Top Ten

1. BSA Enhancement: Joint Owner Activity

Activity – Member avoids currency transaction monitoring by depositing cash into multiple accounts, some on which the member is the primary account holder and others as only a joint owner. Solution – Enhance the BSA monitoring feature to enable account tracking on every account connected to the Social Security number of every member, regardless of […]

2. Cashed Check Tracking

Activity – Member comes in to cash a check and the teller uses the check cashing function which does not write out a transaction on the member’s account.   The teller has no idea that the member has been cashing fraudulent checks at multiple locations on that same day as nothing warns them that other activity […]

3. Critical Field Monitoring

Activity – Currently credit unions must review the file maintenance logs to determine if the changes made to member accounts were completed correctly and with the proper authority. Solution – Develop a process where the credit union can choose critical system fields to be displayed separately on the file maintenance log. At the end of […]

4. Identity Theft

Activity – Member has not had any debit card or credit card activity (primarily Visa) for an extended period of time.  A sudden onslaught of transactions in extraordinarily large amounts are one clue that this is identity theft.  This activity has the potential for both loss of the card and card information.  With the stolen […]

5. Wire Transfer Enhancements for Fraud Prevention

Activity – The member requests an outgoing wire but the account has been taken over by a criminal.  The address and phone number was changed by the perpetrator prior to the member calling for the wire.  Therefore, any call back routines would be thwarted. Solution – We are considering the following potential additions to stave […]

6. Expanding Enterprise Risk Management with Additional 5300 Call Report Ratios

We are continuing to add ratios to the 5300 Call Report Ratios dashboard in order to build a complete set of tools for your evolving risk management strategies.  This include Canary ratios which are benchmark ratios that can provide early warnings about the financial performance of the credit union. With the 14.1 release (July 2014), […]

7. Reg D Monitoring

Activity – Member performs more than six electronic transactions on a non-transactional account which in turn is a violation of Regulation D. Solution – Enhance the system in three ways including: 1.  Give the member a soft warning in online banking that they will violate Regulation D if the transaction is performed. 2.  Create a […]

8. Reg CC Holds on Non-Transaction Accounts

Activity – Currently, when a deposit is made into an account and a Reg CC hold is placed, the mandatory release of $200.00 is released to the member regardless if the account is transactional or not.  The regulation states that the $200.00 does not have to be released if the account is non-transactional. Solution –Enhance […]

9. Include ATM Transactions in BSA Monitoring

Activity – When monitoring the BSA activity log, the credit union employee will review the member account history to make sure that there were not any ATM withdrawals that could warrant the filing of a CTR. Solution – Include ATM withdrawal activity in the BSA monitoring tools.  This will be included in the aggregate cash […]

10. Improving Abnormal Activity Monitoring

Activity – Currently the Abnormal Activity Monitoring tool is configured by selecting a specific member group and setting the risk level based on the transaction count and amount of each origin group over that entire field of membership.  This can make it difficult to single out a specific high-risk member. Solution – Instead of configuring […]