A New Twist on New Account Fraud: Detecting and Preventing ACATS Fraud
FINRA Unscripted
English - May 02, 2023 10:30 - 23 minutes - 21.5 MB - ★★★★★ - 45 ratingsGovernment Business finra compliance regulation regulator financial services stocks bonds stock broker brokerage firm investing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In recent months, FINRA has published two Regulatory Notices regarding the fraudulent transfer of customer accounts using an automated system called ACATS. On this episode, we'll hear all about what goes into the creation of a Reg Notice and take a deep dive on this particular issue. Plus, we'll hear about some information that didn't make it into the most recently published Notice.
FINRA Unscripted welcomes three new guests, Chris Hunter, Principal Analyst with Risk Monitoring, Emily Kahn, Principal Intelligence Specialist with the Financial Intelligence Unit, and Lindsey Barnett, Senior Principal Investigator with the Special Investigations Unit, to talk about Regulatory Notices 23-06 and 22-21.
Resources mentioned in this episode:
Reg Notice 23-06: FINRA Shares Effective Practices to Address Risks of Fraudulent Transfers
Reg Notice 22-21: FINRA Alerts Firms to Recent Trend in Fraudulent Transfers of Accounts
Reg Notice 21-18: Practices Used to Protect Customers From Online Account Takeover Attempts
Reg Notice 20:32: FINRA Reminds Firms to Be Aware of Fraudulent Options Trading