Description
Overview
This webinar will focus on how all this means that organizations must stay informed about new and existing payment schemes on an ongoing basis. The risk of failing to do so is loss of massive amounts of customer credit card data, exposure to new forms of check fraud and costly new techniques for having your ACH and wire transfer account(s) hijacked by sophisticated cyber-criminals as well as your own employees.
Why Should you Attend ?
Until recently, paying vendors was a simple matter of processing an invoice and issuing a check. No longer. Ongoing advances in technology, credit card, purchasing card (P-card), ACH and wire transfer require advanced payment techniques. And with that trend, unfortunately, are coming new opportunities for fraudsters to steal from your organization.
This is a fast-changing threat matrix. The Association for Financial Professionals (AFP) estimates that over 73% of all organizations are targets of payments fraud. While not all attacks result in fraud-related losses, this statistic alone confirms that criminals are as aggressive as ever in attempting to misappropriate funds via the various forms of payments fraud.
Areas Covered in the Session
- Who commits each major type of payments fraud—focusing on check, ACH and –P-Card schemes
- Insight from investigating actual fraudsters
- Vendor/billing schemes that exploit payments process control weaknesses
- Latest electronic payments schemes (ACH hijacking, spear-phishing, social engineering and more)
- Check counterfeiting, forgery and tampering schemes to be aware of
- How to detect common external payments schemes versus internal attacks
- Conducting a cost-effective fraud risk assessment of your most commonly used payments methods
- Identify the critical red flags of all forms of check, ACH and P-card fraud
- Detect payments fraud before material financial damage occurs
- Obtain optimal payment fraud prevention tools from your financial institution
- Recommend better payment fraud control structure—including segregation of duties, employee background checks and employee awareness training
Who will benefit
- Compliance
- Legal
- Risk Management
- Operations
- Technology
Instructor Profile
Justin, brings over 20 years of wide-arranging experience in compliance, training and regulations. He has previously worked as Head of Compliance Training for Macquarie Group, UBS, JPMorgan Chase, Bank of China, and GRC Solutions. Justin also runs his own Compliance Training company focusing on US & International regulations, JTM Compliance Training.
Justin also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function. He also serves as US Chapter Head for the Global Compliance Institute (GCI) and instructs at the Barret School of Business and various compliance training providers.
