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Bank Best Practices to Prevent Fraud

Duration : 60 Minutes

Justin Muscolino,

Justin Muscolino brings over 20 years of wide-ranging experience in compliance, training, and regulation in the financial services sector. Most recently, he served as Head of Compliance Training at Bank of China where he led the compliance training function and created and monitored the annual tra Read more

Fraud is of more concern to banking leaders today than ever before. This is driven by national media coverage, actual dollar losses, the attack on trust (which is key to customer relationships), costs to allay customer concerns, changing regulatory environment, and changes in how fraud efforts are being organized. Fraud is no longer just a “cottage industry”, it is moving to an industrial model where specialists steal data and sell it to others who organize high-volume attacks by multiple perpetrators. Banks cannot combat the “Fraud Industry” with yesterday’s methods.

There are reasons to believe that fraud losses are actually higher than recognized. Some fraud losses are buried in card interchange fees. A significant amount of fraud losses likely get reported in banks’ accounting as credit losses. But they weren’t due to poor credit decisions, they were fraud scams from day-one. The software is widely installed to identify specific patterns and “unusual” transactions. But the fraudsters know this and are constantly striving to create new patterns where their transactions are designed not to be flagged. Like in a game of chess, the advantage goes to the side that thinks the most moves ahead.

Why Should You Attend:

Recent massive data exposures have put the spotlight on fraud risks to banks, merchants, and personal banking customers. Fraudsters are always looking for new opportunities and new weaknesses. The availability of customer data on the black-market gives them new power tools to use to enrich themselves. A bank has responsibilities to its shareholders and customers to protect them from these ever-changing threats.   

Course Outline:

• Reasons for focus on fraud, it is not just the money
• Two-step process: Identity and Execution
• Specific Identity aspects of frauds
• Payment systems issues (check image, ACH growth)
• Credit issues (cards and loans)   
• Centralizing financial crime responsibilities
• Eight points where fraud can be addressed by a bank
• Four ways to add value to your bank

What You Get:

• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Points

Who Will Benefit:

• Retail/Commercial/Global Banking Leaders
• Risk and Compliance Officers
• Loss Control Managers

Please reach us at 1-888-844-8963 for any further assistance or if you wish to register


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Subject : Bank Best Practices to Prevent Fraud

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