Unpacking E-SIGN Compliance for Loans & Deposit Accounts
Could you spot an attempt to use someone else’s personal information to open a fraudulent account online? Javelin, a national security research firm, says account takeover and new account fraud is growing. Account takeover fraud resulted in nearly $13 billion in losses in 2023 (up from $11 billion in 2022). New account fraud reached $5.3 billion (compared with $3.9 billion in 2022). Join us to learn how to ascertain an applicant’s true identity and comply with BSA, CIP, and E-SIGN.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Develop a robust risk mitigation strategy for online account opening
- Use FinCEN guidance to detect and report fraud related to identity theft, elder financial abuse, and cyber-enabled crime
- Explain and implement the E-SIGN consent process to open loan and deposit accounts online
- Offer suggestions for consumer protection against identity theft and fraud
- Understand the importance of information security procedures
WEBINAR DETAILS
Compliance with E-SIGN requirements for opening accounts online is one piece of the puzzle; knowing the “true identity” of the customer for BSA and CIP completes the process. It is critical that financial institutions use multilayered systems of fraud screening. Some methods include email-specific data, IP address, phone, and physical address information. This session will explain the intersection of E-SIGN security and fraud detection and provide valuable tips for educating consumers and identifying fraud.
WHO SHOULD ATTEND?
This informative session will be helpful to ensure compliance with e-banking and is targeted for compliance officers, risk managers, operations managers, business development managers, and others responsible for managing online banking, E-SIGN compliance, e-statements, and e-disclosures.
