among the ways personal information is obtained:

  • 38% Lost or stolen wallet, checks or credit cards

  • 15% Friends or acquaintances

  • 15% Retail purchase-credit transaction-Skimming

  • 9% —Stolen paper mail

  • 8% —Computer viruses or hackers

  • 4% —phony e-mails

  • 4% —online purchases


Abuse of the elderly

Abuse of the Elderly

Who is committing the crimes

  • Care givers

  • Family Members

  • Neighbors

  • Friends of the Family

  • Strangers Selling products or investments


Embezzlements

Embezzlements

Bookkeeper Fraud

  • Ghost Employees

  • False Billing Schemes

  • Counterfeit Checks “ Check 21” 10/23/2003”

  • Fraudulent use of Company Credit Card

  • Fraudulent use of Company P-Card


Identity theft

Identity Theft

Assuming the identity of another

Why do it?

  • Wanted under your real name

  • To Obtain Credit

  • To cause harm to another

  • Financial Gain in a business transaction

  • To make a purchase

  • To commit a crime and get away


How do we protect ourselves

How do we protect ourselves

The plan--- Networking and Communication

  • Financial Institutions

  • Retails Outlet

  • Business

  • City and State Investigators

  • Federal Agencies

    Knowledge is power!


Work together

Work Together

Communication is the Key!

Email – New NV Laws

1) N.R.S. 597.970 Restrictions on Transfers

2) N.R.S. 205.474 Data Defined

3) N.R.S. Personal Information Defined

Encryption should be used at all times


Nv laws

NV Laws

NRS 597.970  Restrictions on transfer of personal information through electronic transmission. [Effective October 1, 2008.]

      1.  A business in this State shall not transfer any personal information of a customer through an electronic transmission other than a facsimile to a person outside of the secure system of the business unless the business uses encryption to ensure the security of electronic transmission.

      2.  As used in this section:

      (a) “Encryption” has the meaning ascribed to it in

      (b) “Personal information” has the meaning ascribed to it in

    (Added to NRS by, effective October 1, 2008)

NRS 205.474  “Data” defined.  “Data” means a representation in any form of information, knowledge, facts, concepts or instructions which is being prepared or has been formally prepared and is intended to be processed, is being processed or has been processed in a system or network.  

   NRS 603A.040  “Personal information” defined.  “Personal information” means a natural person’s first name or first initial and last name in combination with any one or more of the following data elements, when the name and data elements are not encrypted:

     1.  Social security number.

     2.  Driver’s license number or identification card number.

     3. Account number, credit card number or debit card number, in combination with any required security code, access code or password that would permit access to the person’s financial account.

Ê The term does not include the last four digits of a social security number or publicly available information that is lawfully made available to the general public.


The victim

The Victim

Should!

  • Sends out an alert to all members

  • Do you know this person

  • His/her description

  • M.O.Factors- How the crime was committed

  • How suspect was identified or located

  • Has a Police report been filed—Where– When

  • Give Police report number if available

  • Names and number to contact is suspect is identified or located


Membership

Membership

  • To use our system you must be a CFE member, IAFCI or Local Law Enforcement

  • Increase membership

  • Help stop future crimes

  • Capture suspects

  • Convict or help us get restitutions from the courts


Las vegas fraud trends

Test

  • Pick a number greater than 1 but less than 10 of how many times you would to have chocolate this week.

  • Multiply by this number by 2

  • Add 5

  • Multiply by 50

  • If you have already had your birthday this year add 1759

  • If you haven’t add 1758

  • Now subtract the four digit year you were born

  • You should have a three digit number

  • The first digit is how many times you picked to eat chocolate

  • The last two should be your age


Questions

Questions


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