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Reporting Insider Fraud

Answered by: 
John Burnett

Question: 
What/where does one report insider banking fraud that includes the vice president, producing fraudulent checks with wrong routing numbers, and handing out wrong direct deposit forms?
Answer: 

Regardless of any dollar amounts involved, such fraud must be reported on a Suspicious Activity Report filed with FinCEN and, in my opinion, the bank's primary federal regulator. The individual who has witnessed or who suspects such fraud should contact the department or person responsible for filing such a report (also called a SAR) to make an internal referral of the activity. If unsure of whom to contact, go to the bank's Bank Secrecy Act (BSA) officer for direction. It is also critical that fraud of this type be reported to the bank's Security Officer.

First published on BankersOnline.com 9/27/10

First published on 09/27/2010

Filed under: 
Security
Filed under security as: 
Bank Secrecy Act
Checks
Direct Deposit
FinCEN
Fraud
IT
Referral
Reporting
Routing Numbers
Security
Security Officer
Suspicious Activity

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