Featured Posts
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
Preventing wire fraud can be stopped with one independent phone call
One simple independent phone call as Caitlin Jacob points out below on LinkedIn can save the financial institution and the victim thousands of dollars as both are at a huge loss to proceeds of crime. The victim’s financial well-being can be devastated as is their emotional and social self-worth. This
KYC is a key to unlocking financial crime
As noted here, KYC is far more than doing a proper and well-executed onboarding interview to understand the profile of your new client or member in the case of a credit union. Are there vulnerabilities that they may be subject to, or could they in fact be one that may
Be aware and you may snare a scam in progress
Wholeheartedly agree with Panku Singh’s enthusiastic embrace of the infographic he describes as one showcasing 8 real-world case studies. As he aptly states, “The best analysts don’t just follow checklists. They connect dots, challenge assumptions, and dig deeper when something doesn’t add up.” Good for him to uncover and make
FAIR Canada weighs in on Canada’s national anti-fraud strategy discussion paper
A short window of consultation in April by Finance Canada on its national anti-fraud strategy discussion paper may have not given individuals and organizations the time to provide the input they desired to provide, however Fair Canada did its best to parse through the entire paper with all its 50
Transaction monitoring is not optional; it is a must do action
If financial institutions and other money transfer ancillary operations are going to make a discernible difference in providing better outcomes on detecting and preventing fraud, they must follow and act immediately on obvious red flags that come up during transaction requests, whether online or in-person. If they do not, it
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