I’d like to share a resource that I find valuable in my day to day work, and I hope you will, too. The resource is the Fraud News section of Bank Fraud Forum. I suspect that some of you are familiar with this section of the site, but not everyone. And even if you are familiar with it, there might be additional uses of the information that can give you more value. Here are some of the ways that I and others in the industry use fraud news. 

1. Trending—What are the most recent cases right now? Anyone paying attention to Fraud News would note that the ACH channel is on high alert right now due to a spate of attacks and industry press. Bank Fraud Forum has recently posted a number of articles targeting this problem, including a list of reference material. The chart below shows a representation of all the news items that have been tagged over the last 10 months. Click on each category. Our fraud news lets you select which news items are relevant to you. For example, only items in the Check Fraud category.
   
   
   

   Cases Over $1 million | Mortgage Fraud | ACH Fraud | Credit Card Fraud | Debit Card Fraud | Employee Fraud | Check Fraud
          
   
2. Learning From Fraud Events—Paul McCormack has done a number of articles advocating the use of fraud news to perform “What if” analysis at your bank. He suggests asking a few probing questions pertaining to the fraud in your operating environment and “pressing the play” button. Do you like how things unfold? Would you have caught the fraud?
3. Is my bank in the news?—We started tracking fraud news last year and already have over 600 fraud news items that are searchable for specific names of people and institutions. Are you curious whether your bank has been in the media lately? What about the bank down the street?
4. Fighting the “It won’t happen here mentality”—Fraud news provides a daily reminder to me that no financial institution is immune from fraud. From the largest institutions to the smallest credit unions, I’m always amazed by the constant nature of fraud – regardless of fraud type. Most likely no one will dispute that check fraud happens everywhere but employee fraud is just as prevalent at big and small institutions. Do you have a naysayer at your bank? Print out relevant fraud news items. The news is all the proof you need.

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