The Fraud Reduction Program reduces fraud losses for member institutions and the industry by identifying fraud trends and examining risks associated with current and evolving areas. Focuses include payment mechanisms and processes, mortgages and home equity lending, remote channels, and various financial services products and technology.
Since 1998, the Fraud Reduction Program has provided financial fraud prevention specialists a place to collaborate, share information, develop best practices, and partner with law enforcement and other organizations fighting financial crime.
Fraud Reduction Program Staff:
Nancy Guglielmo, Nancy.Guglielmo@FSRoundtable.org
Fraud Working Group
Facilitates information sharing across products and channel experts regarding emerging fraud trends; researches topical issues identified by the members or other sources; provides briefings on their current impact to the industry, procedures and technology available to combat the issues. (Typically includes several participants from all BITS member financial institutions)
Mortgage Fraud Reduction
Minimize fraud risks associated with mortgages and home equity lending; improve relationships with law enforcement; increase consumer education and awareness on the issue of mortgage fraud; improve industry-wide information sharing; address regulatory and legislative issue.
Payment Fraud Reduction
Analyze debit, credit, and prepaid cards (payment, health, and gift cards) transactions trends; identify successful strategies for managing card risks; information sharing regarding card related fraud.
Remote Channel Fraud Reduction
Minimize fraud risks associated with remote channels (Internet, phone, ACH, etc.); define the channels, mitigation strategies, online transactions and account openings; identify fraud-mitigation technologies; address back office conversion and third party services.
Income Tax Refund Fraud Reduction
Focuses on financial services collaboration with the Internal Revenue Service (IRS) to combat tax refund fraud by establishing teams to develop awareness and education materials, provide information on how best to work with the IRS Criminal Investigators and to identify mitigation strategies for rogue tax preparers, returns processing and identity theft.
Elder/Vulnerable Adult Financial Abuse Mitigation
Advocates for and addresses issues associated with the elder and vulnerable populations and the relationships consumers have with financial institutions. The effort focuses on developing best practices for identifying and managing potential financial abuse of elderly and vulnerable adults, promoting collaboration with law enforcement and reporting agencies and enhancing awareness and training of institution front-line staff.
Consumer Fraud Awareness
Increases consumer awareness on fraud prevention through direct consumer publications, assisting members to educate their customers on the best communication practices and developing common messaging; all using the most current and industry relevant information