Electronic Payment Fraud Prevention Best Practice

This electronic payment fraud prevention webinar helps you find risks, tighten internal processes and put practical safeguards in place.

You'll follow an electronic payment from vendor setup to release of funds and see where fraud threats appear along the way. The session covers ACH, wire and virtual card fraud, business email compromise and impersonation scams, and the internal control failures that let fraud through.

You'll also learn how to train staff, enforce controls such as dual approvals and callback confirmation, use technology to detect fraud and build a response and escalation plan, finishing with a checklist of best practices.

• Identify where fraud risks appear in the electronic payment life cycle
• Recognize ACH, wire, virtual card and business email compromise schemes
• Strengthen vendor setup and change controls
• Apply dual approvals, verification and callback procedures
• Spot red flags and use technology to detect fraud
• Train staff and build a fraud response and escalation plan

• Overview of electronic payment fraud trends
• Common types of payment fraud: ACH, wire and virtual card
• Business email compromise and impersonation scams
• Internal control breakdowns that lead to fraud
• Vendor setup and change controls
• Dual approvals and verification procedures
• Callback and confirmation protocols
• Warning signs and red flags of fraudulent activity
• Using technology to detect and prevent payment fraud
• Training employees and building fraud awareness
• Building a fraud response and escalation plan
• Checklist of electronic payment fraud prevention best practices

Electronic payments are fast, but fraudsters increasingly use social engineering to trick staff into sending funds to the wrong accounts. Business email compromise, fake vendor schemes and payment redirection attacks are growing, and a single mistake can cause a six-figure loss. Many organizations only find their weak spots after they have been exploited.

This session suits anyone who works in a financial institution, as well as staff in accounts payable, treasury, finance and audit.

• Anyone that works in a Financial Institution

Justin brings over 20 years of wide-ranging experience in compliance, training, and regulation in the financial services sector. Most recently, he served as Head of Compliance Training at Bank of China, where he led the compliance training function and created and monitored the annual training plan through a thorough training needs analysis. Previously, he served as Macquarie Group’s Head of Americas Compliance Training and J.P. Morgan Chase’s compliance training manager. He also worked for FINRA, a US regulator, where he created Examiner University to train examiners on how to perform their function.