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Call To Action
Draft write-up to initiate action in the House of Commons to bring in legislation that will do much more to protect our vulnerable and targeted seniors from being defrauded A petition to the House of Commons in April 2023 to protect seniors in particular from losing their lifetime savings and
Another senior victim speaks out about a romance scam in Nova Scotia
While public awareness of scams to bring attention to ones such as grandparent, romance and investment frauds tend to be centered around March since it is Fraud Awareness Month, a senior in Nova Scotia just revealed the following month that she has been taken in on a romance scam for
Transactions need to be monitored for good reason
An essential function of a financial institution is to protect the integrity of the banking system and engender trust in it by all who use it. Transaction monitoring is one of the fundamental cornerstones of banking and must be adhered to if financial institutions are serious about earning the loyalty
Canada plans to ban crypto ATM machines
Coming right on the heels of a Finance Canada consultation and discussion paper in April seeking what Canadians would like to see in a national anti-fraud strategy to prevent many victims from losing their money to scammers by all sorts of devious means, the federal government announced in the April
You can minimize risk by being risk aware
How you approach potential risk in a transaction can make all the difference in the world as pointed out by this compliance professional in his LinkedIn post below. He explains how he does it without the process becoming overwhelming or difficult. When you read his post, it really comes down
Fifth Third taking steps to protect clients from bank imposters
More cross-sectoral solutions need to be developed, shared, and implemented to stop scams which are emanating from spoof phone numbers and websites. For example, if a scammer is requesting a domain site which is almost identical to a legitimate bank URL such as Chase, are they being questioned and hopefully
Going to school on transaction monitoring
Putting some focus here on consumers, especially vulnerable seniors, who are frequently targets of scams (e.g., romance, grandparent and investment schemes etc.), makes it incumbent on those working on the frontlines to learn from sources such as the AML Academy. The post below on LinkedIn can be helpful too for
Governance of our banking system is required
This LinkedIn post is quite revealing in showing our young adults make up a large share of those involved in setting up mule accounts to use for illegal purposes. How are they being detected and policed by our financial institutions? If a large amount of money is coming into an
Transaction monitoring leads to good AML work
Upon detecting a transaction is not in keeping with a customer’s profile and one therefore which deserves your attention before sending the money, Anti-Money Laundering or AML obligations kick in and need to be followed up with in keeping with your obligations to be compliant with government AML regulations. The
One transaction is all it takes
It only takes one transaction to lose money so financial institutions need to be on the lookout for one that calls out to them that it may in fact be fraudulent and should be investigated before sending the money (e.g., wire). Where is it going, be it within the country