Fraud grows with commerce and electronic fraud grows with electronic commerce. With the accessibility of "easy to use" tools increasingly available to help facilitate cybercrime, comes the proliferation of "payments laundering."
Take a unique look at the threats from the "payment hustler's" point of view. Cybercriminals are looking for inattentive compliance departments and will take advantage of vulnerabilities in your processes. This session will serve as a cautionary tale.
We will review the current tactics being deployed by criminals and demonstrate case studies of transaction laundering and payments laundering. See payments laundering from the criminal perspective.
Learning Objectives:
- Learn what alternative payment methods are being targeted by fraudsters
- Learn how fraudsters exploit alternative payment methods
- Learn some best practices for opening new business accounts to prevent fraud
- Learn best practices in the underwriting process
- Learn best practices in the ongoing monitoring process
- Learn how to protect your brand from misuse by fraudsters
Why Should You Attend:
Learn about how fraudsters use alternative payment methods to launder money. Find out if you may be a victim of illicit use of your brand and payment system.
Areas Covered
- Who is the "payments hustler"?
- How does he/she work?
- Some real life examples
- How have regulators/legislators gotten involved?
- What can you do about it?
- Additional resources
Instructor
Jane Hennessy worked at Wells Fargo for nearly 22 years where she was an Executive Vice President, International Group, until May 2012. She was the head of strategy and information management, marketing, cross-sell, and International Personal Banking.
She also managed product management/ product development, alliances, and three significant bank mergers for the International Group. Prior to joining the International Group, she was a group personnel manager in Wholesale Banking.
Jane is a member of the Board of Directors of Oak Financial Software Corp. which is a start-up focused on financial services for the Latino segment. She is a member of the Traxpay Corporate Banking Advisory Board and a consultant specializing in international banking and payments.
Jane has an M.S. in psychology and a B.S. in mathematics from Michigan State University, and an M.B.A. from Santa Clara University in California. Jane is the past Chair of the Global Payments Forum, and Founding Co-Chair of the International Payments Framework LLC. Jane served on the West Coast Advisory Board for the Institute of International Education.