Course Overview
New account fraud is a critical vulnerability in credit union account opening processes. This course teaches how to identify fraudulent applications and conduct thorough identity verification for new accounts.
Learning Objectives
- Identify red flags in new account applications
- Master driver's license verification techniques
- Learn identity document authentication
- Conduct effective identity verification procedures
- Understand credit union anti-fraud procedures
- Develop investigation procedures for suspected NAF
Course Content
Module 1: New Account Fraud Overview (8 minutes)
Understanding NAF tactics, common scenarios, and impact on credit unions. Red flags that indicate fraudulent applications.
Module 2: Driver's License Verification (12 minutes)
Techniques for reviewing and validating driver's licenses, identifying fake or altered documents, and spotting impersonation attempts specific to Texas DL standards.
Module 3: Identity Document Authentication (12 minutes)
Verifying identity documents—passports, state IDs, social security documents—and recognizing fraudulent documents.
Module 4: Application Review Procedures (12 minutes)
Systematic application review for inconsistencies, red flags, and patterns indicative of fraud.
Module 5: Investigation and Reporting (6 minutes)
Investigating suspected NAF cases and reporting procedures for credit union and regulatory requirements.
Key Takeaways
- Strong account opening controls prevent NAF
- Document verification is critical for identity validation
- Application consistency matters in fraud detection
- Proper investigation protects member accounts and funds