JWheeler_Module 05 Course Project_120717.pptx - Module 05...

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Module 05 Course Project - Course Project PresentationJeremyWheelerRasmussen CollegeAuthor NoteThis paper is being submitted on December 07, 2017, for Tiffany Krogman’s A276/ACG2680 Section 02 Financial Investigation course.
Account Fraudat
Who are they?Started as a parcel shipping business and banking services during the California Gold Rush daysSeparated shipping from banking in 1905, and focused exclusively on banking as of 1918Acquired multiple smaller banksLargest bank in the world as of 2015
Fraud SummaryUnauthorized accounts opened by employeesOver 2 million checking & saving accountsOver 500,000 credit cards openedUnauthorized insurance policies on 570,000 car loans$2 million in fees generated
Company CultureExpected to sell at least 8 “products” per dayExpected to sell 20 per day in JanuaryEmployees given incentives for opening more accounts & warnings when they didn’tManagement did not question fraudulent accounts as long as metrics were reachedPerfect fraud triangle setup

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