Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.
An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.
The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.
Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.
Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.
An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

The job description of a bank security officer could be broad—and has changed over time. Fifty years ago, a bank security officer’s main responsibilities centered on the physical safety of the financial institution’s employees, customers, and facilities.

Over time, however, the role has widened to include other demanding duties. In recent years, this expansion includes everything from monitoring complex transactions for fraud to overseeing the bank or credit union’s cybersecurity and data protection initiatives.

The Diverse Duties of a Bank or Credit Union Security Officer

Today, a bank or credit union security officer works closely with other department heads—in lending, operations, compliance, technology, and other departments—to implement and administer various security programs and ensure that employees are adhering to protocols. In addition to protecting employees and customers or members from physical threats and monitoring for brick-and-mortar breaches, security officers also:

  • Identify and prevent attempts at illegal activity, such as forgeries and embezzlement
  • Work to ensure Bank Secrecy Act (BSA) compliance
  • Act as a liaison between employees and law enforcement as necessary
  • Evaluate cybersecurity tools
  • Design systems and procedures to protect customers, members, and their data

An Increasingly Important Position

Every financial institution could benefit from a dedicated bank or credit union security officer, and, for that reason, most financial institutions today employ a full-time security officer. However, the duties of this higher-level job vary depending on the size of the bank or credit union.

For example, at a small institution, the security officer may personally perform multiple pieces of the position. At a larger bank or credit union, a security director may head a team in which each person is responsible for a certain aspect of security—one person for data safety, one person for facilities security, one person for regulatory money-laundering prevention compliance, and so on.

Bank Management Resources

For more information about bank document tracking and management, be sure to check out our extensive resource library with free spreadsheets, whitepapers, and eBooks.

Browse our banking definitions page for more terminology.
 

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