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#2230222 - 02/04/20 06:12 PM Fraud Manager Role?
jsim913 Offline
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Joined: Feb 2019
Posts: 45
We have seen a significant rise in check fraud amongst our clients. We have operations staff who handle fraudulent check returns and tracking but want BSA to have a more hands-on role bank-wide. An emphasis will be placed on tracking, reporting, fraud trends, training staff, etc. Short of rolling up half of our back office staff into a "fraud department", can anyone advise me on how your bank is set up? We are relatively small, under $1bn.

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#2230274 - 02/05/20 03:02 PM Re: Fraud Manager Role? jsim913
HappyGilmore Offline
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Joined: Jun 2004
Posts: 19,534
Pulling people out of the ditc...
our fraud group is separate from our BSA group - they perform 2 entirely different roles. Enterprise Fraud management (EFM) is responsible for all monitoring, tracking, and resolution of fraud related activity; they have monitoring software that is used, make recommendations or close accounts based on fraud, work with our corporate security as needed, and a host of other things (reporting to senior management, trend reporting, coordination with law enforcement, threshold recommendations, training, etc).
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#2230289 - 02/05/20 04:46 PM Re: Fraud Manager Role? jsim913
ACBbank Offline
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ACBbank
Joined: Jul 2006
Posts: 4,191
New York City
With the exception filing SARs related to fraud all other fraud related activity is managed outside of the AML Department.
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#2230292 - 02/05/20 05:16 PM Re: Fraud Manager Role? jsim913
P*Q Offline

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We are over a billion and I have the corporate rolls of BSA Officer & Security Officer so both functions report up to me, as I feel they should, but that's just my opinion.

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#2230405 - 02/06/20 06:23 PM Re: Fraud Manager Role? jsim913
ColoradoAML Offline
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Joined: Mar 2018
Posts: 289
Our AML and fraud units are in the same department in order to ensure everything is transparent and efficient, but other than AML staff writing fraud SARs, as ACB mentioned, no staff members have roles in both fraud and AML. The objectives and functions of the two departments are too dissimilar in my opinion.

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#2230427 - 02/06/20 08:27 PM Re: Fraud Manager Role? jsim913
P*Q Offline

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We utilize Verafin and use both the AML alerts and the fraud alerts. My department manages both but I've heard of banks where the fraud folks don't even have access to the fraud alerts, only the BSA person, and that blows my mind. IMO the two functions are similar, objectives different yes but at the end of the day, if there's confirmed fraud and it meets the thresholds, a SAR must be filed but as the person who handles fraud too, you bet I want access to those fraud alerts. I don't know, maybe because I've been managing both together for so long, it's hard for me to see a separation between the two. smile

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