Last week, Jim and I headed down to Columbus Ohio for a regional training event. The trip down from Grand Rapids was quite the adventure. Rain storms, hail and tornado warnings (and what we believe to be an actual tornado forming….see the pics below. What do you think?). We felt like a real storm chaser team! […]
News
AuditLink’s Top Ten
Check out AuditLink’s Top Ten – which have made it to our radar and are currently being discussed here at CU*Answers. You’ll notice a few that are well along in development and nearing implementation, while others are still in the early stages of design. And some of these suggestions could remain on the drawing board […]
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 […]