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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Christopher Gandy, CFE
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?
The appraisal is artificially inflated to make the home seem like it is worth more than it actually is.
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?
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.
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.
Destination Las Vegas
Among the ways personal information is obtained:
Who is committing the crimes
Assuming the identity of another
Why do it?
The plan--- Networking and Communication
Knowledge is power!
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
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.