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Bank Fraud Prevention

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Bank Fraud Prevention Requirements

When it comes to fraud, crime does pay. Unscrupulous and fraudulent practices cost banks billions of dollars each year. In fact, the Association of Certified Fraud Examiners reports that fraud and abuse cost typical US organizations 7% of revenues. This amounts to $994 billion dollars annually.

What Is Bank Fraud?

According to Wikipedia, bank fraud "is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution".

Bank fraud comes in many shapes, including stealing checks, forgery, check fraud, identity theft, bank impersonation (posing as a financial institution in order to lure people into depositing funds), taking out fraudulent loans (taking out a loan, knowing that he or she will immediately file bankruptcy), and now, with the growth of the Internet, hacking.

Are Banks Required To Offer Fraud Protection?

Bank account fraud protection is addressed under Federal Reserve Regulation E, which requires banks and credit unions to provide reimbursement for certain fraud losses occurring through unauthorized electronic transfers. That said, the best way to prevent bank fraud is check fraud training for your tellers and support staff.

About Our Fraud Prevention Training Courses

In simpler times, bank robberies were just about the only security threat that banks faced. Now, bank security and fraud personnel must contend with a litany of new fraud issues, such as:
  • Credit card fraud
  • Internet security and fraud
  • Check fraud
  • Identity theft and fraud information system breaches
  • Deposit fraud
  • New account fraud
  • Pfishing
Unfortunately, most banks do not have the resources to offer its employees the internal training to practice proper fraud prevention. As such, Bank Training Center offers bank fraud prevention training solutions specific for one's career stage, needs, and more!

Recommended Courses & Available Training For Bank Fraud Prevention

Bank Training Center offers bank fraud prevention training courses to help you with your career needs. And to fit your busy schedule, we offer several formats for bank fraud prevention training, including fraud prevention seminars, self-study fraud prevention training materials, and online fraud prevention webcasts/webinars/audio conferences.

To find check fraud training and other fraud prevention training courses, simply select one of the recommended courses below, or choose "Fraud" from the "Professional Development" section of the following search box.

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More About Fraud Awareness Training Programs

What Is Bank Fraud Training?

Bank fraud training involves communicating to your tellers and other staff your institution's processes and procedures to include check fraud training and identifying suspicious activities such as money laundering.

Fraud prevention training involves a detailed fraud awareness training program and fraud management courses that teach not only how to detect fraud, but what to do when it occurs.

What Should Bank Fraud Management Courses Include?

Your institution's fraud management courses should cover:
  • Rules for check holds
  • Money laudering
  • Suspicious activity
  • Identity theft
  • Fake accounts / chargebacks
  • Cybercrime
  • How and when to complete a SAR report

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