Fraudology Podcast with Karisse Hendrick

Alarming Rise in Bank Fraud: 2024 SAR Report Insights

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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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This episode of Fraudology Podcast brings together host Karisse Hendrick and Banking on Fraudology's Hailey Windham for an in-depth analysis of the recently released 2024 Suspicious Activity Reports (SARs). This data-packed discussion reveals troubling trends in the world of financial fraud, with significant increases in account takeovers, identity theft, and wire fraud.

Hailey, drawing from her extensive experience in the banking sector, provides valuable insights into the mechanics of these fraud schemes and the challenges faced by financial institutions in combating them. The hosts explore the role of AI and deep fakes in amplifying the effectiveness of fraud attempts, particularly in the realm of account takeovers and wire fraud. They also delve into the complexities of synthetic identity fraud and its often-overlooked impact on financial institutions.

Throughout the episode, Karisse and Hailey offer practical advice for both consumers and financial professionals on recognizing and preventing various types of fraud. They emphasize the importance of collaboration within the industry and the need for improved technological infrastructure to effectively fight fraud. The conversation takes an interesting turn as they discuss the ethical dilemmas faced by financial institutions when dealing with potential fraud victims who insist on making risky transactions.

Tune in now to arm yourself with knowledge and stay ahead of the fraudsters!

Related Article:

https://frankonfraud.com/new-sar-data-ato-identity-theft-and-wire-fraud-are-up-big/

Fraudology is hosted by Karisse Hendrick, a fraud fighter with decades of experience advising hundreds of the biggest ecommerce companies in the world on fraud, chargebacks, and other forms of abuse impacting a company's bottom line.

Connect with her on LinkedIn

She brings her experience, expertise, and extensive network of experts to this podcast weekly, on Tuesdays.