Financial crimes have evolved into sophisticated operations that, at best impact individuals and at worst—whole economies. For the second installment of our ‘DF Crimes Revealed’ series, host Jared Barnhart and Detective Wyatt Wilson of the Columbus, Ohio Division of Police, put the spotlight on the crime type and showcase how digital forensics can be an effective tool in investigating financial crimes.  

The Many Faces of Financial Crimes

Elderly Exploitation 

From his 26 years of lauded experience, Detective Wilson highlights the most prevalent financial crimes he  encountered and its implications—starting with elderly individuals.  

“Our elderly population makes up a large portion of identity theft victims,” he says. “I believe that the FBI reported that in 2022, there were 88,262 victims that were over 60 years old. And their losses totaled $3.1 billion. And that’s an average loss of $35,000 per victim, which is a crazy number to think.” 

He elaborates on why the elderly are susceptible, explaining “They’re more trusting than others… they don’t think of, ‘so this guy is trying to scam me out of my money, they seem nice over the phone.’” 

Grave Consequences  

More than financial losses, scams can escalate to violence, as a recent case in Ohio underscores. The story involves an elderly scam victim. After the scammers threatened to harm a family member, they demanded money. The scammers hired an unknowing Uber driver to retrieve a package, which was the money, and sent the driver to the elderly man’s home to collect it. “He comes out with a gun and shoots the lady and kills her,” Detective Wyatt says. “Thinking she was the person who is trying to scam him.” The woman leaves behind a loving family, the scam victim is now facing murder charges and police are still trying to track down the scammers. 

This incident underscores the devastating human cost—both direct and collateral—associated with scams like these. 

When Love Turns Criminal  

Detective Wilson sheds light on romance scams, too, saying “Dating sites offer a platform for scammers to exploit feelings of loneliness. They pose as potential partners, patiently building trust with their victims. Once a sense of emotional connection is established, the scammer introduces a fabricated obstacle, often involving travel and solicits money transfers to overcome this hurdle. These requests typically snowball, draining the victim financially.” 

Children at Risk 

Financial crimes can also impact children. “If a family member with bad credit uses a child’s social security number to open accounts,” Detective Wilson warns, “it can leave them with a poor credit history later in life.” 

A Guide on Counterfeiting: A Persistent Threat 

Counterfeiters produce replicas of currency, checks, credit cards and luxury goods, disrupting economies and communities. The circulation of counterfeit money leads to financial losses, job displacement and increased consumer prices, posing significant challenges to law enforcement agencies. 

Methods of Counterfeiting Currency 

The sophistication of counterfeiting methods varies. Detective Wilson details some techniques he encountered: 

  • Inkjet printers and regular paper: This method results in easily detectable counterfeit bills. 
  • Chemicals to remove ink from $1 bills: Criminals then use printers to create counterfeit $100 bills on the blank paper. 
  • Ordering counterfeit money online: These bills may be marked “motion picture use only,” but some retailers unknowingly accept them. 

Distributing Counterfeit Currency 

Detective Wilson explains how counterfeit money is often distributed: 

  • Distributing to individuals who use the bills and return a portion of the proceeds to the counterfeiter 
  • Leaving clone credit cards (cards with stolen magnetic strip data) at stores for accomplices to use 

The Human Cost  

While counterfeiters often target large corporations, the financial losses can have a ripple effect. Smaller businesses, especially mom-and-pop stores, can be severely impacted by counterfeit currency. These losses can translate to higher prices for consumers and job losses within communities. 

Combatting Financial Crimes with Digital Forensics 

Digital forensics plays a pivotal role in investigating financial crimes by enabling the collection and analysis of evidence from various digital sources. Examiners and investigators can leverage forensic techniques to extract data from mobile devices, analyze IP logs and trace transaction histories, which is crucial for identifying suspects and building strong cases. 

Preserving the Evidence 

Effective financial crime investigations begin with isolating mobile devices to prevent remote access or data wiping. Victim interviews provide valuable insights into the sequence of events, guiding subsequent investigative steps and enhancing case solvability. 

The Investigation: A Collaborative Effort 

Building a strong case requires meticulous planning and collaboration. Detective Wilson outlines the investigation process, which involves: 

  • Victim Interview: Understanding the details of the crime from the victim’s perspective is crucial. 
  • Gathering Information: Depending on the case, this may involve acquiring financial institution records, video surveillance footage and IP logs. 
  • Legal Process: Obtaining search warrants and subpoenas is often necessary to access vital information. 

Last word: The Importance of Building Relationships 

Detective Wilson emphasizes the importance of fostering relationships with financial institutions and loss prevention teams. These connections can expedite the retrieval of information and provide valuable insights into ongoing investigations. 

If you have not, catch the full 3-part video series with Detective Wyatt Wilson below.  

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