Podcast: Protecting Your Assets: Tips to Prevent Bank Fraud

The latest episode of Weaver: Beyond the Numbers, takes a deep dive into the intricacies of financial and risk management. This episode, hosted by Logan Woods, a supervisor in Weaver’s Forensics and Litigation practice, features insights from Victor Padilla, Managing Director in Weaver’s Forensics and Litigation practice, and James Mihills, Partner-in-Charge in Weaver’s Banking Services practice. The trio examines two real-life bank fraud cases, highlighting the red flags and discussing strategies to mitigate such incidents.

Key Points:

• A dissection of a case involving a pharmaceutical company in the Caribbean that defrauded one of the largest banks in the region through the falsification of collateral for commercial loans
• A discussion on a scheme involving wire fraud, impersonation of vendors, and money laundering
• An analysis of the red flags in both cases and mitigation strategies

How can institutions identify bank fraud schemes in their early stages and prevent them from happening?

Bank fraud is an ongoing threat in the financial industry. In an age where digital transactions have become the norm, and non-bank financial assets are growing, the risks are more significant than ever. The Association of Certified Fraud Examiners (ACFE) reports that organizations lose an estimated 5% of their annual revenues to fraud. Recent high-profile cases of bank fraud magnify the concerns.

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