Regions Bank launching campaign in March to prevent fraud, identify
human trafficking
BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Financial crimes cost
the global economy trillions of dollars every year and are
increasing in frequency at an alarming rate. That impact starts,
however, with costing ordinary people and businesses hundreds of
thousands of dollars. This month, Regions is launching the Good Sense
financial safety series on its news website, Doing
More Today, to show how consumers, businesses and financial
institutions can work together to combat financial crimes such as elder
financial abuse, business email compromise and human trafficking.
From senior individuals personally affected by financial exploitation to
businesses targeted by email spoofing, financial crimes aren’t just
expensive, they’re widespread:
- Elder financial abuse: According to the National Adult
Protective Services Association, one
in nine seniors report financial abuse – and
even then, they say elder abuse is under-reported. These
situations commonly involve trusted people in the life of the
vulnerable adult, such as loved ones, friends or caretakers,
improperly using the older person’s funds, property or assets.
- Business email compromise (BEC): It’s a sophisticated scam that
looks simple: Maybe it’s an email that looks like it’s from a company
executive requesting a transfer of funds. But behind the scenes a
criminal has compromised a legitimate business email account to
conduct unauthorized funds transfers. According to the FBI, the losses
from BEC increased by 136 percent to
more than $12 billion between December 2016 and May 2018.
- Human trafficking: Beyond the human toll of compelling someone
to work or engage in a commercial sex act through force, fraud or
coercion, its victims commonly have several bank accounts opened by
traffickers in their name. These accounts may be used for money
laundering, loans or benefit fraud. According to the International
Labour Office, the worldwide illegal profits generated from human
trafficking now
top $150 billion per year.
“The human impact of fraud is immense, whether you’re talking about one
of the 40+ million men, women and children trapped in trafficking, or
the elderly victim scammed out of their life’s savings,” explained Don
White, head of Regions Corporate Security. “We work closely with law
enforcement, and have people and procedures in place to identify,
investigate and report financial crimes. That said, the best, first line
of defense is for consumers and businesses to be educated and vigilant
in spotting and thwarting these types of crimes before they happen.”
A 25-year veteran of the Secret Service, White oversees a team of former
district and U.S. attorneys; DEA and FBI agents; and former leaders from
local, county and state police departments, all concerned for the safety
of Regions customers, associates and properties 24 hours a day, 365 days
a year.
Beyond Corporate Security, White says Regions associates are trained to
spot the warning signs of financial crimes and report any suspicious
activity. All Regions employees must successfully complete annual
training courses on financial crimes, the Bank Secrecy Act/Anti-Money
Laundering law, privacy and information security.
“Our focus is always on serving our customers and communities and making
it easy to do business with us,” White added. “But the criminals are
persistent, so that means all of us – from banks to consumers and the
business community – have to constantly be on guard.”
To learn more, visit Doing
More Today beginning on March 6 for more information on combating
various types of financial crime.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $126 billion in assets, is
a member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, and mortgage products and services. Regions serves customers
across the South, Midwest and Texas, and through its subsidiary, Regions
Bank, operates approximately 1,500 banking offices and 2,000 ATMs.
Additional information about Regions and its full line of products and
services can be found at www.regions.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190306005135/en/
Nicole Wyatt
205-264-4551
regions.doingmoretoday.com
Regions
News on Twitter: @Regions
News
Source: Regions Financial Corporation