1. Presented by: Assistant Superintendent Debra Thompson
FRAUD AWARENESS
Presented by:
Assistant Superintendent
Debra Thompson
Business & Technology Crimes Section
Central Detective Unit

2. OVERVIEW
The Business & Technology Crimes Section of the Central Detective Unit is directly responsible for investigations into all matters pertaining to:
Fraud – Credit Card, Cheques, Acct Transfers, Impersonation, etc.
Major Stealing Matters
Stealing by Reason of Employment/ Service
Credit by fraud
Falsification of Accounts
Fraudulent breach of trust
Fraudulent Documents – Passports, Immigration Docs., etc
Counterfeit Currency
Money Laundering

3. Statistics

4. Statistics

5. CURRENT TRENDS Wire Transfer Fraud:
Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
In recent times, the police have received several reports where corporate service providers have received fraudulent s from clients instructing them to wire transfer money from their account to accounts in another jurisdiction.

6. Examples: randolphsmith988672@hiltonbahamas.org

7. CASE STUDY
In February, 2015 the BTCS received STR from a Swiss Bank in respect to ten (10) fraudulent transactions totaling EUR 1.2 Million and two totaling USD 300K.
Fraudsters purported to be the personal assistant of bank client.
Ten (10) fraudulent wire instructions request submitted via directing the transfer of payments to accounts in Poland, Ireland, Hungary and Malaysia for purchase of art.
Bahamas LEA sought assistance from NCB Interpol in liaising with the LEA’s in Poland, Ireland, Hungary and Malaysia in identifying the beneficial owners of each account and seizing criminal proceeds.
In April, 2016 Bahamas LEA received a positive response from the Garda Bureau of Fraud Investigation, NCB Budapest (Hungary) advising of a money laundering investigation.

8. CURRENT TRENDS Forged Cheques Online Fraud (“Account takeover”):
During 2015, there were ten (10) reports of Online Fraud with a combined total of $4,
During 2016, there have been twelve (12) reports of Online Fraud with a combined total $454,683.00

9. CURRENT TRENDS Phishing Scam: Fraudulent Credit Cards
Phishing Scam is a fraudster’s illegal attempt to acquire sensitive information (username, passwords, etc) by pretending to be an company/bank communicating electronically, usually for malicious reasons.
In the Bahamas, we have received reports where bank customers were sent s advising them to update their account information. Customers would place their information in the fields and the information is captured.

10. Sample of Phishing Scheme Email.

11. Sample of phishing scheme email:

12. Law Firm Case Study
Both Firms were contacted by a local real estate developer who referred them to a foreign client.
Both Firms communicated with perpetrator via s and telephone.
Both Firms issued perpetrator with their Wire instructions details.
Both Firms received a Fedex package containing a banker cheque.
Payment remitted by perpetrator far exceeded amount requested.
Perpetrator contacted both Firms and requested refund of excess amount.
Funds wired transfer to Canada

13. STR’s Process? STR disseminated to TF/MLIS.
Assigned to an Investigator
NCB- Interpol
Tracing and seizing of proceeds
Restraint Order

14. Challenges to Investigations
International and cross border nature of crime.
Predicate offense occurring in Bahamas and proceeds sent to another jurisdiction.
Speed of access to information held in other jurisdiction
Complexity of cybercrime cases
Anonymity of criminals

15. The way forward
Need for more cooperation and coordination between LEA and the private sector.
Sector wide intelligence sharing of typology/methodology.
Provide timely feedback to both FIU and reporting entity.
Training
Increase in staff.

16. QUESTIONS ???