Woodsville Guaranty Savings Bank’s Post

QUBE Events is proud to welcome Jo Davenport, SVP, Fraud Director at the Third Coast Bank, as a Speaker on “The Future of Financial Crime” at the 15th NextGen Payments & RegTech Forum on 10-11 December 2024 at the Hyatt Regency in Austin- Texas, USA. Jo Davenport is the Senior Vice President, Fraud Director at Third Coast Bank, where she spearheads the bank's efforts in fraud prevention and detection, managing investigations, and developing robust fraud mitigation strategies. With over a decade of experience in the financial services industry, Jo has a proven track record in fraud management, having previously served as VP, Manager of the Fraud Fusion Team at Texas Capital Bank. She is also an Advisory Board Member at the Unit21 Fraud Consortium. Jo holds the Certified Financial Crimes Investigator (CFCI) certification from the International Association of Financial Crimes Investigators (IAFCI), highlighting her expertise in fraud investigations, ACH payments, and risk management. Her leadership and strategic vision are instrumental in advancing fraud prevention initiatives and maintaining the security of banking operations in Dallas, Texas. Book now to enjoy a 10% discount before it expires! Contact us at info@qubevents.com to claim the discount! To register and access the agenda: https://bit.ly/43eQuxk  For more information on registration, please contact info@qubevents.com #qubevents #npf #finance #fintech #conference #networking #speakers #USA #Austin #payments #regtech #forum #regulatory #nextgen #financialservices #aml #joinus #compliance #trends

Carefull has been giving a lot of thought to ways Credit Unions can protect their older members from fraud, elder abuse, and money mistakes. By helping members help themselves, reducing strain on the CU's fraud infrastructure, meeting members where they are in the aging journey, and including loved ones in the process, Carefull can make a meaningful impact on your member protections and stop small issues from becoming big ones. If you're interested in learning more about these initiatives, I would love to meet up in DC for a chat! Check out the link below for more information on the five things Credit Unions should be doing right now to protect their older members. #GAC #GAC2024 #memberprotections #creditunions Link: https://lnkd.in/epi-Ug3D

🔍 𝐀 𝐂𝐚𝐥𝐥 𝐟𝐨𝐫 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲: 𝐄𝐦𝐩𝐚𝐭𝐡𝐲 𝐚𝐧𝐝 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐢𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠🔍 🚨 In a world where financial trust is paramount, the recent revelations about JPMorgan Chase, Wells Fargo, and Bank of America's reported refusal to reimburse a staggering $863,000,000 to victims of fraud raises concerns and prompts us to have a serious dialogue about customer protection and financial empathy. 💡 As a seasoned Wealth Strategist, the foundational tenets of my practice have always been trust, security, and an unwavering commitment to client wellbeing. The Senate investigation's findings are more than just troubling; they underscore a systemic failure to uphold these values. 🚫 Banks, as stalwarts of people's hard-earned savings and personal capital, have an inherent duty to deploy robust anti-fraud measures and to promptly rectify situations when protections falter. This is not merely a legal obligation; it is a moral one. 👩⚖️ 💡 From a professional standpoint, here are pivotal steps institutions must consider: 1️⃣ Enhanced Vigilance: Proactively invest in state-of-the-art fraud detection algorithms and customer notification systems. 2️⃣ Rapid Resolution: Establish clear, streamlined processes for fraud claims, ensuring expeditious and fair settlements. 3️⃣ Customer Education: Equip clients with the knowledge and tools to protect themselves, fostering a proactive defense against financial mishaps. 4️⃣ Goodwill Gestures: In instances of loss, a gesture of goodwill, whether full reimbursement or a compromise solution, can go a long way. These actions should be the norm, not the exception. Empathy in finance is more than a buzzword; it's the cornerstone of trust and longevity in client relationships. 🤝 An absence of client-centric resolution processes can lead to erosion of trust, customer attrition, and a tarnished brand reputation, effects that have longstanding ramifications. Let's hope these venerable institutions take these findings as a clarion call to elevate their client care and risk management protocols. It's not merely about restoring funds; it's about reaffirming faith in the systems that underpin our financial lives. 📈 #Finance #CustomerProtection #EmpathyInFinance #Banking #FraudPrevention #RiskManagement #FinancialServices Eric Tan Wealth Strategist IBF Advanced (Level 3)

Business owners and finance teams, this one's for you: last week Umpqua Bank hosted a webinar in which we examined Today's Threat Landscape; the too-real payments fraud environment. A recap and recording are linked below, but here are a few key takeaways: 💸 "There is nothing sacred, fraudsters will come after everything in every channel" - Brad Crall is absolutely right. Checks remain high risk, but the many ugly faces of Business Email Compromise (BEC) are exploiting vulnerabilities and increasing ACH and wire risks. 💸 Rising and evolving scams against individuals are now exposing businesses to additional risk. When facing financial pressure of an individual loss, people (*ahem*, employees) may step widely out of character, jeopardizing company funds. 💸 96% of U.S. companies were targeted by fraud at least once in 2023. And 36% of victims lost more than $1 million. Translation: Businesses are very much at risk of losing very real money and it is no longer feasible to assume immunity. It is time to prepare. There are simple things you can start today to keep your company - and yourself as an employee - protected. Defined separation of duties in financial platforms and business online banking, clear policies and procedures for payments disbursement, tools like Positive Pay that empower payment verification. Another excellent way to stay ahead of fraud is to create a culture of awareness by leading and encouraging educational conversations. You can begin by watching/sharing our webinar recording and recap, or by sharing this post. I would also love to see you at our next webinar for an in-depth discussion about proactive prevention strategies. Because I'm all about making your life easier, all of these actions are simplified to one resource. Check it out here: Today’s Threat Landscape - S.A.F.E. Event (umpquabank.com)

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

🤝 Proven Success: Financial Inclusivity and Fraud Prevention CAN Coexist ⬇️ 🚀 CSE Federal Credit Union and AFS are successfully guarding against ACH fraud without sacrificing member access to services. 📕 Our latest case study dives into how CSE managed to effectively blend fraud prevention with their mission of supporting low-income members. ▪️ Highlights: 🛡 Proactive Fraud Detection: TrueACH automates real-time alerts, drastically reducing manual checks and operational burdens. 🛡 Impactful Results: With hundreds of high-risk transactions identified, CSE prevented potential losses in the hundreds-of-thousands. 🛡 Strengthened Trust: CSE continues to solidify its reputation as a reliable financial institution for all of its community members. 👉 Dive into the full case study to see how CSE Federal Credit Union is leading the charge in secure, inclusive banking solutions. https://lnkd.in/gudYU5pD #FraudPrevention #FinancialFraud #DepositFraud #FinTech #ACHFraud #ACHNetwork #CaseStudy #FinancialInclusion #CreditUnion #CreditUnions #BankingTechnology #SecureBanking

When Seniors Look in Their Financial Mirror Who Do They See? Seniors over the age of 62 are a very optimistic group in their ability to manage finances in the future. When they stare into the “financial mirror” 93% of respondents to a national survey state they are either well prepared or mildly prepared to handle their everyday banking and financial needs in the future. But is this a sign of overconfidence? Fresh research sheds more light on this critical issue for seniors and their loved ones: https://lnkd.in/ezQPu88d Aging parents and adult children do not see the same picture regarding concerns on managing finances including everyday banking. The senior (age 62+) wants a backup plan. They want someone to know their finances in case they die. What do adult children of seniors see? They see cognitive decline as their top concern. Why the difference? My perspective is our desire for independence as we age from driving to finances. The reality is our health and cognitive capabilities can change quickly. Everything is great until the unexpected happens such as elder financial fraud. Fraudsters who commit elder fraud prey on this overconfidence, which has a big payoff. According to the federal government, the average senior victim lost $35,101 totaling $3.1 billion in 2022. However, the AARP has found much of the fraud that occurs goes unreported and estimates the real cost to be 9x the reported figures to the federal government. Consider that 89% of seniors deposit their social security into their primary checking account and 74% rely on these funds for most of their monthly expenditures. When fraud happens it is often the senior who authorized the transfer of funds in their primary checking account. Protecting this account is crucial and the need for innovation to make it easier and more effective cannot come soon enough for many seniors.  Ron Shevlin Sam Kilmer Mary Wisniewski Cornerstone Advisors #eldercare #financialhealth #aarp Lynn Ivey

🚨 Join us for our fraud awareness event! 🚨 Educate yourself on how to protect your personal information and finances. Our event will feature expert speakers & resources to help you stay safe online and offline. Mark your calendars and spread the word - #FraudAwareness #ProtectYourself #StaySafeOnline

Whether committed by family members, fiduciaries, or strangers - fraud is fraud. Victims of financial abuse (scams, theft, embezzlement) shouldn't be left to suffer and wait while govt organizations figure out how to respond. And if financial institutions aren't going to offer fintech services that alert a designated team to erratic/suspicious activity, they should certainly do a better job of overseeing their own - and recompensating those who are victimized. EverSafe Howard Tischler #fintech #elderfraud #fraud #scams #fiduciary #agingservices #fraudprevention #frauddetection #dementia #caregiving #financialservices #banking #investment

Today, the Financial Crimes Enforcement Network (FinCEN) issued a financial trends analysis focusing on trends identified in the Bank Secrecy Act data linked to elder financial exploitation. Over a one year period they found 155,415 reports indicating roughly $27 billion in elder financial exploitation-related suspicious activity. The activity falls into 2 categories 1) elder scams (80% of the reports) and 2) elder theft (20% of the reports). In elder theft cases, an otherwise trusted person steals an older adult’s assets, funds, or income. Of no surprise to most trusts and estates attorneys, adult children were the most frequent elder theft-related perpetrators. Illicit actors mostly relied on unsophisticated means to steal funds that minimized direct contact with financial institution employees. There are tools available to help prevent elder abuse and to help abused victims. A good estate plan and a strong group of trusted advisors can help clients craft a strategy to reduce the risk of elder abuse. Additionally, victims of elder abuse can call the Department of Justice’s National Elder Fraud Hotline at 833-FRAUD-11 or 833-372-8311 for assistance with reporting suspected fraud to the appropriate government agencies.  Reports can also be filed at FBI’s Internet Crime Complaint Center (IC3) and with the Federal Trade Commission. For educational resources on EFE and scams targeting older adults, please see the Consumer Financial Protection Bureau’s Office for Older Americans and the Department of Justice’s resources provided as part of World Elder Abuse Awareness Day, which is June 15. For the full report, see: https://lnkd.in/gjZjFsUC