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This Ain’t Your Grandpappy’s Payment Fraud - Part 1 1 Credit

This Ain’t Your Grandpappy’s Payment Fraud - Part 1 1 Credit

Business Email Compromise, Wire Fraud, and ACH Fraud

  • Rating

    4.6
  • Reviewed on

    February, 2024
  • Subject Area

    Auditing

Learning mode

  • Access the course at your convenience
  • Take the assessment test
  • Get your certificate
  • Answer the polling questions
  • Get your certificate

Learning Objective

  • To identify specific payment fraud strategies used by criminals to infiltrate your organization’s payment systems.
  • To develop straightforward protocols to prevent and reduce various types of online and old-school payment fraud.
  • To understand an organization’s versus a bank’s liability in various fraud scenarios.

Course Overview

Payment fraud has existed since before the founding of our country, and has accelerated exponentially since the advent of the internet. Covid-19 has created a fertile bed for even more payment fraud of all stripes.

The webinar will discuss BEC and VEC scams, Wire Fraud, and ACH Fraud, and how criminals make increasingly sophisticated inroads into your bank accounts. The presenter will share real-life fraud situations, including how the fraud attempt occurred and specific strategies on how losses can be prevented or reduced. The attendees will received specific, straightforward strategies to prevent and reduce fraud, and to protect their organizations from losses.

The following are some of the scams discussed at length:

  • BUSINESS EMAIL COMPROMISE SCAMS (BEC) - Business Email Compromise (BEC) scams continue to explode. They are often paired with wire fraud, payment diversion, and account takeovers. Attendees will be able to detect common and complex BEC scam scenarios and implement proactive controls that are imperative to protect themselves and their organizations from fraud.
  • VENDOR EMAIL COMPROMISE SCAMS (VEC) - Vendor Email Compromise scams (VEC), a variant of BEC Scams, are already producing substantial losses and target an organization’s vendors, not the organization itself. Specific strategies to be discussed can greatly reduce losses. Attendees will navigate the latest inroads of VEC scams, and receive straight-forward, actionable advice to prevent losses.
  • WIRE FRAUD - Wire fraud skyrocketed from 3% of payment fraud attempts in 2010 to 40% today, and intertwines with epidemic-level BEC scams and check fraud. It is very preventable with specific internal protocols and approaches to fraud prevention.
  • ACH FRAUD - ACH payment fraud has risen dramatically in the last two years. Unauthorized ACH debits, and ACH payments unwittingly sent to fraudsters instead of intended vendors due to bogus change-of-bank-and-remittance instructions, are not the bank’s liability. These fraudulent transactions cannot be returned or recalled after 24 hours, making prevention crucial.
  • Fraud may shift between payment methods and communication styles and types, but it is not going away in our lifetimes! Its scope is expanding astronomically. Recently, a clear integration of social engineering and technology with both new and old-school payment systems has emerged. Fraudsters are more sophisticated and subversive.
  • This is a significantly important webinar for the accounting and tax professionals who want to safeguard the interest of their clients. Real-life fraud situations will be discussed, including how the fraud attempt occurred and specific strategies on how losses can be prevented or reduced

Explore your career with MY-CPE online CPE Courses for CIA Professionals. Earn valuable CIA CPE credits while expanding your skills and knowledge from anywhere, anytime. Our courses cover a wide range of topics relevant to your field, ensuring you stay up-to-date with the latest developments. With flexible scheduling and expert-led content, MY-CPE provides a convenient and effective learning experience tailored to your needs. Join us today and take advantage of our comprehensive resources to propel your career forward. Let MY-CPE be your trusted partner in achieving your professional goals.

  • 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Auditing for CPA in Canada
  • 1 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 1 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 1 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
  • 1 CPD Credit of Auditing for Certified Financial Forensics (CFF)
  • 1 CE Credit of Detect and mitigate fraud for Certified Treasury Professional (CTP)
  • 1 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
  • 1 CPD Credit for Association of Chartered Certified Accountants (ACCA)
  • 1 CPD Credit for Chartered Accountant - ICAEW
  • 1 CPE Credit of Auditing for Master Analyst In Financial Forensics (MAFF)
  • 1 CPE Credit for Certified Internal Controls Auditor (CICA)
  • 1 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
  • 1 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
  • 1 CPE Credit for Certified Controls Specialist (CCS)
  • 1 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
  • 1 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
  • 1 CPD Credit for CPA - Ireland
  • 1 CPD Credit for Chartered Accountants - Scotland
  • 1 CPD Credit for Chartered Accountants - Ireland (CAI)

Additional Information

Credits

1

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors.

About Instructor

Brush up your Accounting Skills with Greg Litster's Webinars
Greg Litster

President, SAFEchecks: Abagnale Superbuisness Check

  • 4.6
  • rating
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Greg Litster is president and founder of SAFEChecks, and is editor of Frank Abagnale’s Fraud Bulletin. Greg is a former banker of 18 years, has written articles published in AFP Exchange, American Payroll Association, American Land Title Association, and Sheshunoff’s Corporate Cash Management  Manual.  He has served as an expert witness on several national and international check fraud and embezzlement cases, and has spoken on fraud prevention across the country for numerous financial institutions and professional organizations, including AFP, GFOA, Texpo, SoCal Expo. Greg earned a Bachelor of Science in Economics and an MBA in Finance, both from Brigham Young University. 

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.6

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LD

Lisa Diggs, CPA (US)

The information in this CPE is a must see for every single person that touches a computer. Great content, interesting presenter, relevant stories. Definitely one of the top 3 CPEs that I have taken in 15 years of being a CPA.

SP

Sharon Picolo, CPA (US)

I'm watching this CPE exactly moments after having a BEC fraud occurrence with a law firm we deal with (their email was hacked). Everything looked completely legitimate. VERY odd timing, and excellent information and lessons.

Inclusions
  • Multiple Credits
    Multiple Credits

    Earn continuing education credits with flexibility. Choose from live webinars, on-demand courses, e-books, or podcasts to fit your learning style and schedule.

  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

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    Credit Tracker

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  • Certificate Vault
    Certificate Vault

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  • Compliance Reminders
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    Mobile App Access

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  • Live Support
    Live Support

    Our support team is available via live chat, email, and phone from 9 AM to 5 PM ET. We're here to help with any questions or issues, ensuring you have a seamless experience.

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