Identity issues in Banking - 26 Red Flags and More

GJ Luchs

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The Federal regulators put together a list of 26 “Red Flags” to help banks deal with ID theft and identity fraudulent attempts to take over accounts.  But the list is not organized for ease of use and they are not a comprehensive guide.  In this topic we have organized the Red Flags into related functional areas and, for each area we provide additional tips and information based on years of consulting with major banks from the perspectives of prevention, loss reduction, detection, and investigations.

Learning objectives: 

  • How does it make sense to utilize the government’s “Red Flags”?
  • What are the objectives they are intended to achieve?
  • What are other things that can be done to further meet those objectives?
  • How do you learn from losses incurred to reduce future losses?
  • What are ways identity fits into an overall fraud control program?
  • What might identity solutions be changing?

Reasons to Attend:

Today’s fraudsters are not using their real names, addresses or Social Security numbers.  They are using stolen identity tokens, stolen identities and totally fabricated identities.  While this makes fraud investigations much harder, it also provides opportunities for banks to spot potential fraud before it happens by spotting indications of identity issues before fraudulent transactions even have an opportunity to take place.  This webinar will help you create pro-active standards and processes which will work together to identify reasons to be suspicious and additional steps to take when additional suspicions seem justified. We will als0 look into the near-term future, discussing techniques being implemented to leaders in the field and being looked at for future

Areas Covered:

  • Overview of key fraud control points
  • Red flags indicating ID threats for new accounts

             - On application   

             - On credit reports

             - On documents provided

             - On early use of new credit

  • Red flags indicating ID threats for existing accounts
  • Directions for ID Tools


Target Audience:

  • Retail Banking Leaders
  • Risk and Compliance Officers
  • Loss Control Managers

Webinar Events
Live -Coming soon!

Training CD-DVD

Physical CD-DVD of recorded session will be despatched after 72 hrs on completion of payment

Recorded video

Recorded video session

Speaker: Jim George,

Jim George is an independent consultant to banks focusing on issues of risk and compliance, AML, and fraud. He brings over 25 years as a consultant to major banks in Associate Partner and Principal roles at PriceWaterhouse-Coopers Consulting, IBM Consulting in Bank Risk and Compliance, and Andersen Consulting (now Accenture). He has also been SVP Operations for a major Insurance Company providing insurance outsourcing services to the banking industry. Jims work has included projects in AML and fraud investigation, prevention, identity/KYC issues, and related systems. His background includes work in bank operations and payments strategy, systems, re-engineering, and quality improvement.

Speaker: GJ Luchs, BSA/Compliance Auditor and Consultant

GJ Luchs, PhD (ABD), CAMS, CRMS  is a highly experienced and educated BSA/AML and Financial Regulatory Compliance professional with extensive policy and procedure development and implementation, training, internal audit, monitoring, risk management, and reporting experience. Her emphasis has been working with financial institutions that are experiencing regulatory concerns and resolutions, including enforcement actions such as memorandums of understanding and cease and desist orders. Her 15 years of experience has given her the opportunity to work from small community banks to large, international financial institutions. Her roles not only included BSA/AML and Compliance, but also operations, lending services, business development, marketing, management, department development, and asset quality.

GJ Luchs has worked with all of the financial regulators and examiners. She possesses advanced Microsoft Excel, PowerPoint, Word, Internet Explorer, Visio, and Access skills. She also has experience with Fiserv, BAM, CRA Wiz, Teammate, COGNOS, and Metavante banking software. She has been responsible for creating both recurring and ad hoc executive management and board presentations. In addition to her above experience, she is also an adjunct instructor for the business and construction management programs at a local college, as well as writes numerous BSA/AML and Compliance articles, training materials, and manuals as requested from numerous clients.

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