This evening at APEX we took a deeper look into - Fraud, Cyber Crime & Compliance
Part 1:
Michelle Hemerley - FIS Enterprise Governance, Risk & Compliance (EGRC) Solutions
Compliance:
Compliance Management System:
- Board reporting and oversight
- Compliance program
- policies and procedures
- training
- monitoring and corrective action
- Consumer complaint response
- Compliance audit
Be aware of any 3rd parties you have working for you.
Part 2:
John Hagy - Metabank
Randy Gainer - Davis Wright Tremaine, LLP
Greg Quarles - H&R Block
Fraud & Cyber Crime - Emerging Payments Learning from Prepaid:
NBPCA - Educate, Advocate, Protect, and Promote
Prepaid Concerns and Common Theories:
- Prepaid cards are unregulated
- They are anonymous
- They can be loaded with large amounts of funds
- Cards can be freely transported across boarders in large quantities as part of money laundering schemes
These are vast generalizations about prepaid cards as a whole.
Tax Fraud:
2012 - 1.2 million victims had tax refund taken
2013 - 1.6 million victims had tax refund taken
Thieves steal identity and opens GPR card, then he/she files fraudulent tax return for direct deposit, and then quickly withdraw all the funds.
Thank you to the outstanding panel and stay tuned for more live recaps from All Payments Expo & FinTech Partnerships!
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