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USA PATRIOT Act Insurance Companies Fraud Banks Credit Unions Business Intelligence OFAC Identity Fraud Financial Institutions Technology Solutions Identity Verification Compliance Technology USA PATRIOT Act Section 326 USA PATRIOT Act Section 314 A Bank Compliance Broker Dealer Compliance Background Checks Compliance Management USA PATRIOT Act Compliance OFAC Compliance Fraud Protection Identity Information Regulatory Mandates OFAC Regulations Compliance Solutions Integrated Compliance Solutions Bank Fraud Protection Background Verifications Employee Background Checks People Background Checks Prevent Money Laundering Prevent Identity Fraud Prevent Identity Theft Regulatory Mandate Compliance Fraud Protection Solutions Screen Customers Customer Database Screening More Resources About USA PATRIOT Act

USA PATRIOT Act

Fraud Protection

by Jill Morrison

Fraud protection is an important consideration for businesses, financial institutions, and for individuals. There has been a steady increase of fraudulent activity over the years and many new services are available to help prevent fraud from occurring. These services are primarily designed to help businesses or financial institutions to verify identities of potential clients.

Fraud Protection Options

If you are worried about fraud on an individual basis, there are a few important steps that you can take. First of all, you should make sure to check financial statements on a regular basis. You can look at your bank statements or view a copy of your credit report to search for any suspicious behavior. You should also make sure to be stingy in giving out any personal information such as your social security number or bank account number.

Financial institutions are required to use fraud protection methods by law. The USA PATRIOT Act was established in 2001 to prevent future cases of fraud and terrorism. Sections 314 and 326 specifically pertain to financial institutions and fraud. These sections require that institutions check government watch lists and screen all account applicants before opening any new accounts.

Financial institutions and businesses now have the option of obtaining fraud protection services to aid them in complying with the USA PATRIOT Act. Some of the most valuable services will include background watches and ID verification technology. All of these services make screening applicants an easy and efficient process.

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