Veritas Partners’ Post

The Emails That Almost Cost Us Millions I was starting my day as a finance manager when an urgent email from my out-of-town boss instructed me to transfer a large sum to an unfamiliar account. Something felt off even though the email looked legit, so I paused. I waited to confirm the request directly with the boss. Moments later, my treasury officer received a similar email from me, authorizing the payment. I did not send that email. It turned out to be a sophisticated phishing scam. We reached the boss, who said they never sent any such email. --- Even simple requests need a second look. In our fast-paced world, it's tempting to act quickly, especially when the request seems urgent and from someone important. However, this reminded me how important it is to verify financial requests, no matter how urgent they seem. This close call taught us: 1. Trust but verify: I trusted the "email" from the boss but checked before acting. 2. Strengthen controls: The money would have gone if only one person could approve. 3. Strengthen processes: Our processes never allowed for fund transfers just from emails. 4. Trust your gut: If something seems wrong, trust that feeling and wait until you have full clarity. Encourage your team to always verify first, no matter how urgent. In today's digital world, even trusted emails can be traps. Scams are becoming increasingly sophisticated. Urgency should never compromise security. In finance, caution is a great asset. 1. Always double-check. 2. Verify through multiple ways. 3. Maintain strong financial processes. Being careful is as valuable as your finance expertise. Cheers, Ajibola. P.S Have a Similar Experience? Share With Us. ♻️ Repost to spread the message and save a business.

Feel free to drop me a message if any of the roles interest you!😊 Custody Operations Analyst Duties & Responsibilities -Process and monitoring of all transactions, client requests and exceptions to ensure they are actively resolving outstanding exceptions on a daily basis. -Resolve issues or questions raised by clients or other departments, seeking guidance from Compliance where required -Escalate issues and control breakdowns to Custody Manager, Compliance and IT where appropriate -Ensure they maintain adequate product and process knowledge for transaction processing across all asset classes within Operations. Take active interest in changes to Financial Services industry -Support with the delivery of training on the transaction processing system and documenting and maintaining all relevant policies and procedures. Operations Analyst Duties & Responsibilities -Process and monitoring of all client requests on a daily basis. -Resolve queries raised by clients and stakeholders. -Engage with newly on-boarded clients to facilitate the operational take-on and set-up of entities and users. -Undertake cyclical reviews; Client reviews, Procedure up-dates and Administrative tasks. -Work closely alongside Analytics Team to ensure data management and system integrity of all internal and external systems. -Take active interest in changes to the Financial Services industry -Form an integral part of the front to back process flow. Review processes and procedures to identify weaknesses/inefficiencies and recommend remedial action as required. -Change management; ensure changes to business processes and system updates are appropriately tested and implemented in a timely manner. -Deliver new and enhanced systematic controls, minimise risk and improve efficiency.

Business Scammers are Sophisticated ⭐ 𝗖𝗿𝗶𝗺𝗶𝗻𝗮𝗹𝘀 𝗮𝗿𝗲 𝘁𝗮𝗽𝗽𝗶𝗻𝗴 𝗶𝗻𝘁𝗼 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝘁𝗲𝗮𝗺𝘀 𝗺𝗼𝗿𝗲 𝗮𝗻𝗱 𝗺𝗼𝗿𝗲, 𝗿𝗲𝗾𝘂𝗲𝘀𝘁𝗶𝗻𝗴 𝗳𝘂𝗻𝗱𝘀 𝗯𝗲 𝘀𝗲𝗻𝘁 𝗮𝗻𝗱/𝗼𝗿 𝗿𝗲𝗱𝗶𝗿𝗲𝗰𝘁𝗲𝗱 𝘁𝗼 𝘁𝗵𝗲𝗶𝗿 𝗮𝗰𝗰𝗼𝘂𝗻𝘁. A client vendor had their 𝗲𝗺𝗮𝗶𝗹 𝘀𝘆𝘀𝘁𝗲𝗺 𝗵𝗮𝗰𝗸𝗲𝗱. The scammers copied and edited previous emails received from my client requesting wire transfers.  The scammers then 𝘀𝗲𝗻𝘁 𝗿𝗲𝘃𝗶𝘀𝗲𝗱 𝗲𝗺𝗮𝗶𝗹𝘀 𝗿𝗲𝗾𝘂𝗲𝘀𝘁𝗶𝗻𝗴 𝗳𝗮𝗹𝘀𝗲 𝘄𝗶𝗿𝗲 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗿𝗲𝗾𝘂𝗲𝘀𝘁𝘀 𝘁𝗵𝗮𝘁 𝗹𝗼𝗼𝗸𝗲𝗱 𝗶𝗱𝗲𝗻𝘁𝗶𝗰𝗮𝗹! The emails were so good. Their tone was perfect, the emails had earlier ones in the thread… really sophisticated. 𝗧𝗵𝗮𝗻𝗸𝗳𝘂𝗹𝗹𝘆 𝘄𝗲 𝗵𝗮𝗱 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝗰𝗼𝗻𝘁𝗿𝗼𝗹𝘀 𝗶𝗻 𝗽𝗹𝗮𝗰𝗲.  We didn’t rely on emails for wires — we’d just put in a policy that 𝗮𝗹𝗹 𝘄𝗶𝗿𝗲/𝗔𝗖𝗛 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗿𝗲𝗾𝘂𝗲𝘀𝘁𝘀 𝗮𝗻𝗱 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝗵𝗮𝗱 𝘁𝗼 𝗯𝗲 𝘃𝗲𝗿𝗯𝗮𝗹𝗹𝘆 𝗰𝗼𝗻𝗳𝗶𝗿𝗺𝗲𝗱. Internal control processes around the treasury function are critical. Have your senior finance and accounting leadership work with your banks to implement best practices. 𝙏𝙤 𝙡𝙚𝙖𝙧𝙣 𝙢𝙤𝙧𝙚 𝙖𝙣𝙙 𝙙𝙞𝙨𝙘𝙤𝙫𝙚𝙧 𝙝𝙤𝙬 𝙄 𝙘𝙖𝙣 𝙟𝙤𝙞𝙣 𝙮𝙤𝙪𝙧 𝙩𝙚𝙖𝙢, 𝙨𝙚𝙣𝙙 𝙢𝙚 𝙖 𝘿𝙈 𝙤𝙧 𝙚𝙢𝙖𝙞𝙡 𝙢𝙚 𝙖𝙩 𝙘𝙖𝙧𝙧𝙞𝙚@𝙘𝙖𝙧𝙧𝙞𝙚𝙖𝙪𝙜𝙚𝙣𝙨𝙩𝙚𝙞𝙣.𝙘𝙤𝙢. ⭐

An issue with entrusting anything with a 3rd party company - is the person you trust going to be at that organization to follow through? Is the person you trust capable of making decisions autonomously? We encounter this very often at banks, where the "business developer" has zero influence on the credit team or approval board, and they also tend to jump from bank to bank fairly quickly. In the past year, we were looking into some 3rd party property management companies, and found one we had good trust and rapport with, we ultimately didn't hire them but found out the person we trusted there, left the company shortly thereafter..dodged a bullet there. - How do you chose who to trust? - Whom do you chose to develop relationships with? - Any examples you can share of the above, where the trust couldn't follow through? #BuildingFreedom #CreatingCommunities #Networking #Trust

Streamline onboarding. Reduce fraud loss. Treat customers fairly. Sound like a tall order for one simple case management solution? Not if it’s the right one - and you can integrate it directly into your decisioning solution for streamlined end-to-end onboarding. Read the blog for more details. https://bit.ly/3vXBvvV #casemanagement #fraud #decisioning #onboarding

Opportunity

Financial fraud is a pervasive issue that can cripple businesses. Remote accounting services, powered by advanced digital tools, play a crucial role in preventing such fraud. By leveraging real-time data analytics, automated processes, and secure cloud-based systems, remote accounting ensures robust financial oversight and fraud detection. https://lnkd.in/dXAegT8E

Good Morning I have a new role that just opened up in either Concord, CA, SF/Bay Area CA, Charlotte NC, or Minneapolis MN It would be hybrid. Please send me your resume if you are interested or know anybody that is. Regulatory Reporting Analyst (Business/Data) The contractors will work on Requirements and/or testing (not just SDLC but control testing) related to critical bank deliverables • Act as a key data subject matter expert for Financial & Risk Regulatory reporting. • Lead the execution and delivery of data transformational and remediation activities working closely with the LOB Product team(s) - Loan Delivery, Loan Accounting, Lending Collateral, and LOB leader(s) across the Lending domain of CB and CIB • Participate in Regulatory Data Product Backlog refinement, prioritization, pre-planning event, working with the product manager and stakeholders to define the architectural approach, capability roadmap, and high-level objectives for the roadmap. • Simplify the E2E data supply chain (Produce => Distribute => Use) of Lending data for high priority regulatory reporting (eg: FRY 14Q, FR 2052a), while ensuring no disruption to these high priority commitments during conversion/transformation • Provide vision, leadership, and industry expertise regarding complex companywide strategies that significantly influence the organization's business and financial operations • Plan and manage strategic initiatives, using solid analytical skills, extensive knowledge of Business Execution, and understanding of international business 2.Regulatory Reporting Auditor • Act as a key data subject matter expert for Financial & Risk Regulatory reporting. • Lead the execution and delivery of data transformational and remediation activities working closely with the LOB Product team(s) - Loan Delivery, Loan Accounting, Lending Collateral, and LOB leader(s) across the Lending domain of CB and CIB • Participate in Regulatory Data Product Backlog refinement, prioritization, pre-planning event, working with the product manager and stakeholders to define the architectural approach, capability roadmap, and high-level objectives for the roadmap. • Simplify the E2E data supply chain (Produce => Distribute => Use) of Lending data for high priority regulatory reporting (eg: FRY 14Q, FR 2052a), while ensuring no disruption to these high priority commitments during conversion/transformation • Provide vision, leadership, and industry expertise regarding complex companywide strategies that significantly influence the organization's business and financial operations • Plan and manage strategic initiatives, using solid analytical skills, extensive knowledge of Business Execution, and understanding of international business Looking for ex-Fed or ex Regulatory Reporting auditors or seasoned Top 4 consultant who has worked with big banks. Contract to hire based on performance 1-2 year contracts Green Card or US CITIZENS Only. Email: Sam@silververtexinc.com

How to Improve Your Credit Score - Part 3 Seek a balanced approach in managing credit to prepare for future financial needs like buying a car or a home. A well-rounded credit mix – three revolving accounts (credit cards) to one installment account (loan) – demonstrates financial competence. Tip: Maintain financial prudence. Be mindful of credit inquiries discussed earlier. Owning at least one open credit card ensures a continuous credit line and history-building. Address incorrect or invalid negative items on your credit report, such as late payments or collections. These items significantly impact your credit score. Audit these items with Equifax, Experian, TransUnion, original creditors, and collection agencies. Professional assistance can aid in dispute resolution. Tip: If the dispute process is challenging, consider hiring professional help. Companies like MSI Credit Solutions can assist in resolving these credit report issues on your behalf.

How to Improve Your Credit Score - Part 3 Seek a balanced approach in managing credit to prepare for future financial needs like buying a car or a home. A well-rounded credit mix – three revolving accounts (credit cards) to one installment account (loan) – demonstrates financial competence. Tip: Maintain financial prudence. Be mindful of credit inquiries discussed earlier. Owning at least one open credit card ensures a continuous credit line and history-building. Address incorrect or invalid negative items on your credit report, such as late payments or collections. These items significantly impact your credit score. Audit these items with Equifax, Experian, TransUnion, original creditors, and collection agencies. Professional assistance can aid in dispute resolution. Tip: If the dispute process is challenging, consider hiring professional help. Companies like MSI Credit Solutions can assist in resolving these credit report issues on your behalf.