So we are being especially vigilant. We have placed our examiners on fraud alert. We have launched a program to refresh skills in transaction testing. We have expanded examiner review of auditor workpapers to identify gaps in controls or review. And we have directed them to investigate any information leading to suspicions of fraud, stressing that they give these investigations the highest priority, using whatever resources necessary.
Fraud can result in dramatic losses.
They are to contact our Regional Fraud Specialists if they suspect fraud. These trained and experienced specialists have access to a database of Suspicious Activities Reports and other resources that would aid in an investigation. Though I don't need to give you an invitation, all state supervisors should feel free to make similar use of our Regional Fraud Specialists. In the relationship between the state bank supervisors and the FDIC, nothing could be more true. Just as bankers are in the business of managing risks, we, as financial institution supervisors, are in the business of managing risks.