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
Someone you least expect can steal your trust and money
This insider highlighted in this CBS News story, who ran his own financial wealth management company, eventually got caught stealing from many investors who trusted him with their money. In this case, the fox was in the henhouse with many victims exploited and robbed of their money over many years.
Time well spent vising financial institution branches
Whether it be the fraud investigator making the rounds to the financial institution branches to make a presentation and answer any questions in a group or individually, getting out to the frontlines of your interface with customers is crucial and invaluable in helping prevent fraud. Training branch staff by making
SCU admits financial fraud is an issue for financial institutions
Another fraud incident involving an impersonation of the credit union member got covered by the media in the Winnipeg Free Press and the SteinbachOnline.com website. Here is an excerpt from the Winnipeg Free Press story written by reporter Scott Billeck. In a subsequent email viewed by the Free Press, an SCU assistant
Wells Fargo story highlights elder fraud and ways to prevent it
Fraud is so ubiquitous and all-encompassing to many people of all ages but as is well documented, seniors are frequent targets of scammers. This Wells Fargo story focuses specifically on preventing elder fraud and financial abuse. Good for Wells Fargo to highlight this far too prevalent problem affecting too many
Pig butchering is another scam you need to avoid
This is a very informative and detailed explanation of pig butchering by the AML Academy. While intended for the professionals retained by financial institutions to look out for schemes like these and to prevent them from happening, it is also educational and helpful for any consumer to become aware of
Client/Member – What exactly are you doing?
The LinkedIn post below by Ms. Macrafic begs the question of what a bank client or credit union member are doing when they come into your branch. What are their intentions with respect to a transaction request which may well not be a typical deposit or withdrawal? The comments in
The Washington Post offers fraud prevention tips to consumers
Finding good sources of information on preventing fraud is always a positive development when it can alert more consumers to what to avoid so they will never become a fraud victim and suffer at the hands of a fraudster with evil intent to harm them. The Washington Post’s contributing editor
Need to do make fraud prevention a financial institution priority
As well pointed out in two examples of financial institutions operating in different countries, within a similar time period, they both failed to conduct their fraud prevention controls and monitoring properly. Why not? What happened to following red flags and taking the necessary action to investigate them? If not taking
A teaching moment with important results
A key component of any fraud prevention program is training financial institution staff to be alert to scams and set up systems and steps to prevent them from being successfully carried out against clients and the institution which the fraudsters are using to launder money at the sending or receiving