A Comprehensive Look at Fraud Identification and Prevention

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Foreword

Rick Youngblood is extremely knowledgeable about fraud and scams and often

sends out warnings to other security professionals to help get the word out about

the latest scheme to prey on unsuspecting victims. In this text, he delivers an up-

to-date assessment of various fraudulent schemes that we hear about on an almost-

daily basis.

We all have received the e-mails and letters touting that we were chosen for a

great opportunity and all we have to do to be a part of this FREE money is “con-

firm” our Social Security number (SSN) (Translation: Give us your SSN.) or send

a check to someone to pay expenses so they can send us a check for $1 million.

Unfortunately, we have not met anyone who has been sent money by a Nigerian

prince or encountered victims who said that someone gave them something for

nothing. ere is always a catch, and many times, the fraudster costs unsuspect-

ing victims their lifetime savings. e old adage is right: “If something sounds too

good to be true, it probably is.” Rick Youngblood is helping inform others. We all

know someone who has either been a victim or who is a potential victim. As more

individuals are educated about scams, the fraudsters change their modus operandi

so victims think they are making good decisions—not realizing they have fallen

victim. e modus operandi of security must change as well.

Lately, we are hearing about businesses or credit card companies that have been

hacked, and many of us were victims simply because we used a debit or credit card

in the wrong place at the wrong time. Unfortunately, we fear this trend will become

more commonplace, and the only way to prevent it from happening is by educating

individuals and enhancing information technology (IT) security protocols. Much

of our personal and confidential information is stored “in the cloud” and is sus-

ceptible to attack. Security professionals such as Rick Youngblood help to keep our

personal information personal.

No one is safe. Bank employees and postal service clerks many times cannot

tell when they see a fraudulent check or money order. e schemes and scams have

become sophisticated and appear to be legitimate. As new software is developed

to either detect or prevent cyberattacks, the scheme becomes more advanced and

xvi ◾ Foreword

evolves to circumvent the controls that are in place. Preventing fraud and scams is

an ever-changing process, and we must quickly adapt to meet the new challenges.

Keep in mind this golden rule: “If it sounds too good, it’s probably a scam.”

Lawrence J. Fennelly, CHL III, CPO, CSS

Marianna A. Perry, MS, CPP