![Risk.net](https://www.risk.net/sites/default/files/styles/print_logo/public/2018-09/print-logo.png?itok=1TpHrpuP)
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.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
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. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Discord deepens over fund-linked trades in FRTB
More banks use punitive approach to capital treatment under new trading book regime, irking regulators
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
Could the SEC revive the private fund adviser rule?
Industry experts deem a second life for the reviled rule unlikely
Vendors lack silver bullet for FRTB’s fund-linked issue
EU and UK legislators tried to ease capital charge by leaning on vendors, but problems persist
Does Basel’s internal loss multiplier add up?
As US agencies mull capital reforms, one regulator questions past losses as an indicator of future op risk
US Treasury official calls for SLR relief during market stress
Under Secretary Liang also urges scrutiny of “artificial incentives” for Treasury futures in 40-Act rules
US banks seek to open vendors’ black box on green data
Inaugural Fed climate scenario analysis flags lack of transparency around third-party models
Why FRTB models are on the edge of extinction
With only four banks known to be applying to use internal models for market risk, the fate of advanced modelling looks precarious