Allied Solutions is the NAFCU Services Preferred Partner for Insurance- Bond, Creditor Placed (CPI), Guaranteed Asset Protection (GAP), Mechanical Breakdown Protection (MBP), and REFUND Plus®.
Listen On:
Key Takeaways:
- [01:08] A HELOC is an open-end loan, so customers don’t often look at that loan frequently.
- [02:03] Ann shares the difference between a HELOC non-wire and wire fraud.
- [03:58] The biggest exposures in the HELOC wire environment is the wire versus the non-wire fraud.
- [04:50] Setting a daily dollar limit on wire transfers is huge today and limiting the number of wires in a 24-hour time frame.
- [05:34] Credit unions should be looking at the procedures they have in place. If it is not a face to face conversation what kind of authentication layers are they utilizing?
- [06:32] The warning signs include when you suddenly see a member that hasn’t touched their HELOC account in many years trying to send money out of the country.
- [07:35] With wires, do back-end authentication by validating and confirming with the member. Call them at multiple phone numbers you have on record. Have them agree to a challenge question upfront.
Presented By
Ann Davidson
VP of Risk Consulting | Allied Solutions
With more than 40 years of diverse experience in the financial industry, Ann Davidson has become a nationally renowned expert in risk control and risk management. Ann has an impressive list of achievements and accreditations in the financial industry, which includes making notable article contributions to accredited financial publications and being a keynote speaker on a variety of risk management topics at hundreds of conferences and seminars nationwide.