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Payments Fraud: Detection and Prevention

Duration:
90 Minutes
Access:
6 months
Webinar Id:
700953
Register Now

Recorded Version

$137. One Participant

Recorded Version: Unlimited viewing for 6 months ( Access information will be emailed 24 hours after the completion of live webinar)

Overview:

Payments fraud is unique among financial crimes in that instead of the usual "perpetrator-victim" scenario of most fraud, payments frauds often involve a three-way equation of "perpetrator-victim-victim".

Specifically, most experts in payments fraud will tell you, in such crimes, it is not only the end-user-in this case a financial services customer-who is at risk, but the bank that provides these services to the customer as well. Such services include corporate checking accounts, savings accounts, merchant credit card services, purchasing card services and electronic payments services, to name a few.

Thus, when, for example, a company's check is counterfeited by a third-part perpetrator, the company's bank is at risk of fraud-related losses in addition to its customer.

Making matters worse, when a customer such as Target, Home Depot or Wal-Mart is hacked by a cyber-criminal, and tens of millions of credit, debit and P-card records are stolen, it is not just the customer (Target) that pays the price, it is also all of the banks that issued credit cards as well as the cardholders…thus adding another entity to the victim list (customer, bank, perpetrator, cardholder).

With major changes under way in the areas of credit cards, debit cards, electronic payments (ACH) and checking, banks are at the cutting edge of finding new ways to foil the fraudsters. This webinar will update you on the latest frauds in the world of payments and provide latest detection and prevention strategies.

Why should you attend:
  • Understand how common-and not-so-common-credit card, debit card, check, ACH and P-card frauds are perpetrated, including the latest technology-driven crimes that are costing organizations millions of dollars
  • Understand why insiders and outsiders commit fraud
  • Recognize the all-important red flags of payments fraud
  • Develop a solid foundation of knowledge about payments fraud detection tools and techniques
  • Build a framework of effective anti-fraud controls

Areas Covered in the Session:
  • Statistical overview of the fraud problem generally, and payments fraud specifically
  • Who commits payments fraud
  • Overview of most common payments fraud schemes
  • Case studies of check fraud, ACH fraud, forgery, credit/debit card schemes
Payments Fraud Detection and Prevention:
  • Red flags of key payments frauds
  • Conducting a Fraud Risk Assessment of the payment process
  • Audit techniques to identify payments fraud red flags
  • Digging deeper for indicators of actual fraud
  • Reporting to management
  • Remediating internal control deficiencies in the payment process
  • Case studies

Who Will Benefit:
  • Security Management and Staff
  • Accounting and Audit Practitioners
  • CFO's and Senior Finance Staff
  • Internal and External Audit Professionals
  • Accounts Payable Professionals
  • Procurement Managers
Instructor:

Peter Goldmann is founder and President of White-Collar Crime 101 LLC, the parent company of FraudAware and publisher of the monthly newsletter, White-Collar Crime Fighter. Peter has been the Publisher and Editor of White-Collar Crime Fighter for over 12 years and is recognized as a leading expert in the areas of fraud detection, prevention, investigation and training. He has written numerous articles on practical approaches to fraud prevention and detection for, among others, Internal Auditor, Investor's Business Daily, Financial Executives Institute and Bottom Line/Personal, Recognizing the vulnerability to fraud posed by a lack of awareness on the part of rank-and-file employees about specific types of economic crime , Peter launched the development of FraudAware in 2001.

Following enactment of the Sarbanes-Oxley Act of 2002, FraudAware began helping companies resolve the unexpected increase in fraud losses, despite the costly implementation of SOX- mandated internal controls. He determined that while internal controls, Tone at the Top and whistleblower hotlines are all essential components of an effective anti-fraud program, the primary reason for continuing losses to internal and external economic criminals was a widespread lack of fraud awareness on the part of corporate rank-and-file employees.

He theorized that if an organization's most valuable asset its workforce could be taught to spot and report telltale signs of fraud, investigations could be initiated and perpetrators apprehended before major losses were incurred and negative publicity tarnished the organization's reputation.

The theory has proved viable over the past six years, as FraudAware training programs implemented at numerous companies in all major industries, have taught employees how to detect the common and not-so-common red flags of fraud and most importantly how to report these incidents through their employer's confidential hotline channels.

In addition to directing the ongoing development and refinement of FraudAware, Peter continues to publish White-Collar Crime Fighter and to speak at events sponsored by the Association of Certified Fraud Examiners, The International Association of Financial Crime Investigators, National White-Collar Crime Center and numerous industry trade associations. He also is a member of the Editorial Advisory Board of the Association of Certified Fraud Examiners.

Peter, a Certified Fraud Examiner, holds a Bachelors Degree in Political Science from the University of Michigan and a Master of Economics from the London School of Economics. He is an active member of the Association of Certified Fraud Examiners, The Institute of Internal Auditors, The High-Tech Crime Investigation Association, InfraGuard and the Information Systems Security Association.


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