Learn step-by-step recommendations for building systems to avoid potential fraud losses.
Never before has our industry seen the widespread and expensive financial fraud we are presently facing. For all banks and credit unions, the question is no longer if, but when they or one of their customers will be targeted. Every fraud event presents monetary, legal, statutory and reputational risks to the financial institutions involved. Knowing how to handle customer payment disputes now is an essential skill for bankers, from deposit operations staff to fraud teams to the board room.This presentation will drill into the most common and damaging types of financial frauds being faced by financial institutions. But unlike other education programs, we will not focus on technology fixes or employee training schemes, but instead examine the problem holistically from practical and real-world angles. We will identify where the greatest risks lay based on industry data. Then we put those fraud risks in their legal and regulatory context, so that cost-effective solutions can be proposed. This includes exploring best practices to mitigate financial fraud risks, including the benefits and the limitations of technology, training, operational pro-cesses and contract provisions within in the total suite of prevention strategies for banks and credit unions. And lastly, when the inevitable payments fraud situation is discovered, whether the customer or the institution is the victim, we will cover what must be done to recover the fraudulently transferred funds and to protect the all-important customer relationship.
Learning Objectives
- You will be able to review approaches for preparing for and mitigating financial fraud.
- You will be able to identify most common and expensive payment system fraud risks.
- You will be able to discuss rules and regulations governing payment systems.
- You will be able to describe important remedial actions to be taken to recover fraudulently transferred funds.
Agenda
Overview of Current Bank and Credit Union Financial Fraud Risks- Understanding the Latest IC3 Report Information
- Latest Intelligence From Industry Sources
- Overview of Transactional Processes for Funds Transfers
- Summary of the Laws and Regulations for Analyzing Financial Fraud
- The UCC as a Roadmap for Payments
- The Key Federal Regulations and Guidance
- Leading Case Law Treatment of Payment Disputes
- Detailed Explorations of Check Fraud, and Wire/ACH Fraud Arising From Business Email Compromise Attacks
- Training
- Technology
- Processes
- Contract Strategies
- Bank Versus Customer Interactions
- Bank Versus Bank Interactions
- Dealing With Law Enforcement, Insurers and Other Stakeholders
Speaker(s)
William 'Bill' RepaskyFrost Brown Todd LLP
- Member with the law firm of Frost Brown Todd LLC
- Prior to joining the firm, served as in-house counsel for one of the nation’s largest banks and also for a leading credit card processing company
- Background in banking compliance and litigation was fortuitous, as he practices law in Kentucky, which is currently the leading state in the country in growing hemp and in promoting the industrial hemp industry
- Frequent author and speaker on banking law matters, including those concerning hemp-related businesses
- J.D. Degree, Vanderbilt University; B.A. Degree, University of Michigan
