Vendor Guru Q&A - Security

Restricting Access to Employee Account Info

Latest Security - ACH Topics

ACH Reversals

04/23/2017

One of our customers had an account takeover. We called the RDFIs and sent reversals, but we got them all back unpaid. What happened?

Customer purchasing Bitcoin

10/16/2016

Why would my customer be making repeated purchases of Bitcoin?

Re-route an ACH Credit: Closed Account

12/12/2015

Can we re-route an ACH credit coming into a closed account to the customer’s loan account if their DDA is closed?

Administrator for Business Online Banking

04/15/2013

When setting up businesses for online banking, ACH, and remote deposit capture, does the bank maintain control over users of the business or do they set up an administrator for the business for them to maintain?

Cannot Find Source of Funds-Close Account?

09/24/2012

The husband of a long time customer of the bank, is using her account to deposit large dollars in postal money orders, cash, his social security check and wires for services he provides. The money is then Paypal'd out. We have no idea of the source of these funds. Her paycheck is an ACH not in questions. We have been filing SAR's for a year. Should we leave the account open?

Debt Collection Firm and ACH Loss-Liability

12/05/2011

An employee in a company's accounting department pays a personal debt by ACH using the company's business checking account information. The employee is authorized to make ACH's for the company for business purposes only. The debt collection firm accepted the information and originated the ACH to be paid from the business account to the debt collection firm's account. The debt collection firm did not know, nor had they any reason to know, that the account was a business account. The debt collection firm believed the account was the employee's personal account. Who is responsible for the loss if the employee/wrongdoer cannot be located?

Reg P Restrictions on Giving out Account Info

10/10/2011

According to Reg P, a financial institution is not to give out any account information, including account balances and account status. We regularly get calls from other financial institutions, companies like Comdata, and individuals asking if a check or ACH will clear. Are we allowed to give out that information under Reg. P?

ACH Fraud Suits

08/29/2011

I know there have been lawsuits against banks due to fraud involving unauthorized ACH debits on business accounts. What is the status of those suits?

Deposit with an Invalid Account Number

05/02/2011

Can an institution accept a deposit by matching a name or social security number if the account number is invalid?

Handling Social Security Check Upon Death

04/25/2011

When a customer dies who is receiving a social security check in the middle of the month, how do you determine if the deposit needs to be returned?

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STATS

The total volume of all SARs within the Bank Secrecy Act (BSA) database increased by 4% from 2011 to 2012.FinCEN, The SAR Activity Review - By the Numbers (BTN), May 2013

Same Day Payment Processing Coming Soon!

Today's society is all about instant gratification. Same day services are now offered by many businesses.

Business Man deposits a large check

06/16/2019

A local business owner posted this on a social media website. “ As a business account I was told by the teller not to come in just before closing as the teller had too much to do at closing time.” What should we do now?

Handling Difficult People

06/09/2019

I had to handle a problem today with a loan customer. Our drive-up window doesn’t handle certain transactions to speed up the line. Last night he tried to pay off a loan at the drive-up that resulted in our teller refusing the transaction. He became extremely angry that he couldn’t perform the payoff until today.

Reg E investigations: best steps

06/02/2019

Is there a procedure that Reg E says we must follow to investigate a claim?

Customer education helps prevent wire fraud

06/02/2019

What is the most common gap in banks’ wire transfer fraud prevention programs?

Handling Difficult People

06/02/2019

We use challenge questions when we don’t know the account holder on the telephone. Today a customer went wild yelling at our call center person for asking to many questions. We tried to explain that it was for his protection, he began to swear at us. I had the teller hang-up the phone could we have handled this better?

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Security Training View All

07/23/2019

25 Critical Mistakes a Smart Institution NEVER Makes “Updated”

presented by Barry Thompson

11/05/2019 to 11/06/2019

2019 Lending Compliance Triage

03/03/2020 to 03/04/2020

2020 BSA/AML Top Gun Conference

Scottsdale, AZ

Deception for Dollars: Social engineering your staff and Call Center

This fast-moving program on preventing losses will focus on the information identity thieves have before they call you when trying to obtain information or financial rewards. This webinar will discuss actual attacks used against financial institutions.

Detecting and Mitigating Skimming Fraud Losses

How do you reduce skimming-related losses? By having properly trained frontline staff members who know what to look for to detect and mitigate skimming fraud losses.

Beginning Security Officers - Steps for Success

You'll learn about the foundations of a successful security program, including building a security team, communicating with management and board members, working with law enforcement and peers, and much more!