CFTEA

Residential Mortgage Processing & Underwriting Fraud Detection Certificate

Residential Mortgage Processing & Underwriting 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 front-line employees.  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 complete fraud training as a support employee.  (Formerly CFT Training)

 

Select from the following formats (checkmarks) to gain course information and pricing.  Courses may be taught in-house or live based on requests to the CFTEA office.

Required Courses

Instructor Led Online

Guided Learning

Self Paced

Virtual Classroom

  • Frauds, Scams and Cons (2021 Update)

  • Determining Your Role in Fraud Prevention

  • Fraud Detection Techniques

  • Fraud Detection, Reporting and Prevention

  • Mortgage Fraud and Ethical Behavior

2021.05

AIB ABA CFT

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