MEMBER HIGHLIGHT - SER member Catherine Mustico co-authored an article titled "Banks Pay the Price When They Miss the Signs of Fraud" in a March 2nd post of Fraud Magazine. The article examines how increasingly sophisticated impersonation scams collide with banks’ inconsistent fraud‑response practices, often leaving victims wrongly blamed for losses. Through a detailed case study and recent lawsuits and regulatory actions, the article shows how institutions frequently overlook red flags, misapply “customer authorization,” and fail to meet their independent obligations under the BSA, EFTA, and identity‑theft regulations. The piece calls on fraud examiners to lead a shift toward evidence‑driven reviews, stronger controls, and more accountable institutional responses. Catherine holds CFE, CAMS, CAMS-FCI accreditations. She co-authored the piece with Mary Scott, Director of Operations at her firm Fundamental Compliance Consulting. You can access a pdf version of the article here or online here if you have a Fraud Magazine subscription. A copy has also been added to SER Library for members.
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