Testimony of Darrin McLaughlin on "Following the Money: Tools and Techniques to Combat Fraud"

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Chairman Davidson, Ranking Member Beatty, and members of the Subcommittee, thank you for the opportunity to offer testimony for today's Hearing: "Following the Money: Tools and Techniques to Combat Fraud." My name is Darrin McLaughlin, and I am Executive Vice President and Chief AML and Sanctions Officer for Flagstar Bank, which is headquartered in Hicksville, New York. I am testifying today on behalf of the American Bankers Association (ABA). These views are my own and don't necessarily reflect the views of my employer.

Bad Actors Continue to Aggressively Target Bank Customers

There are thousands of talented Bank Secrecy Act (BSA) and anti-fraud professionals across the country who have dedicated their entire careers to protecting their customers and the U.S. financial system. We want nothing more than to accomplish that critical mission – and it is clear, despite all our efforts, there is more work to be done. Effectively combatting these attacks by bad actors requires proactive steps from both the federal government and other industries. We need transparency and actionable feedback from the government, and we need important regulatory reforms to let us focus on the real threats.

Criminal enterprises are targeting all Americans. Bankrate's latest Financial Fraud Survey found that about one in three adults have experienced a financial fraud or scam in just the last 12 months, while nearly two in five among them have experienced a financial loss.

Bad actors have leveraged cutting edge technology, social media, and telecommunications to mask their true location and identity and to target Americans' life savings.

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Testimony of Darrin McLaughlin on "Following the Money: Tools and Techniques to Combat Fraud"

Bad Actors Continue to Aggressively Target Bank Customers

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Testimony of Darrin McLaughlin on "Following the Money: Tools and Techniques to Combat Fraud"

Bad Actors Continue to Aggressively Target Bank Customers

In Depth

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Our Experts

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