RELEASE DATE: May 17, 2021
DURATION: 110 minutes
Bank account fraud for 2018 (latest data available) amounted to $25.1 billion, an increase of $6 billion from the previous survey in 2016 according to the American Bankers Association. This figure underscores the need for credit unions to use every available mechanism at their disposal to prevent fraud and avoid losses. Check and debit card losses account for over 40% of the fraud losses – each, with remaining losses attributed to person to person payments, bill pay, ACH and wire fraud. In this webinar we explore the requirements for credit unions to take steps to prevent unauthorized transactions, identity theft, account takeover, and protect sensitive member information, as well as guard against electronic intrusion, e-mail compromise; prevent elder and dependent adult financial exploitation and more.
Key Learning Elements:
- How check hold policies can reduce check fraud losses.
- Why vetting members prior to allowing mobile banking, person to person payments and RDC is important.
- What types of controls should be in place for wire transfers?
- Who is responsible for plastic card transactions after the access device was provided by the member?
- Whose liability is it for forged checks and unauthorized transfers?
- When should we be concerned about credit reports containing fraud and active duty alerts, notices of address discrepancies and credit report freezes?
Who should attend? Branch Managers, frontline staff, operations and lending personnel, plastic card and electronic services, risk management, fraud, compliance and audit.
MEET THE PRESENTER
Mary-Lou Heighes started her financial institution-related career in 1989, working in the areas of lending, marketing, collections, and a LOT of “other duties as assigned” in many areas of operations. After 5 years she transitioned to a compliance role at a state trade association providing answers on the compliance hotline, writing articles on changing regulations and providing assistance to state and federal governmental affairs departments regarding proposed laws and regulations affecting financial institution operations.
In 2000 she founded Compliance Plus, Inc. to provide more direct assistance to financial institutions struggling with day-to-day compliance challenges. In this capacity she uses her 25 years’ compliance knowledge to provide phone and e-mail support to retainer clients, in-house consulting and training, and website and marketing compliance reviews. She also speaks around the country on compliance issues for various state trade associations, at industry conferences, and of course webinars.