Digital convenience creates new compliance and fraud risks. Compliance with E-SIGN requirements to open accounts online is one piece of the puzzle; knowing the “true identity” of the customer for BSA and CIP completes the process. The incidence of account takeover and new account fraud, where criminals use a victim’s personal information to open fraudulent new accounts, is growing. In 2025, over 67% of financial institutions reported year-over-year increases in fraud rates, with roughly 20-22% suffering
losses exceeding $5 million. Consumer losses to scams and impersonators also surged roughly 25% over the previous year. It is critical that financial institutions use multilayered methods of fraud screening. Some of these methods will include email-specific data, IP, 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.
KEY WEBINAR TAKEAWAYS
- A robust risk mitigation strategy for online account opening
- FinCEN guidance on detecting and reporting fraud related to identity theft, elder financial abuse, and cyber-enabled crime
- The E-SIGN consent process for opening loan and deposit accounts online
- Suggestions for consumer protection against identity theft and fraud
- The importance of information security procedures
BONUS MATERIALS
- Current exam procedures and many resources for online banking
- E-SIGN checklist and answers to common questions
- Suspicious Activity Report checklist for fraud related to online accounts
WHO SHOULD ATTEND?