Wells Fargo workers: Fake accounts

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Wells Fargo workers: Fake accounts
Wells Fargo is an American company that deals with the provision of financial and banking services. According to the current operation, the company deals with three business segments in the process of result reporting (Rivlin, pg.15). These include community banking, retirement and brokerage as well as wholesale banking. It provides more than 1900 loans to its clients in support of the small-scale administration. It is important to note that although Wells Fargo has reported admirable success in its operations as compared to other companies of its class, it is faced with several challenges which include the operation of the fake accounts as well as the money laundry.
The exercise of opening fake accounts by the name of the clients forgoing their signatures in the opening process can be traced in Wells Fargo from 2005. It is during this period that the secretary of the company reported to the HR the issue of creation of fake accounts which had forged signatures by the company employees (O’Sullivan, pg 42). Every employee in the organization knew about this occurrence, but they feared to report the transgression due to the fact that those who reported the misconduct got into trouble and ended up losing their jobs as it happened to the above-named company secretary. However, the company manager defended the company by stating that the company dealt with the occurrence of any delinquency reported to it without any reactions to the reporters.

As company human resource specialist, there are several practices that can be carried out to improve the existing organizational behavior systems. In this regard, since some investigations took less time than it is required, clear and reliable information concerning respective cases was unlikely gathered and this compromised with the state of case handling. Therefore, case handling process should be given enough time to ensure the possible causes of fraudulent acts were found and proper measures put into place to reduce the occurrence of the act.
To improve the operating behavior system, the company should employ qualified employees who have passed the integrity interview. In the financial institutions, where money is a common thing being dealt with, it requires its operators to be of high honesty and diligence. The current employees should be monitored and given an extra examination to prove through competence for the office. Those who are found with a questionable character should be fired.
Moreover, since the company received anonymous cases through their ethics line, defendants in most cases are not given the required time to raise their concerns regarding the case. For this reason, most of the company decisions are made with no involvement of the individuals concerned hence, limiting the defendant’s ability to make any valuable contribution as well as knowing the way in which the case was handled (Peterson, pg.35). To reduce this occurrence, the company should employ more professionals in handling the reported cases to ensure all defendants are given sufficient time to make contributions in dissimilar cases. This also gives the company a chance to gather relevant information on the possible causes of frauds in the company.
To improve the operating behavior system, the company should employ qualified employees who have passed the integrity interview. In the financial institutions, where money is a common thing being dealt with, it requires its operators to be of high honesty and diligence. The current employees should be monitored and given an extra examination to prove through competence for the office. Those who are found with a questionable character should be fired.
The company should also establish a mechanism that can be used to authenticate the validity of the account created. Those who are found guilty of registering wrong accounts should be charged heavily so as to avoid the occurrence of similar issues. The employees should also be trained on different ways of identifying such fraudulent persons. Strict rules and regulations ought to be laid down also to hold the involved individuals accountable for their mistakes. The company should encourage physical presentation of the documents required to open an account and avoid online creation of accounts (AlMahroos, pg. 595).
Work Cited
Rivlin, Gary. “Multi-Million Dollar Crime Has Just Been Committed in This Room, A.” Student Law. 10 (1981): 15.
O’Sullivan, Orla. “Check Fraud Stakes Rise.” ABA Banking Journal 89.8 (1997): 42.
Peterson, James R. “Accounting under siege.” American Bankers Association. ABA Banking Journal 94.4 (2002): 35.
AlMahroos, Rasha. “Phishing for the Answer: Recent Developments in Combating Phishing.” ISJLP 3 (2007): 595.