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Banking Scams

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Banking Scams

Financial Scam Case Study: American International Group Scandal

The American International Group Scandal was a series of events that took place between 2000 and 2009. The company faced many problems, which led to a government bailout. The American International Group is a large insurance company that is in the business of multinational insurance and other financial services. In 2000, the company faced liquidity problems due to credit-default swaps that AIG Financial Products Division purchased. The CDS remained toxic for the company, with the losses from 2007-to 2008 culminating in a government bailout 2008. AIG was given $85 billion in investments from the U.S. Treasury and the Federal Reserve Bank of New York and became the largest recipient of funds from the TARP program.

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Banking Scams

The Best Practices To Ensure Your Safety Against Financial Fraud

Criminals are incredibly inventive in creating techniques to perpetrate such crimes, and they are heavily influenced by the economy, financial markets, and anti-money laundering (AML)/counter-terrorism financing (CTF) laws of the countries in which they operate. Many are increasingly taking advantage of the complicated nature of financial services, making identification and prevention even more difficult. Furthermore, large-scale syndicates, such as transnational organized crime groups, take advantage of disparities in the country’s criminal laws.

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Banking Scams

Financial Fraud – The Menace Which is Stealing From The Government, Companies, and Individuals

Financial fraud is a type of crime that involves the illegal use of someone else’s information to access their money, credit card, or other financial assets. Financial fraud can have many different forms, such as identity theft, credit card fraud, and ATM skimming. A criminal might steal a person’s identity to open a new credit card account in their name.

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Banking Scams

The Horrific World of Financial Fraud: Tax Scams, Debt Collection Fraud, & So Much More

It is considered financial fraud when someone deprives you of your money or otherwise harms your financial health due to misleading, deceptive, or other illegal business practices. The use of various methods, such as identity theft or investment fraud, can be used to accomplish this. Many fraud cases involve complex financial transactions carried out by ‘white-collar criminals,’ such as business professionals with specialized knowledge and criminal intent, rather than by traditional criminals. There are numerous different types of financial fraud such as Tax/ IRS scams, debt collection fraud, mortgage fraud, and others. These scams combined have stolen more than $1.7 million from us and the economy, so discover means through which we can safeguard our assets and wealth against such scams.

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