San Antonio Business Journal’s Post

FinCEN Analysis on Mail Theft-Related Check Fraud - FinCEN's latest analysis reveals a surge in mail theft-related check fraud, with $688 million in suspicious activity reported. Learn how to protect your institution from these risks. https://hubs.li/Q02QQKW00

In March, the American Bankers Association and U.S. Postal Inspection Service announced a joint effort to combat the rapid rise in check fraud, which has increased nationwide by 385% since the pandemic, according to the U.S. Treasury Department. (Articled copied in comments). Learn more on how Truist can help your business from being a victim of Check Washing Fraud! #truistcares #truist Truist

Protect your business from check fraud! 🔒 CCFBank’s Positive Pay recently stopped a $100,000 fraud attempt in its tracks. No loss, no interruption. Discover how Positive Pay can safeguard your finances and keep your cash flow uninterrupted.

In a collaborative effort to protect our community, AbbyBank, along with Forward Bank, Northwestern Bank, and Prevail Bank, have united to raise awareness about the growing dangers of check washing and how to prevent it. As we navigate an era of increasing digital transactions, it's essential not to overlook traditional threats like check washing. Learn more about how this form of fraud occurs and discover simple steps to safeguard your finances. Whether you're a business owner or a consumer, this article provides valuable insights to help you stay secure. https://lnkd.in/gfUZfyFH

🚨 Fraud Alert: Highrise Advantage🚨 🔹On May 7, 2024, Avinash Singh of Orlando, FL, pled guilty to multiple counts of wire fraud and money laundering, facing significant prison time and hefty financial penalties. Operating under the guise of Highrise Advantage, LLC, Singh deceived over 1,100 victims into investing more than $57 million in a fraudulent forex trading scheme. 🔹Despite promising safe investments and guaranteed returns, Singh misappropriated investor funds, using them to pay off other investors and finance his personal expenses. This fraudulent activity led to a federal court ordering Singh and his company to pay over $102 million in restitution and penalties, alongside a permanent ban from any trading activities. 🔹This case, pursued vigorously by both the Department of Justice and the Commodity Futures Trading Commission (CFTC), highlights the critical need for investors to conduct thorough research and verify the legitimacy of investment opportunities. The CFTC has emphasized the importance of checking a company’s registration status and being aware of the warning signs of fraud. ⚠️ Red Flags and Key Takeaways for Investors: ❗Verify Registration: Always confirm that a company is registered with the CFTC before investing. Commodity Trading Advisors (CTAs), Commodity Pool Operators (CPOs), Futures Commission Merchants (FCMs), Introducing Brokers (IBs), Floor Brokers (FBs), Floor Traders (FTs), Associated Persons (APs) are all required to be registered with the CFTC. ❗Be Skeptical of Guarantees: Promises of guaranteed returns or no risk are major red flags. In this case, the company reported statements that showed no losses. Which is rare for any type of investment. Singh also guaranteed that investors would not lose money. ❗Fabricated Experience: Singh claimed he was a successful forex trader with a proven track record. This was not the case, be sure to validate any experience someone claims to have before investing. ❗Lack of Transparency: If you aren’t told how your funds are being used, what trading strategies are being employed, and how a company is managing risk, stay away. ❗Conduct Due Diligence: Research and understand the investment and the people behind it. Due diligence is designed to detect fraud. If your current process cannot do that, it needs to be improved. Stay informed and protect your investments by staying vigilant against potential fraud. Let's spread awareness and ensure a safer investing environment for everyone. #InvestmentFraud #DueDiligence #InvestorAwareness #ForexFraud #FinancialSecurity Links Below: https://lnkd.in/gzhJGzbd https://lnkd.in/gz-kevaq

Protecting your accounts and managing cash flow are crucial for small businesses today. At American Community Bank & Trust, we understand the challenges of running a business and offer solutions to help you secure your accounts and manage your finances effectively. Our services can help you safeguard against fraud and optimize your cash flow. #wherebusinessbanks #fraudprevention Check out this article to learn more: https://entm.ag/eeqCTI

Sponsor banks face a fraud dilemma when it comes to embedded finance. 🧐 Are they taking the fraud risk into proper account? 🤔 How much oversight should they maintain over their partnerships’ fraud prevention strategies? 🤨 Can they have more control without creating customer friction? 😶 And how do they implement a solution that sufficiently aligns with the needs of different end-brands? Not to brag, but Alloy has a new way to help. 😉 https://lnkd.in/eNMgc3r2

Don't forget to listen to Regions Bank's 3-Part Series on FRAUD PREVENTION. "Regions Business Radio" host J.D. Mealor and Regions' Head of Fraud Forensics Jeff Taylor discuss the importance of fraud awareness, fraud protection, and how how to protect yourself, your business, your clients, and your vendors from fraud. This part of the series focuses specifically on CHECK FRAUD. Episode Link ➡ https://lnkd.in/eBeVB97v

It's Fraud Prevention Month - an important time to get re-educated on fraud tactics and most importantly, how to avoid them.   At TD we take fraud prevention very seriously and work with partners across the bank to offer tools, education and advice to help protect our customers and our colleagues' financial information. In that spirit, I encourage you to read the following article outlining 8 things your bank will never ask you - because the best way to protect yourself is to stay informed and stay aware.

Staying aware and protecting yourself in a world that is constantly changing and evolving is a MUST! ⬇️ This article is a great read for #FraudPreventionMonth 💚💯