Page : 1/22

Inside TRC

First Page    Prev. Page    Next Page    Last Page

Thursday, 21 Jan 2016

Keep your employees informed about the most prevalent scams. Experts estimate that IRS impostors have made an estimated 900,000 calls intended to steal money and information.

The IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. Criminals pose as the IRS to trick victims out of their money or personal information. Here are several tips to help you avoid being a victim of these scams:

  • Scammers make unsolicited calls. Thieves call taxpayers claiming to be IRS officials. They demand that the victim pay a bogus tax bill. They con the victim into sending cash, usually through a prepaid debit card or wire transfer. They may also leave “urgent” callback requests through phone “robo-calls,” or via phishing email.
  • Callers try to scare their victims. Many phone scams use threats to intimidate and bully a victim into paying. They may even threaten to arrest, deport or revoke the license of their victim if they don’t get the money.
  • Scams use caller ID spoofing. Scammers often alter caller ID to make it look like the IRS or another agency is calling. The callers use IRS titles and fake badge numbers to appear legitimate. They may use the victim’s name, address and other personal information to make the call sound official.
  • Cons try new tricks all the time. Some schemes provide an actual IRS address where they tell the victim to mail a receipt for the payment they make. Others use emails that contain a fake IRS document with a phone number or an email address for a reply. These scams often use official IRS letterhead in emails or regular mail that they send to their victims. They try these ploys to make the ruse look official.
  • Scams cost victims over $23 million. The Treasury Inspector General for Tax Administration, or TIGTA, has received reports of about 736,000 scam contacts since October 2013. Nearly 4,550 victims have collectively paid over $23 million as a result of the scam.


The IRS will not:

  • Call you to demand immediate payment. The IRS will not call you if you owe taxes without first sending you a bill in the mail.
  • Demand that you pay taxes and not allow you to question or appeal the amount you owe.
  • Require that you pay your taxes a certain way; for instance, require that you pay with a prepaid debit card.
  • Ask for your credit or debit card numbers over the phone.
  • Threaten to bring in police or other agencies to arrest you for not paying.


TRC Interactive’s First Line of Defense™ training solution offers interactive and engaging fraud training to help financial institutions identify and prevent fraud attempts. To learn more, visit http://trcinteractive.com/training-solutions/fraud-training.asp or contact us at either info@trcinteractive.com or (800) 222-9909.

Wednesday, 18 Nov 2015

There isn’t a day that goes by that we don’t see cybersecurity concerns referenced in financial industry publications. Recently cybersecurity has gained increased attention in relation to financial institution examinations.

Cyber threats have become more of a “when” than an “if”. The Federal Financial Institutions Examination Council recently issued a Cybersecurity Assessment Tool and although most regulators are considering the use of the assessment tool voluntary, it appears that the use of the tool to determine a financial institution’s cybersecurity preparedness may become the preferred method of assessment.

If you haven’t already looked over the information in the Cybersecurity Assessment Tool, put it on your to do list. We have received some good feedback on the tool and think you might find it helpful.

If you need help keeping up with all the Information Security issues, guidance, laws and regulations we can help keep you, your staff and your Board stay informed through our Information Security course. Protecting your customer’s personal information is the foundation on which trust is built.

To stay up to date on regulatory trends and news, frequently visit our blog. TRC Interactive also offers online, interactive training on various compliance related topics. To learn more, contact us at info@trcinteractive.com or (800) 222-9909.

Friday, 30 Oct 2015

The Consumer Financial Protection Bureau (CFPB) released its latest monthly consumer complaints snapshot, which highlights credit card complaints.

Consumers’ most frequent credit card-related complaints were about incurring late fees and credit report problems due to confusing payment processing schedules and difficulty disputing bill inaccuracies.

Now would be a good time to pull out your cardholder agreements and read over them. Is the language clear? Does your agreement reflect your actual procedures? Next take a look at your payment procedures. I would also suggest picking up the phone or walking across the lobby to talk to your staff. Find out what issues they might be encountering with credit cards.

The CFPB report focuses on the following key points:

  • Confusion over how late fees are assessed

  • Problems resolving inaccuracies on billing statements

  • Accounts closed without consumer consent

  • Most-complained-about companies


Most of the rules for credit card accounts can be found in the Truth in Lending Act, Regulation Z. A review of the TRC Interactive courses on the Truth in Lending Act Open-End Credit as well as Truth in Lending Act General, Miscellaneous and Other will touch on most of the rules governing credit cards. Taking a look at the Appendices and the Official Interpretations to Regulation Z will provide additional information.

To stay up to date on regulatory trends and news, frequently visit our blog. TRC Interactive also offers online, interactive training on various compliance related topics. To learn more, contact us at info@trcinteractive.com or (800) 222-9909.

Tuesday, 20 Oct 2015

While Marketing Services Agreements are usually framed as payments for advertising or promotional services, in some cases the payments are actually disguised compensation for referrals. Any agreement that entails exchanging a thing of value for referrals of settlement service business likely violates federal law, regardless of whether a Marketing Services Agreement is part of the transaction.

If you are using Marketing Services Agreements, the Real Estate Settlement Procedures Act (RESPA) is designed to eliminate kickbacks or referral fees that tend to unnecessarily increase the costs of settlement services. You should take a look at a bulletin issued by the Consumer Financial Protection Bureau concerning the mortgage industry. However, keep in mind that properly executed Marketing Services Agreements are not prohibited by RESPA. Just make sure you are crossing your “T’s and dotting your “I’s.

The bulletin offers an overview of the federal prohibition on mortgage kickbacks and referral fees, and describes examples from the Bureau’s enforcement experience as well as the risks faced by lenders entering into these agreements. During the course of supervising mortgage lenders and enforcing federal law, the Bureau has found that Marketing Services Agreements carry legal and regulatory risk for lenders.

Keeping your financial institution up to date on regulatory issues and your employees educated can be a daunting task. TRC can help. To learn more, contact us at info@trcinteractive.com or (800) 222-9909.

Thursday, 10 Sep 2015

Once deployed, a service member is often at an extreme disadvantage when attempting to resolve troublesome financial issues. For the third time a complaint report was released by the Consumer Financial Protection Bureau (CFPB) making suggestions based on complaints:

  • Have feasible methods of communication so that deployed service members may conduct financial business during hours before and after U.S. business hours.

  • Obtain an updated mailing address.

  • Provide clear instructions on how a person designated by a service member may gain access to an account.

  • Proactively notify military consumers about any Power of Attorney policies.


The report can be accessed here: http://files.consumerfinance.gov/f/201504_cfpb_snapshot-of-complaints-received-from-servicemembers-veterans-and-their-families.pdf

To learn more about your financial institution’s obligations to our United States service members, be sure to review our course on the Servicemembers Civil Relief Act. Also, frequently visit our blog for updates on the latest fraud trends and financial news. To learn more about our online training solutions, contact us at info@trcinteractive.com or (800) 222-9909.

First Page    Prev. Page    Next Page    Last Page