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Client Alert: Importance of Understanding Anti-Fraud Initiatives & Cultivating Law Enforcement Relationships

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At our recent Spring Cleaning event, the presenter from the Federal Bureau of Investigation (FBI) described the efforts the FBI has been taking to address financial fraud schemes that may impact banks and their customers. These schemes include corporate account takeovers and business e-mail compromise scams, in which criminals use compromised or spoofed e-mails to initiate fraudulent wire transfers. He provided suggestions for preventing these schemes including:

The presenter told us how the FBI can even potentially reverse certain fraudulent wire transfers through the Financial Fraud Kill Chain (FFKC) initiative, which helps victims retrieve international wire transfers involving over $50,000. For the FFKC to be effective, a SWIFT recall notice must be initiated and victims must provide to the FBI specific information about the wire transfer within 72 hours from when the transfer occurred.

Criminal schemes are constantly evolving. A strong relationship with law enforcement, along with familiarization with these schemes through education and training, will help ensure that your organization minimizes criminal conduct against you and your customers.

References

Additional information about the FFKC, and other FBI anti-fraud initiatives, can be found as follows:

We Can Help You

We interface with law enforcement agencies in various contexts, including assisting our clients with suspicious activity reporting, cybersecurity, public-private partnerships, and education. It is crucial for financial institutions to foster these relationships before they become necessary, such as after experiencing a data breach or a wire fraud. We can liaise between your organization and law enforcement agencies as a preventive matter to limit any negative consequences from criminal activity.

Please call us if you need assistance implementing anti-fraud initiatives or otherwise engaging with law enforcement.

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