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The FFETF

Category: BSA
By Kyle Woodmansee    No Comments

Who is the Financial Fraud Enforcement Task Force (FFETF)? The FFETF was established by president Obama in 2009 to hold accountable the individuals and groups that were responsible for the latest financial crisis and to prevent future financial crises from happening. The task force is comprised of senior leaders of several federal agencies including FinCEN, the FBI, Secret Service and the IRS, just to name a few. You can check them out at www.stopfraud.gov.

The FFETF spends its time hunting down fraudsters, prosecuting those that are out to do no good and educating the public on how to avoid being caught up in one of these scams. The FFETF also focuses on recovering the proceeds from individuals who may have been defrauded and addresses all sorts of financial discrimination in lending and financial markets. With technology making things more convenient, it also opens the door to new and innovative fraud techniques.

If your credit union is looking from some great information and training material to help combat fraud, I recommend checking out their website.  The website also provides some links to articles that your members may find beneficial including, tips to avoid scams and elder investment fraud schemes. Credit union newsletters are always a nice way to educate your members on how to avoid becoming a fraud victim.

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