Description
When it comes to fraud, crime does pay. Unscrupulous and fraudulent practices cost financial institutions billions of dollars each year. In fact, the Association of Certified Fraud Examiners reports that fraud and abuse cost typical US organizations 7% of revenues. This amounts to $994 billion dollars annually.
Employees in operations have access to a greater amount of information than a front-line employee. That access can provide stronger insights into potential fraud and detection.
What Is Bank Fraud?
According to Wikipedia, bank fraud “is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution”.
Fraud comes in many shapes, including stealing checks, forgery, check fraud, identity theft, bank impersonation (posing as a financial institution in order to lure people into depositing funds), taking out fraudulent loans (taking out a loan, knowing that he or she will immediately file bankruptcy), and now, with the growth of the Internet, hacking.
Are Banks Required To Offer Fraud Protection?
Bank account fraud protection is addressed under Federal Reserve Regulation E, which requires banks and credit unions to provide reimbursement for certain fraud losses occurring through unauthorized electronic transfers. That said, the best way to prevent bank fraud is to check fraud training for your tellers and support staff. (Formerly CFT Training)
Certificate includes the following courses:
BSA for Operations
This course has been designed to add content to the annual BSA training conducted at your financial institution with Operations staff receiving the focus.
The Bank Secrecy Act impacts all areas of a financial institution. As a member of the operations team, you are not only responsible for identifying and reporting suspicious activity in ACH, debit card, and electronic banking, but are also responsible for supporting the lending, deposit, and compliance staff in researching suspicious transactions. Therefore, it’s crucial that operations staff receive tailored annual (and initial) training on BSA/AML requirements and fully understand day-to-day expectations. This course will detail the BSA/AML rule components, red flags for funds transfer and electronic transaction fraud, CIP documentation, and CDD rules, including documenting beneficial ownership, OFAC screening, CTR completion, and much more!
Course Includes:
- Effects of Bank Secrecy Act
- Common BSA Job Requirements for Operations Staff
- Currency Transaction Report (CTR) Overview for Operations
- Monetary Instruments Log
- Detecting Suspicious Activity
- Suspicious Activity Report (SAR) for Operations
- Red Flags: Structuring Transactions
- Overview of Red Flags for Hot-Button, High-Risk Activities
- Customer Identification and Verification
- Beneficial Ownership Identification
- Understanding the Nature and Purpose of the Customer Relationship
- Ongoing Monitoring and Reporting
- Anti-Money Laundering (AML) for Operations
- Confidentiality
- Legal Information Sharing
- Articles
- Videos
- Case Studies / Scenarios
Fighting Fraud: Top Scams Targeting Our Nations Seniors (in partnership with the US Senate Committee on Aging)
The U.S. Senate Special Committee on Aging (Committee) is committed to protecting older Americans against fraud and raising awareness to prevent scams. The coronavirus (COVID-19) pandemic has only exacerbated risks for seniors and made them even more vulnerable to scammers and schemes. In 2020, the Federal Trade Commission (FTC) estimates that seniors have lost $100 million to COVID-19-related fraud. The financial impact of fraud and scams on older Americans in normal times cannot be understated; however, the costs suffered throughout the pandemic are even more concerning. In 2020, the FTC estimated that Americans ages 60 and older lost at least $602 million to fraud, scams, and financial exploitation schemes.
To raise awareness of fraud and scams and increase reporting, the Committee compiles data from the calls it receives in an annual fraud report. This year, the Committee’s Fraud Report includes information on other notable scams, including romance scams, where a scammer poses as a “love interest” online and seeks to gain a victim’s trust. The content covers the top five most reported scams since 2015 broken out by your state. These include: Government Imposter Scams, Sweepstakes Scams, Illegal Robocalls, Computer Scams, and Grandparent Scams.
This fraud course also includes recommendations seniors can use to protect themselves against fraud, scams, and financial exploitation. This section provides tips and resources for assistance in dealing with various fraudulent situations.
Frauds, Scams, and Cons
This course is designed to give you an understanding of the various types of fraud, scams, and con games that are prevalent in the world today. By becoming familiar with these, you will be able to better protect your financial institution, you and your customers from becoming victims of fraud.
Frauds, scams and cons come in many forms; uninvited contact is received by email, letter, and telephone or in person making false promises to con victims out of money. There are many of these sorts of scams that change based on current situations, such as CO-VID. However, there are underlying principles that can be applied to protect consumers and organizations from financial losses. In the end, our neighbors and community organizations are negatively impacted financially, reputation-wise, emotionally and physically. These courses cover a wide range of fraud topics normally covered in multiple training programs.
This course focuses on how consumers and employees of financial institutions can detect and protect fraud from impacting their communities and vulnerable adults.
New content just added that includes different types of cybercrimes, such as Ransomware, Corporate Account Takeover, and Wire/ACH Fraud.