Loan Fraud Prevention and Detection Methods
A loan officer stole $500,000 by disbursing funds from a customer's loan account to himself. A construction business defrauded an institution out of $8,000,000 by diverting customer deposits and bank funds for personal use. A loan officer moved from a bank to a thrift across town and brought his customer along. It turns out this was the same customer that was colluding with the loan officer at when he worked at the bank. The result -- the thrift lost $350,000 due to a fraudulent loan the loan officer set up for a fictitious borrower with the help of his customer.
These cases are just the tip of the proverbial iceberg. Case after case, banks and credit unions have lost substantial amounts of money because they did not have the right controls in place to prevent or detect loan frauds. In some cases, the victim institutions absorbed these losses in capital. However, in other cases, losses were so high that the institution could not recover and ultimately went out of business.
It does not matter whether you have a dishonest employee or a fraudster customer, if your defenses are not good, there is a strong possibility your institution could suffer a substantial loan fraud loss. When earning are difficult to come by, the last thing an institution needs is to learn they have suffered a devastating loss from a loan fraud.
LOAN FRAUD CAN HAPPEN TO ANY INSTITUTION, LARGE OR SMALL. LEARN HOW TO PROTECT YOUR INSTITUTION FROM THIS VERY REAL RISK.
Some of the topics included in this webinar are:
- How to assess the risk of a loan fraud in your institution.
- What methods fraudsters use to carry out their schemes and the controls that could prevent or detect these methods.
- Methods for assessing the likelihood of loan fraud occurring in your institution as well as the potential impact if a fraud occurred.
- Designing and operating cost-effective controls that can mitigate the fraud risks you identified.
- Methods for monitoring and auditing fraud prevention and detection controls to minimize potential loan fraud losses.
- AND MUCH MORE!
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