Bank Accountability Review
Christy Harris
Kaplan University

CM107
Professor Amanda McClure
April 28, 2015

Memo:

TO: Leslie Fowler, President, BB&T Banking Institution
FROM: Christy Harris, Chief Financial Officer
SUBJECT: Bank Accountability Review
DATE: April 28, 2015

Every year millions of people have their identities stolen. Consumer fraud is one of the most lucrative scams around the world. According to the article titled, “Holding Financial Institutions Accountable for Fraud,” posted Courtesy of the Civil Divisions Consumer Protection Branch, fraudsters have devised a new way to part hard working people from their money. By using a middleman, considered a third party processer, fraudsters are able to drain someone’s account without arousing suspicion. Often times banking institutions have turned a blind eye to fraudulent activity even after activity has been reported. Banks have implemented policies and procedures that prevent some types of illegal activity but more has to be done to combat this growing problem. The Department of Justice’s Civil Divisions Consumer Protection Branch is implementing a kind of approach in the battle for consumer safety. “Operation Chokepoint” cuts off bank account access thus protecting the sensitive information from being used. Several well-known banks, such as Wells Fargo and Bank of America, have been caught off guard with these schemes. No institution is safe from being hacked using old methods anymore.

I propose a complete review of the policies and procedures that the bank is currently using. There is also a downloadable PDF format of “Operation Chokepoint” the company can use as a guideline to keep customers personal information and finances out of danger of being compromised. This format is available on the Department of Justice Website. Please feel free to input