Former JPMorgan Employee Confesses Involvement in Million Dollar Identity Theft and Fraud
While external threats such as intrusion attempts by cyber-attack groups hit the headlines, organizations also face the challenge of insider theft and fraud. Recently, a former employee of JPMorgan Chase & Company pleaded guilty to charges of stealing funds worth over $1.1 million from the company through larceny, identity theft, submitting false business records, forgery and a defraud scheme. A Manhattan district attorney declared the guilty plea of 28 year old HAO “HOWIE” WANG. He indulged in the illegal activity during a one year period.
While working as a business banker, WANG stole the identity of a legitimate bank customer, opened a fraudulent corporate account by using false documents and allegedly transferred around $250,000 to the business account. He then transferred around $200,000 to banks accounts outside the country. In another instance, WANG made unauthorized transfer of over $800,000 to bank accounts outside the country by stealing the identity of two customers. Earlier, he obtained a loan of $100,000 from JPMC by misrepresenting an individual who was not a bank client and using fraudulent documents.
Employee initiated fraud is a major cause of concern for organizations as they may be difficult to detect. By the time, organizations detect the discrepancy, the fraud may have already caused the intended damage. Customers are hard to retain in the highly competitive environment characterized of multiple players and availability of similar products. Theft and fraud by employees have adverse implications on the business. Insider fraud may also result in litigations against the company. As such, insider fraud may have serious financial, reputational and legal repercussions for the business. Professionals qualified in masters of security science may help organizations in understanding threats prevalent in the business environment and devise preventive measures.
Organizations must have proper procedures in place for incident reporting and investigation. An employee, customer or stakeholders must be aware of proper channel to report on detecting fraudulent activities by internal staff of the company. Organizations must have incident response teams in place to detect and identify security incidents caused by internal and external agents. Employees may take advantage of e-learning and online degree programs to acquaint themselves of incident handling and response techniques.
Organizations must regularly evaluate the security practices and implement necessary improvements to prevent unauthorized access, data breach incidents, theft and fraud. Regular monitoring of logs may help organizations in detecting discrepancies and initiating corrective action. IT professionals may leverage online university degree programs, seminars and conferences to acquaint themselves of and implement latest fraud detection and monitoring mechanisms.
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EC-Council
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EC-Council University is based in Albuquerque, New Mexico and offers Master of Security Science (MSS) degree to students from various backgrounds such as graduates, IT Professionals, and military students amongst several others. The MSS is offered as a 100% online degree program and allows EC-Council University to reach students from not only the United States, but from all around the world.
EC-Council is a member-based organization that certifies individuals in cybersecurity and e-commerce skills. It is the owner and developer of 16 security certifications, including Certified Ethical Hacker (CEH), Computer Hacking Forensics Investigator (CHFI) and EC-Council Certified Security Analyst (ECSA)/License Penetration Tester (LPT). Its certificate programs are offered in over 60 countries around the world.
EC-Council has trained over 80,000 individuals and certified more than 30,000 members, through more than 450 training partners globally. These certifications are recognized worldwide and have received endorsements from various government agencies including the U.S. federal government via the Montgomery GI Bill, Department of Defense via DoD 8570.01-M, National Security Agency (NSA) and the Committee on National Security Systems (CNSS). EC-Council also operates the global series of Hacker Halted security conferences.
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