facilitating the fight against financial fraud: celebrating data privacy day 2015
Post on 25-Jun-2015
1.971 Views
Preview:
DESCRIPTION
TRANSCRIPT
Facilitating the Fight against Financial Fraudin International Admissions
Hosted on 28 January 2015 by Cheryl DarrupBoychuck, Chief Architectcheryl@FundsV.com / ph +570-205-4020
Admissibility Indicators•Academic readiness •Financial capacity
Document ReviewThe process of authenticating financial documents varies from country to country, based on the prevalence of corruption and forgery experienced.
-- Chris Evason, Managing Director Professional International Education Resources in Australia
http://pieronline.org/(co-producers of the ICEF Agent Training Course
and the Canada Course for Education Agents)
Ensure utmost integrity of the process• Confirm the identity of the student
* Request current, official forms of photo identificationi.e., Passport, Driver’s License
* Does the name on the financial documents matchthe name on the application?
* If not, has the name change been documented?
Unacceptable forms of identification• Birth Certificate• Credit Card• Diploma, Report Card or Transcript• Employer-issued Photo Identification• Family Portrait or Graduation Picture• Organizational Membership Card• Photo Identification of Parents• Photocopies or reproductions, online or on paper• Recreational (i.e., Fishing or Hunting) License• Social Security Card• Traffic Ticket, even with a physical description and signature
When a sponsor is involved…• Confirm the identity of the sponsor
* Request current, official forms of photo identificationi.e., Passport, Driver’s License
* Does the name on the financial documents matchthe name on the application?
* If not, has the name change been documented?• Confirm that the name of the student “matches” the
name of the financial sponsor, where appropriate• Confirm that the bank (named on the statement) exists• Confirm that the paper statement is authentic
If fraud is suspected…• Indicate which type (Adapted from ece.org)
* Alteration: Information on a legitimate financial statement has been changed (most popular)
* Fabrication: A completely fake financial statement has been created
* In-house Document Manufacture: Fraudulent statement produced by an institutional representative; blank document stock made available for sale
* Misleading Translations: Translations can be interpretive rather than literal
Academic Credential Authentication ≈ Financial Document Authentication
Scale of Trust for Document Verification• Direct confirmation from the institution in response to a
request for verification, over a secure electronic network• Original documents received in institution-sealed envelopes,
received directly from the institution• Original documents received in institution-sealed envelopes• Original documents• Institution-certified / attested copies of original documents• Certified or notarized photocopies• Regular photocopies• Scanned documents as eMail attachments• Faxed copies
Adapted from ece.org
28 J
anua
ry 2
015
cher
yl@
Fund
sV.c
om
Transition to a paperless process…with a sophisticated hybrid
• Electronic Transfer of Data via a robust platform* 4,000+ banks within the FundsV Network
• Document Management Solution* Tracking IP address, time and date
lewisu.edu/admissions/international/applicationreq.htm
FundsV is affiliated with nearly 4,000 banks around the worldhttps://FundsV.com/page/banks/
So what?What happens if we get it wrong?
• Visa Denials / Approvals
So what?What happens if we get it wrong?
• Visa Denials / Approvals• Time-consuming Fight v. Fraud
So what?What happens if we get it wrong?
• Visa Denials / Approvals• Time-consuming Fight v. Fraud• Privacy / Security Issues
So what?What happens if we get it wrong?
• Visa Denials / Approvals• Time-consuming Fight v. Fraud• Privacy / Security Issues• Perceived as a Laggard
Improve conversion of inquiry to applicant
Facilitating the fight against fraud via FundsV• Identity Authentication
* Informed by global bank standards* Know your customer (KYC) guidelines* Anti-money laundering guidelines
Facilitating the fight against fraud via FundsV• Identity Authentication
* Informed by global bank standards* Know your customer (KYC) guidelines* Anti-money laundering guidelines
• Detection of Duplicate Access* Minimizes risk of third-party fraud
Detecting Duplicate Access in FundsV
Facilitating the fight against fraud via FundsV• Identity Authentication
* Informed by global bank standards* Know your customer (KYC) guidelines* Anti-money laundering guidelines
• Detection of Duplicate Access* Minimizes risk of third-party fraud
• Multiple Bank Account Balance Verifications* Substantiates financial capability over time
Multiple Bank Balance Verifications
28 J
anua
ry 2
015
cher
yl@
Fund
sV.c
om
Market Trends and Corresponding Collaborations
• Students are embracing a sense of empowerment• Students want / need to elevate their applications
* Similar to the English proficiency video services• API option for larger volume of applications
Market Trends and Corresponding Collaborations
• Students are embracing a sense of empowerment• Students want / need to elevate their applications
* Similar to the English proficiency video services• API option for larger volume of applications
* Academic Credential Evaluators* English Proficiency Evaluators* Recruitment Fair Organizers
Opportunities to Connect
• Follow FundsV for the latest developments
LinkedIn.com/groups/FundsV-Working-Group
@FundsV
• Customized Online Demos, upon request
• FundsVWorking Group: 1st Quarter Call* Thursday, 12 February 2015 at noon EST
• FundsVWorking Breakfast during NAFSA Week* Wednesday, 27 May 2015 from 7a to 8:30a EST
Facilitating the Fight against Financial Fraudin International Admissions
Hosted by Cheryl DarrupBoychuck, Chief Architectcheryl@FundsV.com / ph +570-205-4020
top related