“CBA welcomes the Committee’s efforts to advance legislation to combat fraud and scams and to also provide both financial institutions and regulators with the tools and resources necessary to operate with AI and other emerging technologies. These efforts will help ensure that the financial system can keep pace with innovation while prioritizing consumer protection.
“The fraud and scam epidemic today is not a series of isolated incidents. It is a rapidly evolving, technology-accelerated, globally coordinated threat that inflicts billions of dollars in losses each…
PROCUREMENT & EXPENDITURE (STOPPING KICKBACKS)
Procurement fraud usually involves inflated invoices or “fictitious” vendors.
- The Three-Way Match: Never pay an invoice unless you have matched the Purchase Order (PO), the Delivery Note (signed), and the Supplier Invoice.
- Vendor Master File Review: Review your vendor list annually. Look for suppliers with the same bank details or physical addresses as your employees.
- Dual Authorization: Implement a “Two-to-Sign” rule for all EFT payments above a certain threshold (e.g., R5,000).
- No “Cashing” of Checks: If you still use physical checks, strictly prohibit “Cash” as a payee and store blank checks in a dual-lock safe.
WASHINGTON, D.C. – Ahead of the U.S. House Financial Service Committee’s markup today, the Consumer Bankers Association (CBA) sent a letter of support for a number of the pieces of legislation that will be considered related to combatting fraud and scams and artificial intelligence (AI).
In the letter, CBA said:
“CBA welcomes the Committee’s efforts to advance legislation to combat fraud and scams and to also provide both financial institutions and regulators with the tools and resources necessary to operate with AI and other emerging technologies. These efforts will help ensure that the financial system can keep pace with innovation while prioritizing consumer protection.
“The fraud and scam epidemic today is not a series of isolated incidents. It is a rapidly evolving, technology-accelerated, globally coordinated threat that inflicts billions of dollars in losses each…
Utilize a reputable password manager to securely store and generate high-entropy passwords, which removes the temptation to use easily guessable information like birthdays or pet names.