Financial Fraud Threats & Preven3on. Mark Frank EVP, Senior Opera3ons Officer Colorado Business Bank

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Financial Fraud Threats & Preven3on. Mark Frank EVP, Senior Opera3ons Officer Colorado Business Bank"

Transcription

1 Financial Fraud Threats & Preven3on Mark Frank EVP, Senior Opera3ons Officer Colorado Business Bank

2 Why Pay ACen3on to Fraud Risks? Fraud occurs everywhere, and NO organiza3on is immune Changing business environment: greater convenience and more access channels = greater risk Cyber fraud receiving highest acen3on na3onally Policies and procedures can save the bank and our customers 3me, money and embarrassment Preven3on is significantly less expensive and successful than inves3ga3on and recovery efforts

3 Frightening Fraud Facts Companies in the U.S. lose billions of dollars annually to fraud- related crimes 75% of businesses are vic3ms of fraud at least once An es3mated 7% of total revenue lost to fraud 24 months before detec3on of internal fraud Businesses with <100 employees are most vulnerable Median loss per incident = $200,000 #1 reason for fraud? Poor, circumvented or non- existent internal controls

4 Current Fraud Schemes Account takeovers Counterfeit checks impersona3ons Data breaches Internal fraud

5 Account Takeover Fraud Scenario Network computer is compromised Internet banking creden3als are stolen ACH or wire transfer ini3ated via the internet Funds are transmiced to money mules Recipients of funds (money mules) eventually send money overseas All businesses are a target small to large Recovery is rarely successful Large losses can result in lawsuits between banks and their customers Ohen decided in the bank s favor when commercially reasonable security procedures offered and followed in all cases

6 Account Takeover Fraud Schema3c

7 How Can the Bank Help? Recommend frequent (throughout the day) review of transac3ons via Online Banking Require dual control for online wire transfer and ACH transac3ons Ensure reasonable limits are in place for ACH transac3ons Set up ac3vity alerts Discourage reques3ng excep3ons to your own security procedures

8 Counterfeit Checks Criminals obtain copies of business or bank check stock and counterfeit items for two purposes: Writes checks to major retailers to purchase merchandise and then eventually sell merchandise, or; Sends checks under false pretenses to unknowing businesses for deposit Requests refund of a por3on of the funds via wire transfer prior to the counterfeit check being rejected

9 How Can the Bank Help? Recommend frequent (throughout the day) review of transac3ons via Online Banking Set up ac3vity alerts Recommend Posi3ve Pay services Recommend separate accounts for different disbursement types such as payroll or opera3ng funds Do not deposit checks from unknown sources At a minimum send as a collec3on item

10 Impersona3ons Criminal obtains access to the customer s system or more likely, Creates an address that closely resembles one of a senior level person at the company (easily obtained through social media services such as Linked In) Criminal ini3ates an reques3ng funds to be wired and company employee thinks it is coming from their boss or an authorized party Company employee ini3ates the wire transfer following all appropriate security procedures with the bank Another varia3on is impersona3ng a key vendor who directs regular payments to a different account that is fraudulent

11 How Can the Bank Help? Encourage customers implement internal call back procedures for wire transac3ons This is especially important for large companies or companies with employees working remotely

12 Data Breaches Con3nue to be a significant problem Debit/credit cards Card numbers can be sold on the black market where they are counterfeited Cost of fraud losses and cost of constant reissue of cards is impac3ng overall card industry Other items including checks Criminals try to get us to release check or deposit informa3on so counterfeit checks can be produced

13 How Can the Bank Help? Encourage customers to review transac3ons regularly and quickly report any suspicious ac3vity Encourage clients to let us know when they are traveling, especially abroad Pilo3ng implementa3on of new plas3cs (EMV) in Q that will more difficult to use as counterfeits

14 Internal Fraud Much more frequent than publicized Companies that have poor, circumvented or non existent controls Employees who may have a criminal background Employees with access to accounts receivable, payables or payroll systems Establishment of trust and reliability Detec3on of crime takes between one to three years on average

15 Recent Internal Fraud Schemes $1.2 million in false expenses/false invoicing from Quest Diagnos3cs employee $1.1 million in cashed checks from Block Communica3ons employee $400,000 stolen by IKEA employee through elaborate refund/ inventory record adjustment scheme $350,000 stolen by sole bookkeeper of independent bookstore in North Carolina who wrote checks to herself $375,000 stolen by Calgary Transit employee over seven years by taking coins home in his bag everyday U.S.P.S. employee falsified court records to look like he was on jury duty for five months

16 How Can the Bank Help? Encourage customers to consider the list of things to do included in this presenta3on

17 Best Prac3ces for Businesses

18 Best Prac3ces for Businesses Perform financial and transac3onal risk assessment to ensure material areas of exposure are addressed Review inflows and ourlows for all deposit and credit accounts Determine volumes, dollars and types of transac3ons (wires, checks, debit/credit cards, electronic payroll/vendor payments) Determine who has access to review and ini3ate different types of transac3ons For larger volume businesses, establish thresholds that balance risk tolerance and workload

19 Best Prac3ces for Businesses Internal Accoun3ng Controls Require dual control over ini3a3on of transac3ons Review internet banking transac3ons throughout the day Verify transac3ons through call back procedures Develop cross training program and require rota3on of du3es Require at least one full week of 3me off for each employee Balance and reconcile accounts frequently Separate transac3on and reconcilia3on responsibili3es

20 Best Prac3ces for Businesses Internal Accoun3ng Controls Review payroll records including amounts and new hires Review account payables including new vendors Review A/R aging reports and verify outstanding amounts Review cash handling func3ons and require daily balancing Secure destruc3on of sensi3ve documents Security over cash and check stock Use sohware to track inventory and sales records

21 Best Prac3ces for Businesses Technology Controls Ensure technology staff or vendor has background in current network and internet security architecture Consider an independent review of network security and architecture Installa3on and regular updates of opera3ng system, firewall, virus, spyware detec3on sohware

22 Best Prac3ces for Businesses Technology Controls Consider download restric3ons from web on network PCs Ensure protec3on of data on laptop/home/mobile devices Network system administra3on that includes strong password protocols and inac3vity protec3ons Isolate PCs used for financial transac3ons or have the highest levels of internet security on these devices

23 Best Prac3ces for Businesses Human Resource Controls Develop Code of Conduct and Ethics Perform background checks of new hire candidates Ins3tute whistleblower programs Educate employees regarding appropriate use of technology Limit personal web browsing Training on detec3ng suspicious s Training on confiden3al informa3on sharing Training on safe remote access to company data Develop repor3ng on employee computer usage

24 Best Prac3ces for Businesses Key Vendors Accoun3ng system sohware provider Accountant and acorney Technology vendors/suppliers Media Your insurance agent Consider fraud insurance

25 Best Prac3ces for Businesses Key Vendors Your bank Internet banking to check accounts and submit transac3ons Posi3ve Pay for checks & ACH transac3ons Dual control for payment ini3a3on Transac3on limits for wires/ach Call back & PIN verifica3on for wire transfers Limit excep3ons to rules regarding payments Set up ac3vity alerts

26 Best Prac3ces for Individuals

27 Personal Internet Safety Make passwords difficult to decipher and change ohen Keep opera3ng system up to date Keep virus protec3on, spyware and adware up to date Do not answer s from people you don t know or companies you have not solicited informa3on from Do not click on internet- based offers Monitor your children s computer(s) and web access including with whom they are engaging Ensure social networking profiles do not reveal personal informa3on If you care for elderly parents or rela3ves, consider monitoring those financial ac3vi3es

28 Personal Financial Safety Keep a record of your card account numbers and number to call if they are lost, stolen or compromised Never share your ATM PIN Balance your checking account regularly but at least monthly Review checking account transac3ons regularly but at least weekly through internet banking Review credit card statements at least monthly Do not leave purses or wallets in cars Consider subscribing to credit monitoring services Consider subscribing to iden3ty theh services

FTC Data Security Standard

FTC Data Security Standard FTC Data Security Standard The FTC takes the posi6on (Being tested now in li6ga6on) that Sec6on 5 of the FTC Act requires Reasonable Security under the circumstances: that companies have reasonable controls

More information

PATRIOT BANK CUSTOMERS. Corporate Account Takeover & Information Security Awareness

PATRIOT BANK CUSTOMERS. Corporate Account Takeover & Information Security Awareness PATRIOT BANK CUSTOMERS Corporate Account Takeover & Information Security Awareness What will be covered! What is Corporate Account Takeover?! How does it work?! Sta9s9cs! Current Trend Examples! What can

More information

Corporate Account Takeover & Information Security Awareness

Corporate Account Takeover & Information Security Awareness Corporate Account Takeover & Information Security Awareness The information contained in this session may contain privileged and confidential information. This presentation is for information purposes

More information

Member Municipality Security Awareness Training. End- User Informa/on Security Awareness Training

Member Municipality Security Awareness Training. End- User Informa/on Security Awareness Training End- User Informa/on Security Awareness Training 1 Why Awareness Training? NCLM sanc:oned mul:ple Security Risk Assessments for a broad spectrum of member municipali:es The assessments iden:fied areas

More information

Security Awareness. Top Security Issues. Office of Informa(on Technology Informa5on Security Department 2011-2012 BE CYBER SAFE

Security Awareness. Top Security Issues. Office of Informa(on Technology Informa5on Security Department 2011-2012 BE CYBER SAFE Security Awareness Office of Informa(on Technology Informa5on Security Department 2011-2012 Top Security Issues BE CYBER SAFE 1 Top Security Items for 2011-2012 Passwords Social Networking Phishing Malware,

More information

Tim Blevins Execu;ve Director Labor and Revenue Solu;ons. FTA Technology Conference August 4th, 2015

Tim Blevins Execu;ve Director Labor and Revenue Solu;ons. FTA Technology Conference August 4th, 2015 Tim Blevins Execu;ve Director Labor and Revenue Solu;ons FTA Technology Conference August 4th, 2015 Governance and Organiza;onal Strategy PaIerns of Fraud and Abuse in Government What tools can we use

More information

Fraud Prevention Checklist for Small Businesses

Fraud Prevention Checklist for Small Businesses Fraud Prevention Checklist for Small Businesses 11 Ways to Minimize the Risk and Impact PAYMENT SOLUTIONS Fraud can have a devastating impact on small businesses. Prevention and mitigation strategies can

More information

security FRAUD PREVENTION Business Checklist Safeguard your money, your credit and your good name.

security FRAUD PREVENTION Business Checklist Safeguard your money, your credit and your good name. security FRAUD PREVENTION Business Checklist Safeguard your money, your credit and your good name. Security for Your Business Mitigating risk is a daily reality for business owners, but you don t have

More information

Chapter 5. Check Tampering

Chapter 5. Check Tampering Chapter 5 Check Tampering 1 Define check tampering. Learning Objectives Understand the five principal categories of check tampering. Detail the means by which employees fraudulently obtain company checks.

More information

Payment Fraud and Risk Management

Payment Fraud and Risk Management Payment Fraud and Risk Management Act Today! 1. Help protect your computer against viruses and spyware by using anti-virus and anti-spyware software and automatic updates. Scan your computer regularly

More information

Don t Fall Victim to Cybercrime:

Don t Fall Victim to Cybercrime: Don t Fall Victim to Cybercrime: Best Practices to Safeguard Your Business Agenda Cybercrime Overview Corporate Account Takeover Computer Hacking, Phishing, Malware Breach Statistics Internet Security

More information

San Francisco Chapter. Presented by Mike O. Villegas, CISA, CISSP

San Francisco Chapter. Presented by Mike O. Villegas, CISA, CISSP Presented by Mike O. Villegas, CISA, CISSP Agenda Information Security (IS) Vision at Newegg.com Typical Issues at Most Organizations Information Security Governance Four Inter-related CoBIT Domains ISO

More information

Best Practices Guide to Electronic Banking

Best Practices Guide to Electronic Banking Best Practices Guide to Electronic Banking City Bank & Trust Company offers a variety of services to our customers. As these services have evolved over time, a much higher percentage of customers have

More information

DEFINING COMPONENTS OF NATIONAL REDD+ FINANCIAL PLANNING

DEFINING COMPONENTS OF NATIONAL REDD+ FINANCIAL PLANNING DEFINING COMPONENTS OF NATIONAL REDD+ FINANCIAL PLANNING WORKSHOP ON BUILDING MULTI- SOURCE REDD+ FINANCING STRATEGIES Antigua, Guatemala July 17 and 18, 2014 Objec'ves of REDD+ Financial Planning Financial

More information

Customer Security Awareness Education For Both Retail and Business Customers

Customer Security Awareness Education For Both Retail and Business Customers Customer Security Awareness Education For Both Retail and Business Customers For most of us the Internet has become a basic part of daily life. As the comfort level with the internet continues to grow

More information

Reliance Bank Fraud Prevention Best Practices

Reliance Bank Fraud Prevention Best Practices Reliance Bank Fraud Prevention Best Practices May 2013 User ID and Password Guidelines Create a strong password with at least 8 characters that includes a combination of mixed case letters and numbers.

More information

Buying Silence: Confiden1ality Mandates & Whistleblowing Incen1ves

Buying Silence: Confiden1ality Mandates & Whistleblowing Incen1ves Buying Silence: Confiden1ality Mandates & Whistleblowing Incen1ves Kathleen Clark Washington University Interna:onal Legal Ethics Conference V Banff, Alberta, Canada July 13, 2012 Outline I. Whistleblowing

More information

ID Theft P E R S O N A L A N D O R G A N I Z AT I O N A L P R E V E N T I O N A N D D E T E C T I O N

ID Theft P E R S O N A L A N D O R G A N I Z AT I O N A L P R E V E N T I O N A N D D E T E C T I O N ID Theft P E R S O N A L A N D O R G A N I Z AT I O N A L P R E V E N T I O N A N D D E T E C T I O N M i c h e l l e C u m m i n g s, C I A, C F E, C D F M According to the National Crime Victimization

More information

Online Cash Manager Security Guide

Online Cash Manager Security Guide Online Cash Manager Security Guide You re the One who can protect your business from the threat of a Corporate Account Takeover. 102 South Clinton Street Iowa City, IA 52240 1-800-247-4418 Version 1.0

More information

Identity Theft. CHRISTOS TOPAKAS Head of Group IT Security and Control Office

Identity Theft. CHRISTOS TOPAKAS Head of Group IT Security and Control Office Identity Theft CHRISTOS TOPAKAS Head of Group IT Security and Control Office Agenda Identity Theft Threats and Techniques Identity Theft Definition and Facts Identity Theft & Financial Institutions Prevention

More information

Electronic Fraud Awareness Advisory

Electronic Fraud Awareness Advisory Electronic Fraud Awareness Advisory Indiana Bankers Association Fraud Awareness Task Force February, 2012 Electronic Fraud Awareness Advisory Purpose/Summary The Indiana Bankers Association (IBA) was involved

More information

Performance Management. Ch. 8 The Strategy Implementa9on Mechanism. Chiara Demar9ni UNIVERSITY OF PAVIA. mariachiara.demar9ni@unipv.

Performance Management. Ch. 8 The Strategy Implementa9on Mechanism. Chiara Demar9ni UNIVERSITY OF PAVIA. mariachiara.demar9ni@unipv. UNIVERSITY OF PAVIA! Performance Management Ch. 8 The Strategy Implementa9on Mechanism Chiara Demar9ni mariachiara.demar9ni@unipv.it Master in Interna+onal Business and Economics! Defini9on Strategy implementa9on

More information

FFIEC CONSUMER GUIDANCE

FFIEC CONSUMER GUIDANCE FFIEC CONSUMER GUIDANCE Important Facts About Your Account Authentication Online Banking & Multi-factor authentication and layered security are helping assure safe Internet transactions for banks and their

More information

suntrust.com 800.SUNTRUST

suntrust.com 800.SUNTRUST suntrust.com 800.SUNTRUST SunTrust Bank is an Equal Housing Lender. Member FDIC. 2010 SunTrust Banks, Inc., SunTrust, Live Solid. Bank Solid., SunTrust Rewards, and Signature Advantage Checking, are federally

More information

APP-SOLUTELY SECURITY: The State of Mobile Security. CARTES Secure Connexions The Digital Security World MAY 14, 2014

APP-SOLUTELY SECURITY: The State of Mobile Security. CARTES Secure Connexions The Digital Security World MAY 14, 2014 APP-SOLUTELY SECURITY: The State of Mobile Security CARTES Secure Connexions The Digital Security World MAY 14, 2014 APP-SOLUTELY SECURITY: The State of Mobile Security Session Topics Current Sta*s*cs

More information

Welcome. HITRUST 2014 Conference April 22, 2014 HITRUST. Health Information Trust Alliance

Welcome. HITRUST 2014 Conference April 22, 2014 HITRUST. Health Information Trust Alliance Welcome HITRUST 2014 Conference April 22, 2014 HITRUST Health Information Trust Alliance The Evolving Information Security Organization Challenges and Successes Jason Taule, Chief Security and Privacy

More information

Sound Business Practices for Businesses to Mitigate Corporate Account Takeover

Sound Business Practices for Businesses to Mitigate Corporate Account Takeover Sound Business Practices for Businesses to Mitigate Corporate Account Takeover This white paper provides sound business practices for companies to implement to safeguard against Corporate Account Takeover.

More information

CAPITAL PERSPECTIVES DECEMBER 2012

CAPITAL PERSPECTIVES DECEMBER 2012 CAPITAL PERSPECTIVES DECEMBER 2012 MITIGATING PAYMENT FRAUD RISK: IT S A WAR ON TWO FRONTS Payment fraud continues to be one of the biggest risk management challenges facing corporate treasury managers

More information

Online Cash Management Security: Beyond the User Login

Online Cash Management Security: Beyond the User Login Online Cash Management Security: Beyond the User Login Sonya Crites, CTP, SunTrust Anita Stevenson-Patterson, CTP, Manheim February 28, 2008 Agenda Industry Trends Government Regulations Payment Fraud

More information

Business Internet Banking / Cash Management Fraud Prevention Best Practices

Business Internet Banking / Cash Management Fraud Prevention Best Practices Business Internet Banking / Cash Management Fraud Prevention Best Practices This document provides fraud prevention best practices that can be used as a training tool to educate new Users within your organization

More information

HIPAA Privacy Policy (Revised Feb. 4, 2015)

HIPAA Privacy Policy (Revised Feb. 4, 2015) Valley Bone & Joint Clinic HIPAA Privacy Policy (Revised Feb. 4, 2015) 1. PURPOSE Valley Bone & Joint Clinic is commi2ed to protec6ng the rights of our pa6ents. In compliance with the Health Insurance

More information

Business ebanking Fraud Prevention Best Practices

Business ebanking Fraud Prevention Best Practices Business ebanking Fraud Prevention Best Practices User ID and Password Guidelines Create a strong password with at least 8 characters that includes a combination of mixed case letters, numbers, and special

More information

Reneaué Railton Sr. Informa2on Security Analyst, Duke Medicine Cyber Defense & Response

Reneaué Railton Sr. Informa2on Security Analyst, Duke Medicine Cyber Defense & Response Reneaué Railton Sr. Informa2on Security Analyst, Duke Medicine Cyber Defense & Response Incident Response What is the most importance component of an Incident Response Program? Tools? Processes? Governance?

More information

Remote Deposit Quick Start Guide

Remote Deposit Quick Start Guide Treasury Management Fraud Prevention How to Protect Your Business Remote Deposit Quick Start Guide What s Inside We re committed to the safety of your company s financial information. We want to make you

More information

Questions You Should be Asking NOW to Protect Your Business!

Questions You Should be Asking NOW to Protect Your Business! Questions You Should be Asking NOW to Protect Your Business! Angi Farren, AAP Senior Director Jen Wasmund, AAP Compliance Services Specialist 31 st Annual Conference SHAPE YOUR FUTURE April 23, 2013 Regional

More information

Online Banking Customer Awareness and Education Program

Online Banking Customer Awareness and Education Program Online Banking Customer Awareness and Education Program Electronic Fund Transfers: Your Rights and Responsibilities (Regulation E Disclosure) Indicated below are types of Electronic Fund Transfers we are

More information

Here are two informational brochures that disclose ways that we protect your accounts and tips you can use to be safer online.

Here are two informational brochures that disclose ways that we protect your accounts and tips you can use to be safer online. Here are two informational brochures that disclose ways that we protect your accounts and tips you can use to be safer online. FFIEC BUSINESS ACCOUNT GUIDANCE New financial standards will assist credit

More information

Informa.on Systems in Organiza.ons

Informa.on Systems in Organiza.ons Informa.on Systems in Organiza.ons MIS 2101 Week 7 / Chapter 7 Enhancing Business Processes Using Enterprise Informa.on Systems Photo: Objet Mathema+que by Man Ray, 1934 Chapter 7 Learning Objec.ves Core

More information

Splunk and Big Data for Insider Threats

Splunk and Big Data for Insider Threats Copyright 2014 Splunk Inc. Splunk and Big Data for Insider Threats Mark Seward Sr. Director, Public Sector Company Company (NASDAQ: SPLK)! Founded 2004, first sohware release in 2006! HQ: San Francisco

More information

HIPAA Basics. Health Insurance Portability and Accountability Act of 1996

HIPAA Basics. Health Insurance Portability and Accountability Act of 1996 HIPAA Basics Health Insurance Portability and Accountability Act of 1996 HIPAA: What Is HIPAA? Protects the privacy of healthcare informa@on for all Americans, including the individuals you support Protects

More information

LifeLock Product Features

LifeLock Product Features LifeLock Product Features LIFELOCK PRODUCT FEATURES AT A GLANCE LIFELOCK STANDARD FACT SHEET LIFELOCK BENEFIT ELITE FACT SHEET LIFELOCK ADVANTAGE FACT SHEET LIFELOCK ULTIMATE PLUS FACT SHEET LIFELOCK JUNIOR

More information

Office of Business and Financial Services. Department Budget Presenta0on

Office of Business and Financial Services. Department Budget Presenta0on Office of Business and Financial Services Department Budget Presenta0on Office of Business and Financial Services Overview Office of Business and Financial Services Overview Fund for Budgetary Purposes General

More information

Payments Fraud Best Practices

Payments Fraud Best Practices Stephen W. Markwell Disbursements Product Executive J.P. Morgan Pamela R. Malmos Director Finance, Treasury Operations ConAgra Foods, Inc. Fraud Prevention Laura Howley, CTP Director, Global Treasury Operations

More information

Top Fraud Trends Facing Financial Institutions

Top Fraud Trends Facing Financial Institutions Top Fraud Trends Facing Financial Institutions Presented on: October 7, 2015, 2-3 ET Presented by: Ann Davidson - VP of Risk Consulting at Allied Solutions Webinar Agenda 1. Fraud trends in 2015 and beyond

More information

Raising Trust Fraud Prevention. Presented By: Kirk Vanderslice, CPA

Raising Trust Fraud Prevention. Presented By: Kirk Vanderslice, CPA Raising Trust Fraud Prevention Presented By: Kirk Vanderslice, CPA www.kirk@stanfieldodell.com July 16 th, 2015 1 Costs of Fraud to Your Organization Financial Costs 1 The median loss caused by frauds

More information

IT Security Risks & Trends

IT Security Risks & Trends IT Security Risks & Trends Key Threats to All Businesses 1 1 What do the following have in common? Catholic church parish Hospice Collection agency Main Street newspaper stand Electrical contractor Health

More information

Corporate Account Takeover & Information Security Awareness

Corporate Account Takeover & Information Security Awareness Corporate Account Takeover & Information Security Awareness 1 The information contained in this presentation may contain privileged and confidential information. This presentation is for information purposes

More information

Or What makes Canadian Banking different?

Or What makes Canadian Banking different? CANADIAN BANKING Sharing a Border Or What makes Canadian Banking different? Ray Kohler Senior Relationship Manager, US Markets RBC Royal Bank 1 Agenda Understand the basic differences between Canadian

More information

ONLINE BANKING SECURITY TIPS FOR OUR BUSINESS CLIENTS

ONLINE BANKING SECURITY TIPS FOR OUR BUSINESS CLIENTS $ ONLINE BANKING SECURITY TIPS FOR OUR BUSINESS CLIENTS Boston Private Bank & Trust Company takes great care to safeguard the security of your Online Banking transactions. In addition to our robust security

More information

Fraud Control Theory

Fraud Control Theory 13 Fraud Control Theory Using a variation of a saying from the 1960s, fraud happens. Like all costs of doing business, fraud must be managed. Management must recognize that people commit fraudulent acts

More information

Avoid completing forms in email messages that ask for personal financial information.

Avoid completing forms in email messages that ask for personal financial information. INTERNET FRAUD Online scams and viruses are constantly evolving and they threaten the security of computers worldwide. As criminals evolve their tactics, you need to keep your PC's security software (virus

More information

2014 Payments Fraud Survey

2014 Payments Fraud Survey 2014 Payments Fraud Survey Summary of Consolidated Results Payments Information & Outreach Office Federal Reserve Bank of Minneapolis December 2014 Topics Survey Methodology & Respondent Profile Fraud

More information

Financial Transactions and Fraud Schemes

Financial Transactions and Fraud Schemes Financial Transactions and Fraud Schemes Asset Misappropriation: Fraudulent Disbursements Fraudulent Disbursement Schemes Register disbursement schemes Check tampering schemes Payroll schemes Billing schemes

More information

ACE elite fraudprotector

ACE elite fraudprotector ACE elite fraudprotector Commercial Crime Insurance Policy ACE elite fraudprotector Insurance Policy (ed. AU 09/10) It wouldn t happen to us ACE elite fraudprotector Insurance Policy Fraud is a major threat

More information

Business Email Compromise Scam

Business Email Compromise Scam Business Email Compromise Scam The FBI has issued a warning about a significant spike in victims and dollar losses stemming from an increasingly common scam in which crooks spoof communications from executives

More information

Taxpayer Guide to Identity Theft Protect yourself. By Beatriz Landa-Sanchez, EA

Taxpayer Guide to Identity Theft Protect yourself. By Beatriz Landa-Sanchez, EA Taxpayer Guide to Identity Theft Protect yourself By Beatriz Landa-Sanchez, EA What is tax-related identity theft? Tax-related identity theft occurs when someone uses your stolen Social Security number

More information

Top Practices in Health IT Compliance. Data Breach & Leading Program Prac3ces

Top Practices in Health IT Compliance. Data Breach & Leading Program Prac3ces Top Practices in Health IT Compliance Data Breach & Leading Program Prac3ces Overview Introduc3on to ID Experts & Secure Digital Solu3ons Healthcare Data Breach Trends & Drivers Data Incident Management

More information

Phishing for Fraud: Don't Let your Company Get Hooked!

Phishing for Fraud: Don't Let your Company Get Hooked! Phishing for Fraud: Don't Let your Company Get Hooked! March 2009 Approved for 1 CTP/CCM recertification credit by the Association for Financial Professionals 1 Today s Speakers: Joe Potuzak is Senior

More information

Benefits of LifeLock Ultimate Plus. About LifeLock. 3 Layers of Protection DETECT ALERT RESTORE FACT SHEET LIFELOCK ULTIMATE PLUS

Benefits of LifeLock Ultimate Plus. About LifeLock. 3 Layers of Protection DETECT ALERT RESTORE FACT SHEET LIFELOCK ULTIMATE PLUS FACT SHEET LIFELOCK ULTIMATE PLUS Your bank accounts and credit are a gold mine for identity thieves. LifeLock Ultimate Plus service gives you some peace of mind knowing you have LifeLock s most comprehensive

More information

Check fraud statistics

Check fraud statistics Electronic Banking, Check Fraud, and Positive Pay Check Fraud - Overview Check fraud statistics According to the FBI, fraud costs consumers, banks and businesses $18 to $20 billion per year. In a 2003

More information

TOP TRUMPS Comparisons of how to pay for goods and services online

TOP TRUMPS Comparisons of how to pay for goods and services online Cash Cash is legal tender in the form of bank notes and coins Small value purchases e.g. cafes, shops Pocket money Repaying friends Cash is physically transferred from one person to the next, usually face-to-face

More information

4. Please submit response to the attached questionnaire in accordance to instructions.

4. Please submit response to the attached questionnaire in accordance to instructions. July 11, 2013 RE: Solicitation No. 7005944 - Identity Theft Protection Program The Dallas/Fort Worth International Airport Board (hereafter "Board or DFW Airport ) is seeking competitive, sealed proposals

More information

ACI Response to FFIEC Guidance

ACI Response to FFIEC Guidance ACI Response to FFIEC Guidance Version 1 July 2011 Table of contents Introduction 3 FFIEC Supervisory Expectations 4 ACI Online Banking Fraud Management 8 Online Banking Fraud Detection and Prevention

More information

Torn Identity: Preventing New Forms of Corporate Identity Theft

Torn Identity: Preventing New Forms of Corporate Identity Theft Torn Identity: Preventing New Forms of Corporate Identity Theft Bonnie J. Hertz, CTP Cash Manager North Pacific Group, Inc. Greg Hansen VP, Product Management Wells Fargo Bank 1 Agenda Overview of fraud

More information

Identity Theft Protection Plan Descriptions

Identity Theft Protection Plan Descriptions As carefully as you plan for the unexpected, it is impossible to anticipate the theft of your identity, credit, or personal information. Give IdentityForce that responsibility. Innovative technology and

More information

Cost Effec/ve Approaches to Best Prac/ces in Data Analy/cs for Internal Audit

Cost Effec/ve Approaches to Best Prac/ces in Data Analy/cs for Internal Audit Cost Effec/ve Approaches to Best Prac/ces in Data Analy/cs for Internal Audit Presented to: ISACA and IIA Joint Mee/ng October 10, 2014 By Outline Introduc.on The Evolving Role of Internal Audit The importance

More information

Intro Fun. S#ck- figure strip humor sourced and courtesy of h8p://xkcd.com and is provided for informa#ve use only.

Intro Fun. S#ck- figure strip humor sourced and courtesy of h8p://xkcd.com and is provided for informa#ve use only. Intro Fun S#ck- figure strip humor sourced and courtesy of h8p://xkcd.com and is provided for informa#ve use only. Security & Trust Trends on security and trust within the Internet A focus on Phishing

More information

Target Data Breach Survey of Illinois Banks. Executive Summary

Target Data Breach Survey of Illinois Banks. Executive Summary Target Data Breach Survey of Illinois Banks Executive Summary February 2014 www.ilbanker.com Target Data Breach Survey of Illinois Banks Executive Summary In December of 2013, just days before the holidays,

More information

Identity Theft Protection

Identity Theft Protection Identity Theft Protection Email Home EDUCATION on DANGER ZONES Internet Payments Telephone ID theft occurs when someone uses your personal information with out your knowledge to commit fraud. Some terms

More information

BDO Consulting. Segregation of Duties Checklist

BDO Consulting. Segregation of Duties Checklist BDO Consulting Segregation of Duties Checklist August 2009 BDO Consulting s Fraud Prevention practice is pleased to present the 2009 Segregation of Duties Checklist. We have developed this tool to assist

More information

Business Online Banking & Bill Pay Guide to Getting Started

Business Online Banking & Bill Pay Guide to Getting Started Business Online Banking & Bill Pay Guide to Getting Started What s Inside Contents Security at Vectra Bank... 4 Getting Started Online... 5 Welcome to Vectra Bank Business Online Banking. Whether you re

More information

Information Security Awareness

Information Security Awareness Corporate Account Takeover & Corporate Account Takeover & Information Security Awareness The information contained in this session may contain privileged and confidential information. This presentation

More information

EMV Overview. Get Familiar with EMV & Our Plans to Support it

EMV Overview. Get Familiar with EMV & Our Plans to Support it EMV Overview Get Familiar with EMV & Our Plans to Support it What is EMV? Understanding EMV & the Technology that Powers EMV Cards EMV, which stands for Europay, MasterCard and Visa, is the technology

More information

Alternatives for Managing Commercial Payments Risk

Alternatives for Managing Commercial Payments Risk Alternatives for Managing Commercial Payments Risk FDIC Symposium Arlington, VA May 11, 2010 Deborah Shaw Managing Director, Network Enforcement & Risk Management NACHA The Electronic Payments Association

More information

Helping Limit Your Fraud Exposure. Tony Okray, CTP Vice President, Team Lead

Helping Limit Your Fraud Exposure. Tony Okray, CTP Vice President, Team Lead Helping Limit Your Fraud Exposure Tony Okray, CTP Vice President, Team Lead Agenda Fraud Statistics Check Fraud & ACH Fraud Reduce Your Risks of Fraud Fraud Schemes Fraud Statistics Fraud Statistics 60%

More information

Avoiding Theft in Your Nonprofit Ohio Attorney General Mike DeWine

Avoiding Theft in Your Nonprofit Ohio Attorney General Mike DeWine Avoiding Theft in Your Nonprofit Ohio Attorney General Mike DeWine 1 Dear Nonprofit Leader, The single greatest asset of a nonprofit is arguably its reputation. When theft or misappropriation of assets

More information

Best Prac*ces in Corporate Card Expense Management May 2012

Best Prac*ces in Corporate Card Expense Management May 2012 Proprietary & Confiden0al Not to be distributed without the express wri9en consent of BMO Financial Group Best Prac*ces in Corporate Card Expense Management May 2012 Agenda Industry Trends and Best Prac0ces

More information

Supplement to Authentication in an Internet Banking Environment

Supplement to Authentication in an Internet Banking Environment Federal Financial Institutions Examination Council 3501 Fairfax Drive Room B7081a Arlington, VA 22226-3550 (703) 516-5588 FAX (703) 562-6446 http://www.ffiec.gov Purpose Supplement to Authentication in

More information

Agenda. FY16 State Budget Advocacy 3/9/15. Housing Ac0on Illinois 2015 Advocacy Agenda Webinar March 9, 2015 3:00 p.m. to 4:00 p.m.

Agenda. FY16 State Budget Advocacy 3/9/15. Housing Ac0on Illinois 2015 Advocacy Agenda Webinar March 9, 2015 3:00 p.m. to 4:00 p.m. Housing Ac0on Illinois 2015 Agenda Webinar March 9, 2015 3:00 p.m. to 4:00 p.m. Agenda State Issues 1. Fiscal Year 16 State Budget. 2. Senate Bill 1281: State legisla0on to create reverse mortgage protec0ons

More information

Protec'ng Informa'on Assets - Week 10 - Identity Management and Access Control. MIS 5206 Protec/ng Informa/on Assets Greg Senko

Protec'ng Informa'on Assets - Week 10 - Identity Management and Access Control. MIS 5206 Protec/ng Informa/on Assets Greg Senko Protec'ng Informa'on Assets - Week 10 - Identity Management and Access Control In the News Readings MIS5206 Week 10 Identity Management and Access Control Test Taking Tip Quiz In the News Discuss items

More information

Chapter 7 Trustee. Internal Control Questionnaire

Chapter 7 Trustee. Internal Control Questionnaire Chapter 7 Trustee Instructions for the trustee: The purpose of the (ICQ) is to provide the United States Trustee with an understanding of the internal controls and financial record keeping and reporting

More information

Online Banking Fraud Prevention Recommendations and Best Practices

Online Banking Fraud Prevention Recommendations and Best Practices Online Banking Fraud Prevention Recommendations and Best Practices This document provides you with fraud prevention best practices that every employee at Continental National Bank of Miami needs to know

More information

Is There Anyway to Prevent Fraud? Bill Gady, CGA CPA Partner

Is There Anyway to Prevent Fraud? Bill Gady, CGA CPA Partner Is There Anyway to Prevent Fraud? Bill Gady, CGA CPA Partner Learning Objectives: Understand how fraud can occur Learn procedures you can implement to prevent fraud Learn how to detect fraud Common Situations

More information

Fraud Detection and Prevention. Timothy P. Minahan Vice President Government Banking TD Bank

Fraud Detection and Prevention. Timothy P. Minahan Vice President Government Banking TD Bank Fraud Detection and Prevention Timothy P. Minahan Vice President Government Banking TD Bank Prevention vs. Detection Prevention controls are designed to keep fraud from occurring Detection controls are

More information

Keep Your Business Banking

Keep Your Business Banking Keep Your Business Banking Safe in the Digital Age By Erin Fonté As a business executive, you have many choices in conducting banking activities, including online and mobile banking options. But with increasing

More information

Fraud Protection, You and Your Bank

Fraud Protection, You and Your Bank Fraud Protection, You and Your Bank Maximize your chances to minimize your losses Presentation for Missouri GFOA April 2011 By: Terry Endres, VP, Government Treasury Solutions Phone: 314-466-6774 Terry.m.endres@baml.com

More information

Corporate Account Takeover & Information Security Awareness. Customer Training

Corporate Account Takeover & Information Security Awareness. Customer Training Corporate Account Takeover & Information Security Awareness Customer Training No computer system can provide absolute security under all conditions. NO SECURITY MEASURE OR LIST OF SECURITY MEASURES CAN

More information

EdgeLink Accounting Transfer Utility For Simply Accounting

EdgeLink Accounting Transfer Utility For Simply Accounting EdgeLink Accounting Transfer Utility For Simply Accounting Copyright Edge Management Systems Inc 403.948.0611 The EdgeLink Accounting Transfer Utility is an optional add-on module available within the

More information

ecommercial SAT ecommercial Security Awareness Training Version 3.0

ecommercial SAT ecommercial Security Awareness Training Version 3.0 ecommercial SAT ecommercial Security Awareness Training Version 3.0 Welcome The goal of this training course is to provide you with the information needed to assist in keeping your online banking account

More information

Targeting businesses can be much more profitable for fraudsters than personal identity theft.

Targeting businesses can be much more profitable for fraudsters than personal identity theft. When You Aren t You: Corporate Identity Theft A New Snake in the Grass... (and Check Fraud Still #1.) CorporateIdentity Theft CorporateIdentity Theft is one of the newest financial threats facing businesses

More information

Gladiator NetTeller Enterprise Security Monitoring Online Fraud Detection INFORMATION SECURITY & RISK MANAGEMENT

Gladiator NetTeller Enterprise Security Monitoring Online Fraud Detection INFORMATION SECURITY & RISK MANAGEMENT Gladiator NetTeller Enterprise Security Monitoring Online Fraud Detection INFORMATION SECURITY & RISK MANAGEMENT Gladiator NetTeller Enterprise Security Monitoring Online Fraud Detection Foreword The consumerization

More information

IIA / ISACA Joint Mee3ng

IIA / ISACA Joint Mee3ng 1 2 3 4 5 6 Current slide: Something you did, or something you failed to do, that is deemed injurious (i.e., causes harm) to the public welfare or morals (prevailing amtudes of society) or to the interests

More information

Safeguarding Your information and accounts

Safeguarding Your information and accounts Safeguarding Your information and accounts D Bank with confidence The security of your funds and information is a top priority at Liberty Bank. We do our utmost every day to prevent fraud and identity

More information

Sophos Ltd. All rights reserved.

Sophos Ltd. All rights reserved. Sophos Ltd. All rights reserved. 1 Sophos Approach to Unified Security Integrated Security for Be9er Protec;on James Burchell & Greg Iddon, Sales Engineers UK&I, Technology Services What we re going to

More information

National Cyber Security Month 2015: Daily Security Awareness Tips

National Cyber Security Month 2015: Daily Security Awareness Tips National Cyber Security Month 2015: Daily Security Awareness Tips October 1 New Threats Are Constantly Being Developed. Protect Your Home Computer and Personal Devices by Automatically Installing OS Updates.

More information

Best Practices: Reducing the Risks of Corporate Account Takeovers

Best Practices: Reducing the Risks of Corporate Account Takeovers Best Practices: Reducing the Risks of Corporate Account Takeovers California Department of Financial Institutions September 2012 INTRODUCTION A state led cooperative effort, including the United States

More information

Ecommerce Conference Umass Dartmouth April 19, 2013

Ecommerce Conference Umass Dartmouth April 19, 2013 Ecommerce Conference Umass Dartmouth April 19, 2013 As a seminar Special,for all who call and request additional information from 4/19 to 5/30/2013, you will receive: A. Free Consultation no charge to

More information

FFIEC BUSINESS ACCOUNT GUIDANCE

FFIEC BUSINESS ACCOUNT GUIDANCE FFIEC BUSINESS ACCOUNT GUIDANCE New financial standards will assist credit unions and business account holders to make online banking safer and more secure from account hijacking and unauthorized funds

More information

Identity Theft Protection Plans

Identity Theft Protection Plans Identity Theft Protection Plans Legal Resources has partnered with IdentityForce to offer two plan options for identity theft protection for employees at the City of Virginia Beach and Virginia Beach City

More information