TMG White Paper Outlines Strategies for Detecting and Preventing
(Des Moines, Iowa – May 20, 2010) – An overwhelming financial problem can push a normally law-abiding person toward a criminal solution even in the best of economic times. However, during a down economy, the sheer number of people experiencing these burdens puts the risk of economic-hardship fraud faced by a financial institution (FI) at dangerous levels.
The first in a series of three mini White Papers, “Desperate Times, Desperate Measures,” issued by TMG (The Members Group), identifies strategies for detecting and preventing economic-hardship fraud from two key, but potentially unsuspecting groups — customers and employees.
“When people are under stress — particularly financial in nature — they can more easily be pressured into uncharacteristic acts, which make them difficult to detect,” said Karen Postma, TMG cards risk senior manager. “But with the right mixture of education and preventative measures, a financial institution can be ready for these attacks, both in good times and in bad.”
The White Paper, “Desperate Times, Desperate Measures: Strategies for preventing and detecting economic-hardship fraud at your financial institution,” can be downloaded at http://www.themembersgroup.com/Fraud1.
“A Throw-Back Threat,” the next topic covered in TMG’s Fraud White Paper series, takes a look at the resurgence of an old-school favorite used by fraudsters and what financial institutions should be watching for.
