Guide Emerging Fraud: Fraud Cases from Emerging Economies

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In emerging markets these investigations can be impossible due to systemic weaknesses in the criminal justice system as well as weakness at the prosecution level. Data and intellectual property theft, touched on above, is another example of cyber-enabled fraud on the rise. Cyber means can be used to illegally obtain the IP but also to trade it.

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Cyber marketplaces exist on the dark web providing the forum for the purchase of illegally obtained information. Business activity in the dark web has been growing, with dozens of new marketplaces launched since the closure of the infamous Silk Road marketplace in October For organisations wanting to understand their specific exposure, dark web marketplaces and associated forums can be monitored to understand the specific illicit goods and services available, including those that relate to your organisation. These could range from corporate IP to illegal tickets for shows or even airlines.

More generally, monitoring such online mediums is useful in understanding how threat actors are adapting to disruptive law enforcement action and making use of increasingly sophisticated methods to operate, which can be used to inform where best to spend your information security budget. Looking ahead, cybercrime will continue to pose a significant and growing threat to the private sector as cybercriminals become more confident and capable to target well-defended business assets. The criminals behind this could be thousands of miles away, outside of any region your business operates in, but you could be targeted specifically or opportunistically if you have particularly valuable assets or easily exploited vulnerabilities.

When assessing risks, many international companies tend to approach this solely from the perspective of risks originating from the environment itself without considering risks emanating from within their organisations. This includes the systems and procedures that are in place to identify and mitigate risks.

Tackling fraud in emerging markets

This approach to emerging markets compounds the problem and is, in itself, a risk. When lapses occur, the tendency is to find the causes in the environment without focussing on internal shortcomings. It therefore requires a great deal of introspection by international companies of how practically it is able to navigate the complexities of operating in emerging markets. When dealing with fraud risks in emerging markets, be they traditional or cyber-enabled, the basic elements of risk management remain: prevention, detection and investigation.

These cannot be applied through merely being hopeful that fraud will not manifest itself. It requires a directed and well-defined anti-fraud programme that achieves results through design and not mere luck.

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  6. Case Study: Competitor-perpetuated fraud. A global manufacturing company had a suspected cyber-enabled fraud in one of its African subsidiaries. The company was concerned that many client requests were not making their way to the sales department and that it was consistently losing work on the basis of price to local competitors. It asked Control Risks to conduct a holistic and comprehensive investigation with a focus on collecting and preserving evidence that might, in the future, be used against the perpetrators. Control Risks and our technical partner, MWR Infosecurity, conducted remote analysis and deployed investigators on-site to rapidly understand if it had been breached and, if so, the extent.

    Through this process we were able to quickly ascertain that this breach was limited to email and did not appear to have come from a broader network compromise. The investigation then focused on email logs, processes and procedures within the organisation. Our on-the-ground investigation highlighted that webmail remote access to emails via the internet was available to all employees, yet was not regularly used by anyone.

    Nevertheless, our technical investigation showed evidence of webmail being regularly accessed.

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    In an environment where logs were not routinely retained, we therefore focused our investigation on finding evidence of this webmail access. We also found that after the passwords of the webmail accounts had been changed, there were several failed attempts to access webmail through this same IP address.

    The client is considering legal action and we were able to provide corroborated evidence to pursue the perpetrators. This provides an interesting insight into the kinds of frauds that routinely occur in emerging markets.

    Fraud Cases from Emerging Economies

    In this case, a competitor who was likely reading proposals sent to clients in order to be able to undercut on pricing. Ab out The Authors:. Gillian is a Director at Control Risks. She is responsible for driving the Cyber department with a focus on strategy formulation and relationship management. He was previously a Chief Investigating Officer at the Directorate of Special Operations DSO , a specialised law enforcement agency in South Africa that was mandated to investigate serious economic offences and transnational organised crime.

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