Westpac’s Post

⚠️🥷 Warning: July onwards is prime time for tax scammers. These tips might save you from losing money. Stay alert to the latest trending scams with this update from Benjamin Young, Westpac’s Head of Fraud. Read all about the trends on the latest Westpac Wire piece ➡️ https://lnkd.in/gHCAQd9h #taxseason #taxscam #scams #taxrefund

With check fraud surging across the nation, the IBA is sharing tips for consumers to protect themselves, and their bank accounts, from fraudulent activity this holiday season. Check out more below! #IllinoisBankers #fraudprevention #holidayseason #protectyourdata

Not exactly the Christmas gifts Compliance Select (CS) or community banks wanted to receive this year, but none the less the agencies and President have recently provided the following: 1) President’s Veto of S.J.Res. 32 (1071 Resolution). https://lnkd.in/gA6VRhyG 2) Financial Crimes Enforcement Network, US Treasury Issued its Final Rule Regarding Access to Beneficial Ownership Information. https://lnkd.in/eCG8ywDp 3) Federal Deposit Insurance Corporation (FDIC) finalized a rule to amend part 328 to modernize the official FDIC signage requirements and advertising statements. https://lnkd.in/gu2eERqc With several more rules out for comment, there’s no doubt that 2024 will be a busy year. While banks nationwide continue to navigate the murky compliance waters, Compliance Select (CS) is here to help. Reach out to us today to learn how we can help your Compliance and BSA team stay in compliance. [email protected]

Latest banking-as-a-service regulation news! (Is there a way to make that sound catchier?) First Fed has to enhance its compliance management, says a consent order from the FDIC. So what can other banks take away? Konrad Alt spoke with me about how to use enforcement actions as a guide, in my most recent story for American Banker:

Payments fraud continues to be on the mind of treasury professionals, as fraudsters’ methods evolve. This article shares some measures to help prevent against fraud: https://bit.ly/462CHKT

As we celebrate #NationalAccountsPayableDay, it's crucial to highlight a key aspect of the AP process: bank account validation. Read our blog for 3 things you need to know to safeguard against fraud, reduce ach returns, and maintain smooth financial operations. https://ow.ly/bKPZ50SjhLL

Check Fraud is wreaking havoc across the United States, leaving a trail of financial devastation in its wake. 🔴 In 2022, the Federal Trade Commission (FTC) received over 1.9 million reports of check fraud, with losses totaling over $2.8 billion. 🔴 The average loss per check fraud victim was $1,400. 🔴 The most common type of check fraud is check washing, which accounted for over 50% of all reported cases. 🔴 Check fraud losses increased by over 20% in 2022. The stakes are higher than ever, and we need to stay vigilant Interested in learning more? Download our 2023 Threat Report Document at the link in the comments. . . . #Banking #Finance #Fintech #FinancialServices #RiskManagement #BankingTechnology #BankingIndustry #CheckFraud #OnUsCheckFraud #FinancialThreats

In the last 23 years, the six megabanks have been the subject of 490 legal actions against them and more than $207 billion in fines and settlements. Over the past 15 months, since the most recent report in May 2022, the pattern of illegal conduct by the Six Megabanks has continued. Their RAP Sheets now include 60 more new cases, which have resulted in over $9 billion in additional fines arising from the banks’ ripping off, discriminating against, or financially endangering their customers. Bank of America Citi Goldman Sachs JPMorgan Chase & Co. Wells Fargo #banks #bankers #banksters

How can brokers prepare for challenges in 2024? Join Chris and Ian as they discuss how brokers can prepare for challenges like scams, fraud and interest rate outlook in the year ahead. Presented by Commonwealth Bank's Ian Burnett and Chris Moldrich #challenges #scams #fraud #interestrates #duediligence #commercialfinance #assetfinance #equipementfinance #smelending #smefinance #brokersarebetter