RFS - Module Review

 

Module Review

Financial Services are among the most regulated industries in the world. Among the entities that have oversight are:

• The Federal Reserve
• Office of the Comptroller of the Currency
• Federal Trade Commission
• Federal Deposit Insurance Corporation
• Office of Thrift Supervision
• Securities and Exchange Commission
• Financial Industry Regulatory Authority
• Office of the State Insurance Commissioner

Banking and investment fraud can be divided into two categories. One category, fraud against banking, includes empty envelope deposits, check kiting, counterfeit checks, and forgery. The other category, consumer fraud, includes credit/debit card fraud, check fraud, electronic fraud, and identity theft.

Insurance Fraud can be perpetrated by either the insurance agent or broker or by the consumer themselves. Insurance fraud costs consumers millions of dollars a year.

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