Tax Refund Fraud: The Fraud that Keeps Getting Worse

Why Should You Attend:

Each year, federal tax refund time presents a nightmare of situations for institutions. From money mules to identity theft, nasty divorce situations to non-post items, institutions sometimes find themselves in high risk situations with no clear guidance on how to proceed.

Institutions need to be prepared for the onslaught of situations the tax refund season presents. Regardless of the scenario, there are some sound business practices that can reduce the institution’s exposure to loss and non-compliance.

This webinar, designed specifically for financial institutions, walks through typical federal tax refund situations and helps staff develop a strategy to successfully navigate potential pitfalls. This course will address common institution questions, including:

• We suspect a customer is committing tax refund fraud. Can we do anything?
• When is our institution potentially liable for losses associated with tax refunds?
• What return reason code do we use if we need to return a refund?
• Can we check to see if an account holder is entitled to a tax refund?

The webinar will prepare attendees for this challenging time of year. Attendees will receive a bonus Tax Refund Handling Checklist to ensure your institution has considered all aspects of handling tax refunds.

Learning Objectives:

• Review the current state of federal tax refund fraud
• Analyze options available to an institution
• Record handling procedure tips
• Identify resources

Areas Covered in the Webinar:

• Introductions
• Refund fraud examples
• Common tax refund issues
• Non-post/exceptions
• Posted to wrong account
• Situations that increase an RDFI’s liability
• Funds availability and the exception rule
• Returns, including Opt-In Program
• Institution sound business practices for managing tax refund frauds
• Staff and customer education
• Scripts
• Handling procedures
• Remedial procedures
• Suspicious activity report tips
• Conclusion/recap/Q&A

Who Will Benefit:

This informative session is designed for anyone in the institution responsible for managing payments risk including:

• Operations
• Operations Managers
• Risk Manager
• Compliance
• Audit
• Retail Managers
• Senior Management

Rayleen M Pirnie
CEO, RP Payments Risk Consulting Services LLC

Rayleen M. Pirnie, AAP, is the founder and owner of RP Payments Risk Consulting Services, LLC, based in Missouri. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education. Ms. Pirnie’s specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. She has worked with all payment systems for nearly 20 years.

Ms. Pirnie also holds a Bachelor’s of Science in Criminal Justice Administration. Her educational programs provide real-world, actionable information for financial institutions and businesses on topics ranging from payments risk management to information security. She authors payments risk and fraud blogs geared toward helping organizations recognize threats and protect themselves from loss.

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