The new Audit and Compliance division of the cuasterisk network of CUSOs, AuditLink, announced inspiring first year results at CU*Answers Annual Leadership Conference on June 17th. Jim Vilker, Business Manager of AuditLink revealed that 21 credit unions across the United States, from New York to Oregon have come on board to use Audit […]
Once you understand the basic principle behind the Red Flags Rule, creating a written Indentity Theft Program becomes easier to achieve. Notice the operative word is ‘easier’, not easy. We’ve discovered a website that offers valuable insight into designing an Identity Theft Compliance program of your own. Based on a template developed by the FTC, […]
How do you prove that Non-Members are included in the CU*BASE OFAC scan? This question keeps popping up and I believe we need to find a better solution. When an OFAC scan is run it does include non-members. If there is a match it will show up on the printable OFAC Data Match report. […]
Xtend Inc. a multi-owned cooperative CUSO headquartered in Grand Rapids, Michigan, recently celebrated the one year anniversary of its AuditLink compliance and monitoring service. The service was developed over a three-month period during late 2007 in response to feedback from a client CEO roundtable event and in just one short year AuditLink has […]
The deadline is approaching for state-chartered credit unions to comply with the Federal Trade Commission’s identity theft “Red Flags” rules. Here at Community Credit Union (CCU), employees have been testing the procedures that were put in place last fall to meet the requirements of the Fair and Accurate Credit Transactions (FACT) Act of 2003. This article discusses the process for address changes developed to help employees identify, detect and respond to patterns, practices or specific activities that may indicate identity theft.
Of all the areas the organization looked at, address changes touched the most departments. It is more than just return mail; it can also affect the delivery of plastics and PINs, the ability of a Member Service Representative to complete an application and more. All address changes at CCU are handled by our Call Center. Any address change request –face-to-face or not – is sent via an electronic form to the Call Center for verification and completion. This assures a consistent change process throughout the organization.
By Frank J. Diekmann The business books and the pundits call it “lost opportunity cost,” the abstract yet very real economic benefits never realized because a business didn’t act when it should have. For credit unions this is hardly the time to talk about abstract costs when they’re being confronted by very tangible (and seemingly ongoing) expenses related to propping up the […]
We have a few things rolling around in our programming department, but to begin, let’s discuss the basics of what your new identity theft program must accomplish. The regulation states that a financial institution program must be designed to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or […]
As we are ending February, we are entering into prime time tax refund season. The activity on the Bank Secrecy Act report has soared due to these transactions. Although they may seem like an expected transaction for this time of year, it doesn’t mean they are all legitimate. When the tax refund posts to an […]
Of the 31 identified potential Red Flags, tools native to CU*BASE GOLD can control the event or monitor activity in at least 50% of them. Those not covered by the software, require well defined internal procedures which have little to do with the use of CU*BASE but can be tracked through its tracking system. During […]
We had a great turn out on February 20th for the AuditLink Focus Group. Many of you have requested a copy of the PowerPoint presentation….well here it is! For those that missed out on this opportunity take a minute to check it out!! AuditLink Presentation AuditLink Recording