Identity issues in Banking - 26 Red Flags and More
About This Event
This webinar training helps attendees to understand the problems with 26 Red flags released by federal regulators in regards to identity fraud. The instructor will discuss how to create and implement the fraud control program and Identity solutions to combat ID theft and reduce future losses.
Why Should You Attend:
What is going on with regard to customer ID and the Equifax data breach, which we now know was done by the Chinese Army? Banks have been increasingly depending on Credit Agencies’ data to support their customer identity needs. After the data breach at Experian, fraudsters buying data on the Dark Web have access to the same credit report data the bank does. Banks need to do some basic rethinking about customer and potential customer identity issues. And they need to do that quickly. This is going to require creative thinking, as there is no “solution” in a box on the shelf.
Learning Objectives:
What has been compromised by the data breach? Do we still know…
Who is this new account applicant?
Is this person the customer they claim they are?
So where now? Back to the future? It well may be that the best answers depend on technologically updated versions of how people have always recognized each other: faces, voices, and (of late) fingerprints.
Faces, lessons from Casinos
Voices
Fingerprints
Other options
Addresses as control
Matching
Returned mail as control
What do we do NOW?
Plan
Prioritize
Areas Covered in the Webinar:
What has changed?
Problems with the “26 Red Flags”
Red flags indicating ID threats for new accounts
On application
On credit reports
On documents provided
On early use of new credit
Red flags indicating ID threats for existing accounts
Directions for ID Tools in a post-breach world
Who Will Benefit:
Fraud Offices
BSA/AML Professionals
BSA/AML/Fraud VP, Manager, Director, Supervisor
Compliance Officers
Internal Auditors
Accountants
Corporate Investigators
Management Personnel
Frontline Employees
Financial Institution Branch Managers
Law Enforcement
Small Business Owners
Forensic Auditors and Accountants
Certified Fraud Examiners (CFES)
Certified Anti-Money Laundering Specialists (CAMS)