Fraud investigators are hiring as financial crime soars
The FBI and the private fraud investigation industry are expanding to meet levels of financial crime
WASHINGTON, DC - Rising fraud figures revealed amid the receding tide of financial markets are causing a boom for financial crime investigators. Government bodies and private fraud specialists are creating more jobs to cope with industry demand.
The US Federal Bureau of Investigations (FBI) says there were 530 open corporate-fraud investigations for the fiscal year ending 2008. The number of open mortgage fraud investigations was more than 1,600, compared with only 881 investigations for 2006.
Law enforcement is hiring to meet the surge in frauds under scrutiny. The FBI said it was hiring 2,100 new staff in January in key areas such as accounting and internal audit, with experience of fraud investigations and foreign language work.
The Association of Certified Fraud Examiners says the number of certified fraud examiners increased by 10% in 2008. The Texan-based trade body says the median salary for a full-time certified fraud examiner in 2008 also increased to more than $90,000 a year.
On March 11, Neil Barofsky, the FBI's special inspector general for the government's Troubled Asset Relief Program, announced a multi-agency fraud task force to scrutinise use of the government's Term Asset-Backed Securities Loan Facility program launched on March 19 to provide credit to small businesses.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Don’t mention the rules: the fight against prediction market abuse
For the CFTC to regulate new venues effectively, it must first redefine insider trading
Can the US FRTB revamp make the IMA great again?
Banks are finally presented with a viable internal models framework under Basel III’s market risk rules
UK rethinking tougher capital rules for US bank subsidiaries
US endgame draft would trigger UK Basel III trap floor for foreign banks, but PRA is reviewing
EBA proposes drastic overhaul to supervisory data reporting
Revamp will cut back the number of datapoints and integrate overlapping reports
CFTC wants to regulate prediction markets. Is it up to the task?
Former officials echo state gambling authorities’ concerns over agency’s ability to police betting risks
EBA seeks to allay Simm divergence concerns
EU validator pledges to co-ordinate with global regulators, but retains ability to act alone “if needed”
FRTB models find salvation in US Basel III proposal
Changes to P&L attribution test and NMRFs make IMA viable for US banks, risk managers say
US blows the floors off Basel III
Barr criticises “downward deviations” in US rule; Bowman rejects “blind adherence” to global standards