Posts in Category: Loss Control

Blog Post List

Standard wire verification templates can mitigate losses 

Fraudulent electronic transfers plague the banking industry. As criminals become more creative in how they target your customers, it is increasingly important for your staff to follow standard verification and documentation procedures. Implementing standard procedures should be followed for all transfers in an effort to prevent or mitigate fraud. Here, we present a template of one possible wire transfer verification form to use at your bank.

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Steps to encourage a harassment-free workplace 

Workplace harassment takes on many forms, making it difficult to tell the difference between normal office banter and offensive or unlawful behavior. Most of us agree that we want our workplace to have a friendly and enjoyable environment. There are some practical steps your bank can take to encourage a harassment-free environment, protecting it from claims and lawsuits.

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Court rules in bank’s favor in an account takeover case. 

What does this mean to you?

In a relatively high profile court case, an appellate court ruled in favor of the defendant/bank rather than the plaintiff (the bank’s customer) in a dispute over an account takeover claim and reversed a lower court opinion, ruling that the bank may seek attorney’s fees from the plaintiff. In many respects, the decision handed down will be a significant influence on future court cases and also on security/verification procedures a bank mandates or places on accounts regarding account transfer requests.

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The importance of having a breach response plan in place 

The possibility of a bank’s systems being hacked are increasing, regardless of the size of the bank. In addition to the well-publicized breaches of mega and regional financial institutions, we are witnessing more reports of attacks on smaller community banks. Your bank should have a workable breach response plan in place on which your staff can quickly rely and follow immediately upon the discovery of a breach.

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