- [01:08] A HELOC is an open-end loan, so customers don’t often look at that loan frequently.
- [02:03] Ann shares the difference between a HELOC non-wire and wire fraud.
- [03:58] The biggest exposures in the HELOC wire environment is the wire versus the non-wire fraud.
- [04:50] Setting a daily dollar limit on wire transfers is huge today and limiting the number of wires in a 24-hour time frame.
- [05:34] Credit unions should be looking at the procedures they have in place. If it is not a face to face conversation what kind of authentication layers are they utilizing?
- [06:32] The warning signs include when you suddenly see a member that hasn’t touched their HELOC account in many years trying to send money out of the country.
- [07:35] With wires, do back-end authentication by validating and confirming with the member. Call them at multiple phone numbers you have on record. Have them agree to a challenge question upfront.