Reporting Fraud and Corruption!

How to combat bank fraud

 

The biggest threat to banking customers is the increase in online fraud. According to Alewyn Burger, chief executive of Standard Bank personal and business banking, there has been a 50% growth in spyware in the past 20 months, and a 16-fold increase in virus manufacturing over the past three years.

While these statistics are alarming, Burger insists that internet banking remains one of the most secure forms of banking and the banks have measures in place to trap fraudsters.

In a breakthrough for the local banking industry, Standard Bank was able to break an online fraud syndicate that had links with Eastern Europe. The syndicate sent out spyware to computers, especially unsecured computers in internet cafes, where the software captured personal details such as card, personal identification numbers (PIN) and passwords.

These details were transmitted to a server in Estonia from which the criminals were able to log on and defraud vulnerable customers. This has led to warnings by banks not to do internet banking in wireless internet environments or at internet cafes.

Herman Singh, director of architecture and technology engineering at Standard Bank, notes that although spam mail has been on the decline, “phishing” attacks have been rising.

Phishing is when a client receives a genuine-looking email where the criminals are trying to acquire sensitive information.

Typically it is done using email and instant messaging, although cases are known where the crooks use phones.

Singh says that customers should not reply to an email whose authenticity is in doubt. He advises against customers using “unpatched” software or unsecured software as spyware software can be sent to one’s machine to capture one’s personal details, which is then sent back to the fraudster.

One can also inadvertently download spyware by clicking on a link contained in a dubious email. For example, fraudsters have been masquerading as online auctioneers Ebay and sending out e-mails saying they have a buyer for your goods.

Coming back to basic safety rules, Singh advises never sharing a password, never clicking on an email that is purportedly from a bank and securing your computer with updated antivirus software, which can be downloaded from the bank’s website.

He also encouraged clients to use the bank’s notification system so that they know when there is activity on their accounts.

He also advises typing out the full URL or the web address of your bank. Many clients log on to to spoof sites where they leave their details to fraudsters, who then log on and spirit away their cash.

Spoof sites look like a genuine site.

“We have found not one instance where a customer has lost money if they followed this process,” he said, underscoring the need for caution by observing that 86% of all attacks are directed at the home user while only 14% are directed at the financial houses themselves.

Phishy business

Absa recently warned of a new type of fraud hitting cellphone users. It says the latest scam devised by fraudsters entails phoning customers to advise them that they have won extra airtime.

The customer is then asked to supply the last dialled number on the phone to authenticate their identity. This number is then used to do an illegal SIM swap. Fraudsters are thus able to receive all of the customer’s calls and SMSs. Customers’ cellphones will stop functioning a few minutes after receiving the call.

You need to contact your cellphone operator immediately if a cellphone ceases to work to ascertain whether an illegal SIM swap has been performed. It is also important to phone your bank to safeguard any cellphone-related security measures.

Reporting Fraud and Corruption

INT, the Integrity Department, investigates allegations of fraud or corruption in World Bank Group-financed operations, as well as allegations of staff misconduct within the Bank Group.

WHAT TO REPORT?

Examples of issues which should be reported to INT for further review include: suspected contract irregularities and violations of the Bank's procurement guidelines; bid manipulation; bid collusion; coercive practices; fraudulent bids; fraud in contract performance; fraud in an audit inquiry; product substitution; price manipulation; substandard or inferior parts or materials; cost or labor mischarges; kickbacks, bribery or acceptance of gratuities; abuse of authority; misuse of Bank Group funds or funds entrusted to the Bank Group; travel-related fraud; theft and embezzlement; benefits and allowance fraud; conflict of interest; misrepresentation; forgery; involvement of Bank Group staff in any of the afore-mentioned.

WHAT INFORMATION DOES INT NEED TO INVESTIGATE?

When contacting INT, please make your complaint as specific as possible and include details such as what alleged wrongdoing you are reporting, where and when (dates and times if available), who is/are the perpetrators, how the individual or firm committed the alleged wrongdoing, and why you believe the activity was improper. Include the project name, if you know it. If possible, provide information on documentation available to corroborate the allegations, and names of witnesses to the alleged wrongdoing. Let us know how you can be reached for further information or clarification.

HOW CAN I SUBMIT AN ALLEGATION TO INT?

Directly to INT at World Bank Headquarters:

Telephone: 202-458-7677
Fax: 202-522-7140
Email: investigations_hotline@worldbank.org
Website: www.worldbank.org/integrity

If you prefer to remain anonymous, you may wish to make use of a free email service (such as Hotmail or Yahoo) to create an email account using a pseudonym. This way, we could correspond with you as necessary, to seek clarification or additional information. This would be helpful for us in pursuing your allegation.

Through a Fraud and Corruption Hotline hired by INT for this purpose:

(24 hours/day; translation services are available)
Toll-free: 1-800-831-0463 *
Collect Calls: 1-704-556-7046 *

Mail: PMB 3767
13950 Ballantyne Corporate Place
Charlotte, NC 28277
USA

*Anonymous calls are also accepted.

WHAT ELSE SHOULD I KNOW?

The Bank's Confidentiality Policy

Complainants are requested to provide their name and telephone number or email or mailing address to enable us to reach you to obtain further information and to follow up on the report. If you choose to give us your name but want your name to remain confidential, the Bank will not reveal your name in any court or tribunal process and will not reveal any information that may disclose your identity to anyone outside the investigative team and its managers and attorneys unless the Bank determines you have made an intentional misrepresentation or omission, or the Bank is required to do so by law. If you agree to permit the Bank to use your name, please be assured that the Bank will not tolerate any form of retribution or retaliation against a person for reporting in good faith allegations of fraud or corruption.

Complainants Who Wish to Remain

If you prefer to remain anonymous, the Bank will still investigate your complaint and do its best to examine the allegations that you provide. However, please bear in mind that anonymous allegations are often more difficult to pursue and often do not fully address all of the complainant's concerns, but we respect your wish not to provide your name.

Note: In order to protect the reputations and privacy rights of all parties, and to promote due process and the fairness of investigations, it is important that the information you provide be truthful, accurate, and given in good faith.

While INT possesses the capability to identify a terminal from which an electronic message originates, we will not attempt to identify the sender. Please bear in mind that email is not completely confidential, and is not necessarily secure against interception. If you feel that your communication is particularly sensitive, we recommend that it be mailed to the address below.

PMB 3767
13950 Ballantyne Corporate Place
Charlotte, NC 28277
USA

Reporting Fraud and Corruption Part II

How do you report an account of staff or World Bank misconduct, fraud or corruption?

Please contact the Department of Institutional Integrity directly via any of the following methods:

Contact INT directly:
Telephone: 202-458-7677
Fax: 202-522-7140
Email: investigations_hotline@worldbank.org
Website: www.worldbank.org/integrity (Click on "Online Complaint Form")

We encourage you to make use of a free email service (such as Hotmail or Yahoo) to create a temporary email account using a pseudonym, so that we may correspond with you as necessary. This can be helpful in pursuing your allegation.

Contact INT through an external Fraud and Corruption Hotline (24 hours/day):
Toll-free: 1-800-831-0463 (translation facilities available)
To reverse the charges (collect calls): 704-556-7046

Mail:
PMB 3767
13950 Ballantyne Corporate Place
Charlotte, NC 28277
USA


Anonymous calls are accepted. Please be as specific as possible and include at least the basic details of who, what, where, when, and how. Let us know how you can be reached for further information or clarification if you can, or tell us the name of a temporary email account you have created for this purpose.

How is the Hotline operated?

The hotline is operated 24 hours per day, seven days a week, by an outside firm staffed by trained specialists. Qualified interpreters are available, upon request. All matters reported via the hotline will be turned over to the Department of Institutional Integrity.

How long does it take to resolve a Hotline complaint?

Normally, inquiries are completed within five months. However, the time required to complete the inquiry may vary depending on the complexity and number of the allegations received.

Do I need to identify myself when making a complaint or allegation?

No, only if you wish. When you telephone the hotline, you may remain anonymous. The call will not be recorded, and no attempt will be made to determine the number from which you are calling. If you choose to give your name, but want your name to be kept confidential, the Bank will not reveal any information that may disclose your identity to anyone outside the investigative team and its managers and attorneys unless the Bank determines you have made an intentional misrepresentation or omission, or the Bank is required to do so by law.

We understand the value of complaints provided by individuals who desire to maintain their anonymity. We also understand the value of being able to contact complainants to ask for additional information or clarification of their complaint. Often, additional information or clarification is necessary for successful conclusion of an investigation. We encourage you to identify yourself; however, it is not required. If you choose to identify yourself, but request confidentiality, we will not divulge your identity to outside agencies without your expressed consent unless the Bank determines you have committed a crime. If you wish to remain anonymous, if possible, provide a means by which we may contact you, for example, a temporary email account using a pseudonym you have created for this purpose.

In order to protect the reputations and privacy rights of all parties, and to promote due process and the fairness of investigations, it is important that the information you provide be truthful, accurate, and given in good faith.

Contacting Federal or International Agencies

Promoters of "prime bank" frauds often use the names of legitimate government agencies or international organizations as part of their modus operandi. You should contact the agencies listed below if you suspect someone is making a false statement involving one of the respective agencies:

• United States Securities and Exchange Commission
• Federal Reserve System
• International Monetary Fund
• International Chamber of Commerce
• World Bank: Department of Institutional Integrity (INT) or Operations Evaluation Department

World Bank: HEADQUARTERS
The World Bank
1818 H Street, NW
Washington, DC 20433 USA
tel: (202) 473-1000
fax: (202) 477-6391

ANTI-CORRUPTION HOTLINE
Report allegations of fraud & corruption in World Bank projects, and staff misconduct
tel: 1 (800) 831-0463
fax: (202) 522-7140

 More

 Top