This training program will discuss common forms of wire fraud, including: account takeover (consumer, corporate, and financial institution); false invoices / money mules and advance fee frauds; business email compromise; and supply chain fraud.
This session will take attendees into the wild world of wire fraud, focusing on fraud detection, mitigation and sound business practices to minimize the potential of loss.
Learning Objectives:
- Define the state of wire transfer fraud
- Investigate the implications of wire fraud
- Identify sound business practices to thwart wire transfer fraud
- Record options for wire transfer security controls
- Assemble take-aways to improve internal controls
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 transfer under false pretenses.
Wire fraud victims in the United States reported $748 million in losses from October 2013 through August 2015, according to the FBI's Internet Crime Complaint Center (IC3). This loss is only from one form of wire fraud and what was reported to IC3; 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 common forms of wire fraud occur
Identify sound business practices to thwart these forms of wire fraud
Isolate security procedures every organization needs, from education to transfer request controls
Topics
- Account Takeover (Consumer, Corporate, and Institution Internal Accounts)
- Define and demonstrate through examples of recent cases
- Detection and mitigation strategies
- False Invoices / Money Mules and Advance Fee Frauds
- Define and demonstrate through examples of recent cases
- Profile of a money mule
- Detection and mitigation strategies
- Business Email Compromise
- Define and demonstrate through examples of recent cases
- Detection and mitigation strategies
- Supply Chain Fraud
- Define and demonstrate through examples of recent cases
- Detection and mitigation strategies
- Internal controls and security tips
Instructor
Rayleen M. Pirnie is the founder and owner of RP Payments Risk Consulting Services, LLC. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education.
Rayleen's specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. She is an Accredited ACH Professional (AAP) who has worked with all payment systems for nearly 20 years. Rayleen also holds a Bachelor's of Science in Criminal Justice Administration.