High-Tech Fraud Alert

Over the last few months, we have noticed an increasingly sophisticated use of technology both in the perpetration of frauds and also in attempts to conceal evidence of the fraud from any subsequent investigation.

Prime examples include insiders (usually employees) at major financial institutions diverting funds through misuse of those institutions' own systems after weaknesses had been identified by the fraudsters. We have also seen attempts to erase data which would provide evidence of frauds and the introduction of hardware and software tools by these insiders into victims' IT systems in order to monitor the progress of any subsequent investigation and to create further havoc and distraction following the main fraud.