Fraudology Podcast with Karisse Hendrick

Alarming Rise in Bank Fraud: 2024 SAR Report Insights

7 snips
Mar 4, 2025
Hailey Windham, host of the Banking on Fraudology podcast and banking fraud expert, joins the conversation to reveal shocking insights from the 2024 Suspicious Activity Reports. They discuss the alarming rise in bank fraud, particularly account takeovers and identity theft, and explore how AI and deep fakes are making these schemes more effective. Hailey provides practical advice for both consumers and institutions on recognizing and preventing fraud, emphasizing the need for collaboration and improved tech to tackle these evolving threats.
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INSIGHT

SARs 2024 Reveal Troubling Fraud Trends

  • Suspicious Activity Reports (SARs) for 2024 reveal a troubling increase in financial fraud.
  • Account takeovers, identity theft, and wire fraud are significantly up.
ADVICE

Importance of SAR Filing and Analysis

  • Financial institutions must file Suspicious Activity Reports (SARs) under the Bank Secrecy Act.
  • SARs help identify fraud patterns, insider threats, and emerging financial crime schemes.
ANECDOTE

Account Takeover and Money Mule Scheme

  • Hailey Windham recounts a fraud scheme involving account takeovers and money mules.
  • Fraudsters used stolen credentials to transfer funds internally to new accounts, then withdrew cash.
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