Faster is better for the good consumers AND for the fraudsters! 

1. Unemployment Fraud

2. Lack of collaboration

Due to WFH, payments move faster if we have communication breakdowns or less engaged employees it will get worse before it gets better) & ways to combat:

Collaboration and Incident Response is Key

You should be collaborating with Tech partners, Fintech, others in the industry, ACFCS, and Non-profits dedicated to anti-fraud initiatives. 

Questions to ask after and during each event: 

  1. What prevents fraudsters and other nefarious actors from using our systems? 
  2. What’s my risk tolerance? 
  3. What monitoring did I have in place to catch this? Did it work? If not, why not? 
  4. What policy, procedure, training updates are needed? 
  5. Who should I be collaborating with?
    1. Industry groups
    2. Law Enforcement groups (go beyond the SAR/STR filing)