Other fraud factors

Other fraud factors include the following:

Technical enablers Professional enablers Financial enablers
These include malware, unlicensed paysites emails, social engineering (which we will look at later), fake websites, and the use of internet. These are professionals with specialist knowledge, who are aware of weaknesses in organisations and their processes (eg, accountants, IT specialists, solicitors, doctors)​. Some examples of these are digital currencies (which we will look at later) and money laundering.

Social engineering

Let’s look at one of the technical enablers, social engineering, in more detail.

Social engineering frequently involves the criminal piecing together information from various sources, such as social media or discarded mail, in order to appear convincing and trustworthy. Its eventual aim is to gain access to confidential personal information and defraud the victims.​

Some of the methods used in social engineering include pretending to be an employee of the victim’s bank, insurance company, phone provider, etc, distributing fake surveys, offering fake gifts​ or convincing the victims that they are being contacted to help with an issue (for example, payment issues, software updates or computer viruses).

Digital currencies as a vehicle for fraud

A relatively recent financial enabler of fraud is digital currencies.

Click on the video link below to learn more.

ACFE (2016) Digital Currencies as a Vehicle for Fraud: An Interview with John Bandler

Please note: There is a transcript of this video in the downloads section of this page and you will only need to watch the first two minutes and fifty seconds of it

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This article is from the free online course:

Fraud Investigation: Making a Difference

Coventry University