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

Learning Objectives

• 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 Description

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

Overview

• Keystroke Logger Viruses

  5 mins
• Strategies to defeat VEC Scams

  12 mins
• Preventing Unauthorized Wire Transfers

  20 mins
• Which is Safer? Checks vs ACH or Wire

  26 mins
• Password Protection

  32 mins