CBS MoneyWatch has reported that Wells Fargo (WFC) CEO John Stumpf is expected to face tough questions from the Senate Banking Committee related to the bank’s unauthorized opening of millions of accounts, which is now being labeled as “a staggering fraud.” Leaders of other financial institutions will be watching how the events play out because experts now say that sales incentives for financial products require serious monitoring. Due Founder and CEO John Rampton was quoted in the article as saying that “one simple solution would be to reward salespeople based on active accounts, rather than sign-ups.”
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Other types of fraud like invoice fraud are also a critical issue that needs to be addressed. Learn more on what you can do to stop invoicing fraud.
