Wire Fraud - Detection and Prevention

This training program will discuss common forms of wire fraud such as: account takeover (consumer, corporate, and institution internal accounts); false invoices/money mules and advance fee frauds; business email compromise; and supply chain fraud. It will also discuss wire fraud detection, fraud mitigation, and sound business practices to thwart attempts.

Why Should You Attend:

Wire transfer fraud has been around almost as long as the payment system itself despite numerous federal regulations intended to combat the problem. Organized crime groups continue to profit from wire fraud, especially scams where they trick real business customers into sending them a wire under false pretenses.

In just two short months in late 2014, U.S. businesses lost an estimated $180million to one form of wire fraud alone; many of those businesses didn’t survive the loss. In mid-2015, one San Jose, CA-based networking equipment company disclosed it lost $46.7 million through a scam where they unwittingly wired money to fraudsters.

Criminals are constantly evolving their scams to circumvent your expectations and controls. This course will arm you with vital information on the latest scams fraudsters are using to rob businesses of their assets. From business email compromise to supply chain fraud, every business is at risk as these crafty tricksters are looking for a big payday, from your bottom line.

Join the session to:

• Learn how four most common forms of wire fraud occur
• Identify sound business practices to thwart these common forms of wire fraud
• Isolate additional suggestions to consider for security accounts from fraud

Learning Objectives:

• Comprehend the state of wire transfer fraud and the implications to a business
• Learn four forms of wire transfer fraud
• Identify sound business practices to thwart these four forms of wire transfer fraud
• Isolate additional account security suggestions

Areas Covered in the Webinar:

Account Takeover (Consumer, Corporate, and Institution Internal Accounts)

• Define and demonstrate through examples of real cases from a business and a DFI perspective
• Detection and mitigation methods

False Invoices/Money Mules and Advance Fee Frauds

• Define and demonstrate through examples of real cases from a business and a DFI perspective
• Profile of a money mule
• Detection and mitigation methods

Business Email Compromise

• Define and demonstrate through examples of real cases from a business and a DFI perspective
• Detection and mitigation methods

Supply Chain Fraud

• Define and demonstrate through examples of real cases from a business and a DFI perspective
• Detection and mitigation methods

Additional Tips

• Account settings
• Out of band authentication
• Wire fraud insurance

Who Will Benefit:

All payments professionals who want to expand their knowledge of ACH fraud mitigation strategies, including:

• Business or bank investigators
• Auditors
• Compliance professionals
• Third-parties who process payments for other entities
• CPAs
• Payments processors