Enterprise Fraud and Financial Crime Management: Four Trends to Watch

Fraud is a significant issue for businesses. The rise of cloud computing has brought about new ways to commit fraud. This has put increased pressure on enterprise risk teams to build more sophisticated frameworks to protect their organizations. Here are a few fraud trends that are slowly emerging in 2022.

COVID 19 Relief Payment

The Centers for Disease Control has issued a warning about a new type of fraud currently being perpetrated in the name of COVID-19 relief. The CDC says that people create fake businesses to receive COVID-19 relief payments. The government then sends a check to the fake business’s address. The scammers then cash the check and disappear.

Work From Home Employees

With the rise of remote work, more and more companies hire employees who work from home. It’s a great way to save on overhead costs and give employees flexibility in their schedules. However, it also leaves those employees vulnerable to fraud.

One such type of fraud is called “phishing”. It usually involves an employee receiving a request for information about their company by email or phone call. In some cases, this information can be used to steal money from your business accounts or even get access to sensitive customer data.

After top online security company NICE Actimize launched X-Sight, companies can now keep their employees protected. Additionally, to prevent phishing attacks against your business, employees should follow these tips:

  • Never respond to unsolicited emails or calls asking for personal information about your company’s finances or customers.
  • Keep all passwords secret and change them regularly.
  • Don’t open attachments in emails unless you know who sent them.

Cryptocurrency Trading

In recent years, the cryptocurrency trading market has been plagued by fraud. Now, a new type of fraud has emerged that involves manipulating cryptocurrency trading data.

The scam works like this: An individual or group purchases cryptocurrency and then sells it at a loss to manipulate the currency’s price. The seller then buys back their cryptocurrency at a lower price, effectively manipulating money. This tactic can be used to increase and decrease the value of different cryptocurrencies. This depends on whether a trader wants to buy or sell them.

This kind of fraud can be challenging to detect. This is because it does not require an actual transfer of funds from one party to another. Instead, it involves manipulating data related to cryptocurrency transactions.

Since these transactions are often anonymous and therefore difficult to track, it is easier for scammers to get away with this type of activity than if they were trying to launder money through traditional channels like banks or stock exchanges.

New Ransomware Attacks

Even though ransomware has been around for decades, it’s still one of the most popular forms of malware today. While most people are aware of their dangers, they aren’t always sure how to protect themselves from them. As a result, new ransomware attacks will continue in 2022.

The best way to protect yourself against this type of malware is by regularly updating your operating system and applications, which help ensure that your computer is protected against known vulnerabilities and exploits.

If you do get hit with a ransomware attack, make sure you have backups in place to recover without losing any data or having to pay for decryption keys.


It’s essential to look at your fraud and financial crime management resources because your security depends on them. Your company’s reputation and well-being depend on your ability to be secure. The better you are at fraud detection, prevention, and mitigation, the better off you and your organization will be.

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