SCAM PREVENTION

Lack of Internal Risk management controls.

No KYC Assessment correctly placed.
Customers should be aware of products they are using.
Customers keep track of fees they are paying.
Banks should change their sales strategy, they shouldnt
promote fraud culture is prevailing.
SEC rules & guidelines prohibited.
Dodd-Frank Wall Street Reform and Consumer Protection
Act violated.
Whistle blowing policy must been by potential employee
 Wells Fargo employees using customers lack of financial knowledge or they used
customers ignorance when it came to banking products.
Fraud analytics software could be adapted to look for signs of misconduct.
It could be used to flag accounts that have had no activity for a long period of
time.
Falcon fraud-analytics software, used by more than 90% of banks, is typically
used to monitor for third-party fraud on existing active accounts.
The fintech startup BigID monitors customer data and compares newly entered
data against data in archives and applications to find anomalies.
 "Systems that are used to detect fraudulent account openings and
transactions can be adapted to detect internal shenanigans as well." David
Mooney, president and chief executive of Alliant Credit Union.

"Whenever incentives-based selling is in place with front-line employees, there

should be a series of risk management checks in place, and regular and visible
audits to detect abuse," said Al Pascual, head of fraud and security at Javelin
Strategy & Research.
Latest happenings
Major US City Bans Wells Fargo For One Entire Year After Scandal Chicago &
SF.
Embattled Wells Fargo CEO John Stump Retires
Wells Fargo's New CEO Can't Fix the Bank's Legal Mess.
NYC pension funds lost $41M in Wells Fargo fallout
(
http://video.foxbusiness.com/v/5157705725001/nyc-pension-funds-lost-41m-in-
wells-fargo-fallout/?#sp=show-clips
)
It also agreed to pay $185 million in fines and refund $5 million to customers.