The second part of a series on The Kroll Global Fraud Report is presented. This article examines the specific warnings in the report that apply to the financial services sector. Financial services is unique among the more than a dozen industries examined regarding a high risk from money laundering. The report claims that more than 600,000 consumers are victims of identity theft in the US each year. Of the five most common techniques, four involve financial services. The survey blames three inherent weaknesses for the high cost of corporate fraud in financial services. First, the sector deals with money. Second, the money is held and transferred in electronic form. And, third, the sector activities are closely regulated. The most effective firewalls against the global list of fraud continue to be technology, sound accounting, culture and diplomacy, and understanding regional law and regulations.
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