Five lessons in modern fraud prevention for compliance leaders
Published
We hosted a webinar that was a little different. We pitted real-world compliance leaders against Alex Wood: a man who spent 25 years committing identity fraud and multi-million-pound scams.
Alex was joined by a panel of senior compliance leaders who asked the tough questions we all want answers to. Today, Alex is a "poacher turned gamekeeper," working with the police to stop the very crimes he used to commit.
Here are the top five eye-opening clips from the session that turn traditional verification on its head.
How is AI being used to commit fraud?
Alex explains how criminals only need a three-minute voice sample to create a 99% accurate deepfake clone. It means the old-school phone call is no longer a safe way to verify payment instructions.
How do criminals fraudulently obtain genuine passports?
If you only check if a passport is "real," you’re missing a huge blind spot. Alex reveals how criminals use FOG (Fraudulently Obtained Genuine) documents - real passports that belong to the wrong person.
Who is liable for fraud?
Fraud affects more than just the compliance team. Alex describes who is actually responsible when things go wrong and why protecting your firm is really about protecting people.
How criminals clean "dirty" money
Alex breaks down the "Nominee Director" structure. It’s a trick designed specifically to beat standard checks and buy high-value property right under the nose of law firms.
The risk of internal pressure
AML failure often starts with a "nudge" from inside the office. Alex explains how the pressure to get deals over the line creates a weakness that criminals are ready to exploit.
Ask Alex your questions live
We’re hosting our first Compliance Leaders Summit: VERIFIED. Alex is our keynote speaker, and since he’s been on both sides of the law, he has a unique perspective on how to protect your firm. Join us to ask the questions only an ex-fraudster can answer.
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