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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
Where are you sending your money?
Before sending your money anywhere, domestic or international, do you know the account and who is behind it? You need to verify it independently if someone you do not know is telling or directing you in wire instructions what account to send money to? This LinkedIn post gets into you
Transaction monitoring a key to preventing fraud
As this fraud and AML professional indicates, red flags give reason to investigate further. You need to recognize them and act immediately to ensure the transaction is legitimate. In doing so, it can be the difference between stopping a fraudulent transaction and not sending money into the hands of proceeds
EDD is an additional safeguard and control to prevent fraud
In this current environment, where fraud through enabled AI, is so prevalent and pervasive within our global financial system, our financial institutions as frontline gatekeepers from keeping the wolves from getting your money must adopt a fraud prevention framework which delivers results, not reports after the fact. Enhanced Due Diligence
Protect highlighted at this TD Bank reimagine meeting
Consumers of banking whether with TD Bank or other financial institutions, would wholeheartedly agree and support the message delivered here by Sophia Leung of TD Bank. Given the financial losses customers of banking are experiencing through various scam schemes to remove them of their money, what safeguards can banks put
Are you protecting your customers from fraud?
The LinkedIn post below does a good job of succinctly describing a “typical fraud investigation cycle” with the aim of protecting customers and reducing financial risk. Shashank Deshmukh Aspirant Investment Banking Operations Professional | CIBOP Program | B. Com | LLB | Financial Market Enthusiast | Banking Operations | Capital
Thresholds can be a key determinant to detecting fraud
Thresholds should be one important detector of further scrutiny before processing a customer’s transaction request. Mr. Clark in this post picked up the application of thresholds in the Consent Order brought down on Bank of America by the US Office of the Comptroller of the Currency (OCC). As he states,
KYC is critical to identifying your customers and risk to the financial system
KYC is a fundamental fraud preventive function in banking so the more KYC analysts can implore everyone working within financial institutions to heed their call to fight financial crimes, less fraud will happen and devastate so many victims who are unaware how vulnerable they can be from being targeted and
Where is the independent verification of new wire instructions?
This post is on the City of Mobile Alabama losing $14.7 million in a fraudulent wire transfer. However, it could be the same with an individual too if the financial institution fails to do any verification of the transaction. The clickable media story under this post reveals that the City
Will the enforcement message get through with major fines?
With Bank of America just receiving a fine of $1.2 billion for ignoring suspicious transactions this AML analyst’s post is apropos in that you have to question what are banks as large as Bank of America doing with all of their resources to detect and prevent fraud. As this post