Fraud Forward

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In this compact but powerful episode of Banking on Fraudology, Hailey Windham tackles a topic that's causing major headaches for fraud teams across the country: the limitations of funds availability rules. Windham expertly breaks down how Regulation CC, created in 1987, is struggling to keep pace with the sophisticated fraud schemes of the digital age. She paints a vivid picture of the challenges facing financial institutions, from the rapid availability requirements for treasury checks to the inadequate hold periods for detecting complex fraud.

Windham's expertise shines as she dissects the "doubtful collectability" clause and explains why the current 10-day exception hold often falls short in today's fraud landscape. She addresses the difficult position fraud teams find themselves in - caught between compliance requirements, operational pressures, and their own instincts about risky transactions. But this episode isn't just about identifying problems; Windham offers a wealth of practical solutions.

Listeners will gain valuable insights into maximizing their use of exception holds, enhancing frontline staff training, leveraging new verification tools, and strategically using account structures to mitigate risks. Windham's call for breaking down silos between fraud, compliance, and operations teams is particularly poignant. The episode concludes with a rallying cry for industry-wide change and a handy "cheat sheet" of Reg CC reminders. Whether you're a fraud fighter, compliance officer, or financial institution leader, this episode is a must-listen. Tune in to arm yourself with knowledge, strategies, and inspiration to better protect your institution in the face of outdated regulations.

About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/

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In this eye-opening episode of Banking on Fraudology, host Hailey Windham welcomes back fraud expert David Maimon to dive deep into the world of treasury check fraud. As the "Indiana Jones of fraud fighters," David shares alarming insights into why these government-issued checks have become prime targets for criminals. The conversation reveals how fraudsters are exploiting verification loopholes, altering payee names, and cashing out millions in stolen funds.

David breaks down the latest trends, including the rise of first-party fraud where individuals willingly participate as money mules, and sophisticated schemes involving synthetic identities and business impersonation. Listeners will gain a sobering understanding of just how thorough and patient modern fraudsters have become in their operations.

The episode's highlight is the unveiling of Sentilink's new Treasury Check Verification Service. This game-changing tool addresses a critical gap in existing verification processes by allowing financial institutions to confirm payee names - a feature David explains has been sorely missing. With real examples of how early adopters are already preventing significant losses, this free service promises to disrupt treasury check fraud operations. Fraud fighters won't want to miss this actionable solution to a pervasive industry challenge.

Tune in to arm yourself with the latest intelligence and tools in the fight against financial crime.

David's LinkedIn

Demo Link

About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/

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In this episode of Banking on Fraudology, host Hailey Windham revisits a conversation between fraud expert Gil Rosenthal and Karisse Hendrick in the Fraudology Podcast that tackles pressing questions from issuers, banks, and fintechs about payment fraud and professional development. Gil and Hailey dive deep into the complexities of identifying and combating various fraud schemes, offering invaluable advice for fraud fighters across different sectors of the financial industry.

The discussion covers a wide range of topics, from understanding suspicious merchant activity to navigating career transitions in the fraud prevention space. Gil shares his expertise on interpreting unusual patterns in transaction data, emphasizing the importance of identifying abnormalities and leveraging diverse team perspectives. The hosts also explore strategies for professionals looking to transition from traditional banking roles to positions in retail or fintech fraud prevention.

One of the episode's key takeaways is the value of continuous learning and networking within the fraud prevention community. Gil and Karisse stress the importance of attending industry conferences, joining professional groups, and staying updated on emerging trends. They also offer practical advice for job seekers, including the benefits of interviewing regularly to stay sharp and maintain perspective on one's market value.

Don't miss out on this masterclass in fraud prevention – tune in now and level up your fraud-fighting skills!

In this episode of Banking on Fraudology, Hailey Windham dives deep into the pressing issue of push payment fraud that's plaguing the financial industry. Drawing insights from a recent Payments Dive article, Hailey breaks down the key takeaways from a panel discussion featuring leaders from Truist, Zelle, Google, and Nacha. With push payment fraud losses in the Americas reaching a staggering $102.6 billion in 2023, this episode couldn't be more timely.

Hailey expertly dissects the complexities of push payment scams, where criminals trick victims into sending payments by posing as legitimate entities. She highlights the delicate balance financial institutions must strike between fraud prevention and maintaining a smooth user experience. The episode explores innovative approaches to combat this growing threat, including enhanced data sharing, improved digital identity verification, and increased support for law enforcement.

Don't miss out on this essential discussion – tune in now and arm yourself with the latest strategies in the fight against push payment fraud.

Link to the article

About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/

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This episode of Banking on Fraudology tackles the pressing issue of financial exploitation with host Hailey Windham and guest expert Sarah Barnhill from Western Bank. Sarah brings her extensive experience in fraud prevention to shed light on the complexities of financial exploitation and how financial institutions can better protect vulnerable customers.

The discussion covers a wide range of topics, from identifying red flags and common fraud schemes to the importance of empathy and active listening when dealing with victims. Sarah shares valuable insights on creating a supportive environment for victims to come forward, emphasizing the need for patience and understanding in these sensitive situations. The episode also delves into practical strategies for securing compromised accounts, pursuing recoveries, and collaborating with law enforcement. One of the key takeaways is the importance of ongoing education and training for front-line staff to recognize and respond effectively to potential fraud.

Sarah and Hailey also discuss the role of bank culture in ensuring vulnerable individuals are treated with dignity and respect during fraud investigations. This episode is packed with actionable advice and compassionate approaches that can help financial institutions improve their response to financial exploitation.

Don't miss this opportunity to enhance your understanding of financial exploitation and learn how to make a real difference in combating fraud.

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Sarah Barnhill

https://www.identitytheft.gov/

About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/

In this episode of Banking on Fraudology, Hailey Windham and Tracy Swaim, AARP Wyoming's Fraud Fighter of the Year, explore the often-overlooked connection between volunteering and effective fraud prevention. Tracy shares her journey from the legal field to fraud investigations, and how her volunteer work with AARP's Fraud Watch Network has given her a unique perspective on fighting fraud. This episode is packed with insights on balancing data analysis with real-world experience, and how understanding the human impact of fraud can make investigators more effective.

The conversation covers a range of critical topics, including how to turn raw fraud data into actionable strategies, the importance of tailoring fraud prevention messages to different audiences, and practical ways for fraud fighters to make a bigger impact in their communities. Tracy introduces an innovative analogy comparing data visualization to giving a house tour, offering a fresh way to think about presenting complex information. The episode also dives into the power of storytelling in fraud prevention, explaining how real victim stories can be more impactful than statistics alone.

One of the key takeaways from this episode is the transformative effect that volunteering can have on a fraud fighter's perspective and skills. Tracy explains how interacting with real fraud victims has enhanced her investigative abilities and reinforced the importance of thorough investigations. For fraud professionals at any stage of their career, this episode offers valuable advice on finding volunteer opportunities, educating communities about fraud risks, and leveraging these experiences to become more effective in their roles.

Tune in now and discover how volunteering can revolutionize your approach to fraud prevention!

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Join Hailey Windham on Banking on Fraudology as she welcomes Becky Holmes, whose book "Keanu Reeves is Not In Love with You" takes a humorous yet poignant look at online romance fraud. This episode dives deep into the psychology of scammers and their victims, revealing how fraudsters isolate their targets and exploit human tendencies to trust.

Becky shares memorable interactions with scammers, including hilarious anecdotes that showcase her wit while highlighting red flags everyone should watch for. The discussion takes a serious turn as they explore the stigma surrounding fraud victims and the inadequate response from banks and law enforcement. Becky emphasizes the need for improved customer service in financial institutions and better training for staff to recognize potential fraud victims.

The episode also touches on the scale of the problem, with both host and guest agreeing that current statistics likely vastly underestimate the true extent of romance fraud. Listeners will gain valuable insights into protecting themselves and their loved ones from these scams, including the importance of maintaining close relationships and open communication.

Tune in now to arm yourself with knowledge and maybe even a few laughs along the way.

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Becky Holmes

Keanu Reeves is not in love with you

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About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/

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The latest episode of Banking on Fraudology brings listeners a comprehensive look at the state of financial fraud in 2024 and beyond. Hailey Windham sits down with returning guest Karen Boyer, a seasoned fraud expert, to unpack the year's biggest trends and peer into the crystal ball for 2025. Boyer paints a picture of a fraud landscape that remains stubbornly familiar, with check fraud, mail theft, and social engineering scams continuing to plague financial institutions and their customers. However, she notes a disturbing trend of fraudsters becoming bolder, showing up in person at bank branches to execute their schemes.

The conversation delves into the technological arms race between banks and fraudsters, with Boyer discussing how financial institutions are harnessing AI and machine learning to detect fraud. She acknowledges the frustrating reality that banks often lag behind criminals in deploying new technologies due to regulatory requirements and internal processes. Windham and Boyer stress the importance of empowering frontline bank staff, arguing that tellers should be viewed not as easily replaceable but as critical guardians against fraud. They discuss the need for better training and support to help staff navigate difficult conversations with customers about suspicious transactions.

Looking to the future, Boyer predicts several concerning trends for 2025, including an increase in in-person fraud schemes targeting vulnerable individuals, the expansion of sextortion scams to older populations, and the potential for more "glitch" exploits similar to recent incidents at major banks. She emphasizes the need for a holistic, industry-wide approach to fraud prevention that extends beyond banks to include social media platforms, telecoms, and other sectors that inadvertently facilitate scams.

Tune in now to stay ahead of the curve in the ever-evolving world of financial crime.

Episode links:

https://www.nbcnews.com/news/us-news/nigerian-man-extradited-us-alleged-sextortion-south-carolina-teen-died-rcna189475

Karen Boyer

About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/

The latest episode of Banking on Fraudology tackles one of the most critical issues facing the financial industry today - the role of banks in preventing scams. Host Hailey Windham welcomes special guest Ayelet Biger-Levin, a passionate advocate for advancing scam detection and prevention strategies, to discuss why banks are uniquely positioned to make a difference.

Ayelet, founder and CEO of Rangers AI, shares her perspective on how banks can leverage their position as trusted entities and guardians of people's finances to protect customers from increasingly sophisticated scams. The conversation covers the regulatory landscape, including emerging liability shifts for authorized push payment fraud in countries like the UK and Australia. Listeners will learn about the true costs of scams for financial institutions beyond just reimbursement, including customer support expenses, lost customers, and diminished deposit values.

A key focus of the episode is on empowering customers to play an active role in fraud prevention. Ayelet introduces innovative technologies like her company's Scam Ranger tool that can automatically scan messages to detect potential scams. The discussion also touches on the challenges of balancing technological innovation with accessibility for less tech-savvy customers.

Don't miss this informative deep dive into one of banking's most pressing challenges and opportunities.

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This gripping episode of Banking on Fraudology takes listeners on an emotional journey through the world of romance scams, as told by survivor Beth Hyland. Host Hailey Windham guides the conversation, uncovering the intricate details of how Beth was manipulated into sending $26,000 to a man she believed was her soulmate.

The episode offers a rare glimpse into the victim's perspective, revealing how intelligent, self-aware individuals can fall prey to these sophisticated schemes. Beth's story illuminates the red flags that often go unnoticed and the psychological tactics scammers use to exploit human emotions. The discussion delves into critical moments where financial institutions missed opportunities to intervene, providing valuable insights for fraud prevention strategies. Listeners will be moved by Beth's vulnerability as she describes her healing process and the complex emotions victims face long after the scam ends.

The episode also highlights the crucial role of compassionate, informed responses from professionals like Beth's financial advisor in helping victims recover. This must-listen episode challenges listeners to reconsider their assumptions about fraud victims and offers practical advice for both individuals and institutions to combat these devastating crimes.

Linkedin: Beth Hyland

About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/

SentiLink is at the forefront of fraud prevention and identity verification, offering innovative solutions to help financial institutions tackle synthetic fraud, identity theft, and more. We’re thrilled to have them onboard as partners in our mission to equip you with the tools and knowledge you need to stay ahead in this ever-evolving landscape.

Stay tuned for more great episodes and insights—thanks again to SentiLink for supporting the podcast!

Visit: https://www.sentilink.com/ and learn all about them!