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WHAT THE SECURITY OFFICER OF THE '90s IS EXPECTED TO KNOW

By William R. Wipprecht

Bill Wipprecht is the Security Officer for Wells Fargo Bank, N.A. in California.

A respected, security professional posed a theoretical question to me recently regarding ideas on how to provide protection for the integrity of his staff.

If you ask the First National Bank of Boston-they'll tell you Proof and Transit are VERY important-$90,000 worth at a time, as a matter of fact!

In the last issue of BANKERS' HOTLINE we talked about using more than just a signature card to open a new account.

One of the things that makes life interesting for the compliance officer is the total unpredictability of the regulators.

September 1, 1990 is the target date for the permanent schedule to take effect for all financial institutions.

It seems as if all areas of banking these days have over-stressed people.

Once a credit card account is opened, we have very little defense against loss. Loss figures on the misuse of credit cards is expected to top a whopping one billion dollars in 1989.

Stop payments can be put on a check written by a customer on their account with just a phone call-and can be effective even before being confirmed in writing.