CFTEA

Deposit Operations Fraud Detection Certificate

Deposit Operations Fraud Detection Certificate

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 check fraud training for your tellers and support staff.

Required Courses:

2021.05

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