Presentation on theme: "Citigroup Security and Investigative Services"— Presentation transcript:
1Citigroup Security and Investigative Services Robert StantonSr InvestigatorLoan Application Fraud
2Citi Investigative and Security Services (CSIS) – North America/LATAM/Mexico/Asia Pacific (APAC) Eastern Europe Middle (EMEA) and Central Eastern Europe, Middle East and Africa (CEMEA)Investigations and physical securityCorporate Investigators cover Citi entities globallyCitiFinancial, Citibank, Citi Mortgage, Citi Auto, Primerica, Citi Cards, CitiFinancial Retail Sales, etc.External and Internal Fraud and policy violationsForensic capabilities – ECrimes – Electromagnetic and Digital Media – Digital Forensic Examinations
3CSIS Units and Subsidiaries – AML – Anti Money LaunderingDue Diligence UnitFICA – Financial Crimes Analysis SupportFraud Management Program – Zero Tolerance to fraudEmployee Pre-screening
4Fraudulent Loan Applications Know your customer.Reviewing loan applications isn’t “Rocket Surgery” ?Look for the obvious – behavior (rushing/anxioustime of sale (store closing/peak season/sales event)Perform your due diligence/“Do your homework”.Verify information independently when possible, twoForms of photo ID.Look for consistency.
5Insure employees are familiar with identification used (driver’s licenses) during loan closings.Obtain CURRENT month ORIGINALS of utility bill, bankStatement, credit card statement in the applicant’sname.Identify abnormalities, poor quality, out of focus finish,No holograms, state seals, etc.Recent issue dates, expiration dates don’t match dob.Cropped photo, no overlapping codes, seals, etc.
6Do the numbers make sense? Pay stub reflects bi-weekly pay period?Indicates 336 total hours worked during that time period.There are only 336 total hours in a two week period?Taxes, Social Security, fonts, cut and paste, etc.
7Female applicant using the same name with multiple ID’s, with various photo’s at different branches located in thesame general metropolitan /geographic area.Branches failed to note recent multiple credit bureau inquires or new accounts on the credit bureau reporting.Fraud Alerts/Warnings/SSN issued in the last five years.Red Flag - Victim has excellent credit and qualifies forMaximum level loan (Premier).Red Flag - Applicant purchases “ALL” of the availableinsurance packages offered by the lender – quick to agree toextended warranty or not concerned with the price.
8ORGANIZED FRAUD RINGSRing targeted CitiFinancial branches in GA, FL, NC,CA, IN and LA.Suspects recruited from homeless shelters in CA.Suspects would register at local hotels/motels andawait FedEx package that would contain ID andother necessary materials (paystub/SSN card/DL/etc).Premier Loans (15K) Insurance products/singleLoan Proceeds Checks.Two suspects almost every time – applicant and driver(lookout) waiting in parking.Cell phone communications back and forth – warningon the arrival of law enforcement.Buffer maintained between operators and organizers.Suspects would cash checks at local check cashingstores.
9What is more valuable than your own good name? Identity Theft is the fastest growing white-collar crime in the country.It is estimated that 5-10 million Americans are touched by the effects of Identity Theft a year.Experts estimate that it takes customers approximately 600 hours and $1,495 in possible direct losses to restore one’s good name and credit.
11Interception Where does the fraudster get the information? Dumpster DivingPublic Record InformationSkimmingPhishing/HackingTheft of information from a workplacePurchased informationSocial engineeringMail theft/Phony postal change of addressTheft of wallets containing personal information
13USE Once the information is obtained, how can it be put to use USE Once the information is obtained, how can it be put to use? “Show me the money!”Credit/Debit/ATM/Gift CardsConsumer LoansFraudulent ApplicationsWire transfersStolen or false Driver’s LicenseFull identity take-overUtilities/Cell Phones
14How Can I Tell if I’m a Victim of Identity Theft? Monitor the balances of your financial accounts.Look for unexplained charges or withdrawals.Other indications of identity theft can be:Failing to receive bills or other mail signaling an address change by the identity thief.Receiving credit cards for which you did not apply.Receiving calls from debt collectors or companies about merchandise or services you did not buy.Denial of credit for no apparent reason.
15What can you do to avoid becoming a victim? Don’t Carry Social Security Card, passports or birth certificatesUse a blue Postal mailbox for outgoing mailLimit your Credit CardsDo not give account number over the phoneShred all credit card receiptsOrder a credit report at least once per yearRemove Social Security number from your DL or checksCancel unused cardsCall your credit card company if you did not receive a new one
16Credit Bureau Contact Numbers EquifaxExperianTrans Union