New York City Bar Association’s Post

few months back life threw an unexpected curveball at me when I became a victim of a bank scam orchestrated by none other than the two bank officials. These individuals conspired to embezzle a significant amount from my diligently earned savings, leaving me in a state of profound disbelief and shock. Upon uncovering the breach, I promptly lodged a formal complaint with the bank. However, the bank's response was inadequate which left with no choice but to take the legal action by initiating court case. As weeks went by, I found myself on the verge of a complex legal battle, my emotions torn between determination and anxiety. Initially, I contemplated seeking legal assistance, but ultimately, I made the choice to shift from being a victim to becoming my own advocate. I realized that no one could represent my case better than myself. So, I started gaining a comprehensive understanding of the banking law's provisions concerning the safeguarding and security of customer funds, as well as the operational intricacies of banking transaction systems. In the courtroom, l advocated my position by meticulously outlining the sequence of events that transpired internally to perpetrate this fraud. Additionally, I proactively formulated a set of inquiries and counterarguments to ensure a comprehensive elucidation of the entire fraudulent process. Alhamdulilah, After 4-day hearing, the court issued a favorable ruling in my favor, mandating the restoration of my diligently earned funds. The journey was full of new challenges and experiences but the most important one was the awareness of the importance of monitoring the financial assets entrusted to the financial institutions. #LegalBattleVictory #financialawareness #selfadvocacy #ProtectYourSavings #nevergiveup

Today is World Elder Abuse Awareness Day, and FinCEN is reminding financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation. Elder financial exploitation is odious, whether by greedy, nasty family members or scammers. The reminder is a good one for financial institutions to file suspicious activity reports when appropriate and refer customers who may be victims to the Justice Department's National Elder Fraud Hotline at 833-FRAUD-11 or 833-372-8311 for assistance with reporting suspected fraud to the appropriate government agencies. My elderly parents a few years ago fell victim to the "grandparent scam" and lost several thousand dollars. FinCEN earlier this year published an analysis focusing on patterns and trends identified in Bank Secrecy Act data linked to these onerous crimes, which indicated roughly $27 billion in suspicious activity. #fraud #elderly Institute for Financial Integrity https://lnkd.in/e9YvdjK7

The Department of the Treasury's Financial Enforcement Network recently alerted financial institutions to ERC fraud schemes. The alert also includes a reminder of their reporting requirements for any suspicious activity under the Bank Secrecy Act. Max Shenker summarizes the different ERC fraud claims outlined by FinCEN, as well as the list of ten red flags financial institutions should look for. #taxcredits #ERC #fraud #employeeretentioncredit https://lnkd.in/dWmZegt5

Five tips to avoid wire fraud: 💸 Remember that wire transfers are like sending cash. 💸 Know the scam warning signs. 💸 Don’t be rushed. 💸 Always double-check the intended recipient. 💸 When in doubt, stop and get help. For secure transactions, head over to cticga.com. #chicagotitlegeorgia #titleinsurance #titlecompany #georgiarealestate #commonwealthlandtitle

Fraud has been one of the key discussion items this year. The talk has been focused on how real-time transactions and an evolving fraud landscape are conspiring to deliver unprecedented fraud levels. Meanwhile - Time magazine runs a story on fraud and highlights cheque fraud. Remember that old chestnut? Did you know that cheque fraud has spiked in the last two years? (see below). (recurring) Thought du Jour: if we want to innovate new payment types, we have to be deliberate in culling out old payment types. The eco-system can't keep supporting the direct and indirect costs of myriad payment types without unintended consequences.

The issue is identity, IMHO. All etransactions are based on identity, as these systems were designed 60yrs ago and the only way to securely access remotely to a DB (DDA) was to use identity (authentication & authorization). Not to mention that at the retail/wholesale level they are just static payment messages/instructions. Computers, technology, encryption has evolved quite a bit over the past 60yrs and these RTR need a tokenized last mile (not DLT) to automate the entire process (M2M) and reduce fraud to 0.0000 while also reducing operation cost by 95% (thereby increasing margins). That’s what Okanii is bringing to market.

Check fraud remains a prevalent issue in the commercial banking world, causing substantial losses and disruptions for businesses of all sizes. From forged signatures to identity theft, the consequences can be far-reaching, affecting cash flow, productivity, and trust Cypress Bank & Trust provides all of our clients with expert guidance, innovative solutions, and proactive measures to mitigate the risks of check fraud. Together, we can safeguard your business and keep your financial future secure!

🔍 **Fraud vs. Money Laundering: Distinguishing the Deceptive Duo** 🕵️♂️ 🚫 Fraud ≠ Money Laundering 💼 In the realm of financial security, it's crucial to differentiate between Fraud and Money Laundering. While they share the spotlight, they're distinct players in the world of financial wrongdoing. 🚫 **Fraud** is the act of deceit with the intent to gain illicit financial advantage. It's the "smoke and mirrors" of financial crime, where deception and trickery are the tools of the trade. 💰 **Money Laundering**, on the other hand, is the process of making dirty money appear clean and legitimate. It's the "cleaning service" for ill-gotten gains, ensuring that funds from criminal activities blend seamlessly into the legitimate financial system. 🛡️ **Key Takeaways** 🛡️ Intent: Fraudsters aim to deceive and directly profit from their actions, while Money Laundering seeks to hide the illicit origins of funds. Targets: Fraud usually impacts individuals or organizations directly, while Money Laundering poses a threat to the integrity of the entire financial system. Methods: Fraud relies on tricks, scams, and deception, while Money Laundering involves complex financial transactions and disguising the source of funds. Outcomes: Fraud results in financial loss for victims, while Money Laundering enables criminals to enjoy the proceeds of their illegal activities without drawing attention. Understanding the distinction is vital for anyone involved in financial security. Both battles require different tactics, but together, they safeguard the integrity of our financial world. 🌐 #fraudprevention #moneylaundering #financialsecurity #knowthedifference

New measures aim to 'break the spell' of financial fraudsters by giving payment providers more time, according to draft legislation published by the government. Until now, payment service providers such as banks have generally been required to process payments by the end of the following business day, giving a limited timeline to investigate and alert relevant parties to possible fraud. The draft legislation will give payment service providers a further 72 hours to investigate payments, but only where there are reasonable grounds to suspect fraud or dishonesty. The legislation has been designed to minimise any impact on legitimate payments. The UK has seen an increase in authorised push payment fraud over the past few years – in 2022 victims lost £485 million to these scams.

Wire fraud has a long and established history in American law. Based upon the even-older concept of mail fraud, wire fraud was added to the federal criminal code to cover any scheme to defraud using the interstate telephone or telegraph wires to further that fraud. Recently, wire fraud has taken on a new, sinister meaning. Today, criminals are creating false email accounts to mimic the email account of a legitimate party to a transaction and sending instructions from that false account to another legitimate party (perhaps a lender or a purchaser) to have its bank wire the exact amount involved in the legitimate transaction, but to the fraudster’s account. Two recent judicial decisions demonstrate the new risks arising from this modern-day version of wire fraud. Read more: https://lnkd.in/e3W49frD Stephen Whelan | Blank Rome LLP #monitor #top #stories #equipment #finance #news #wire #fraud #banking