To curb attempted fraud, banks should:
A) Require greater vigilance by the management and staff.
B) Take particular care when the beneficiary is a third party to the deal.
C) Ensure that details of all telephone deals which do not include pre-agreed standard settlement instructions are confirmed by telex or similar means without delay.
D) All of the above.

Question

Quizplus · Accepted Answer

All three options (A, B, and C) are important in curbing attempted fraud. Requiring greater vigilance from management and staff can help identify suspicious activity and prevent fraudsters from succeeding. Taking particular care when the beneficiary is a third party can help prevent fraudsters from using intermediaries to launder money or finance terrorism. Confirming details of telephone deals through telex or similar means can reduce the risk of fraudsters using social engineering tactics to manipulate bank staff into authorizing fraudulent transactions. Overall, a combination of these measures is the most effective way to curb attempted fraud.

To Curb Attempted Fraud, Banks Should