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Corporates conference addresses fraud I.D. theft more
WARRENVILLE, Ill. (10/30/08)--Members United Corporate FCU’s fifth annual Operations Outlook Conference provided answers to questions about identity theft, automated clearing house (ACH) risk assessment, pandemic planning and growing staff.
Jim McKee, Federal Reserve Retail Payments Office, explained why the Fed is reducing its check-processing centers during Members United Corporate’s Operations Outlook Conference Oct. 21. (Photo provided by Members United Corporate FCU)
Nearly 100 credit union operations professionals from eight states attended the conference in Albany, N.Y., Monday through Wednesday. “This is the fifth year we have sponsored this operations-based conference in an effort to help attendees learn more about emerging technologies,” said Kevin Brauer, president, northeast region, Members United. Highlights included a pre-conference session entitled “Scams, Schemes and Fraud ... Oh My!” Tim Mills, Electronic Payments Network, shared statistics about payment fraud. More than 500 million checks are forged annually with losses totaling more than $10 billion. Vigilance is key to preventing fraud, he said. Jim McKee, of the Federal Reserve Retail Payments Office, said the Fed once had 48 sites across the country processing checks. The Fed’s current plan is to have only four or fewer processing sites by 2010, due to the electronification of checks. Concurrent first-day sessions offered these topics:
* Understanding the New International ACH Transaction, Bank Secrecy Act, Anti-Money Laundering, Office of Foreign Assets Control--A Never-Ending Journey; * Cross-Selling; * Conducting Your ACH Risk Assessment; * Mitigating Risk in Check Processing; * Information Security Update; * Bill Payment Trends and Adoption Best Practices; * Trends in Identity Theft; and * Your Most Valuable Asset--Do You Stand Out From the Competition?
The final general session, National Consumer Fraud Awareness, was presented by Al Weissmann, a U.S. Postal Service inspector. He shared stories about consumers being swindled out of their life savings via various postal scams. Weissmann warned that any time a consumer is asked to wire funds within a short period of time a “red flag” should go up. The conference also included “Branding You--Achieving Success and Satisfaction in an Extraordinary Career and Life,” presented by Jeff Rendel of Rising Above Enterprises. He suggested ways to brand the areas of life (family, friends, career, health) by identifying stakeholders (spouse, children, parents) and outlining goals and the life tools needed to fulfill those goals. The final day continued with concurrent sessions such as A Spoonful of Sugar: Making Your Financial Literacy Sweet, Your Member’s Experience--Will it Win, Wow or Worry and Pandemic Planning. The conference concluded with a Compliance and Regulatory Update from Yvonne Applonie of the National Credit Union Administration.
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