2015, EPCOR. All Rights Reserved. 1

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1 s Risks Regional Payments Associations, through their Direct Membership in NA, are specially recognized and licensed providers of education, publications and support. Regional Payments Associations are directly engaged in the NA rulemaking process and Accredited Professional (AAP) program. NA owns the copyright for the NA Operating Rules & Guidelines. The Accredited Professional (AAP) is a service mark of NA. What will you learn? After this course, you will be able to: Identify each of the risk categories Given a scenario, identify the payment system and the risk(s) Risks 2015, EPCOR. All Rights Reserved. 1

2 Operational Risk Occurs when a transaction is altered or delayed due to an unintentional error, operational risk includes clerical error or hardware and/or software failures. Operational Risk Bad image Missing payroll file Forgot to hot card a stolen card Sent money to wrong account holder Fraud Risk Occurs when a payment transaction is initiated or altered in an attempt to misdirect or misappropriate funds by any party to the transaction. 2015, EPCOR. All Rights Reserved. 2

3 Fraud Risk Altered checks Account takeover Stolen card Unauthorized wire transfers/account takeover Compliance Risk Occurs when a party to a transaction fails to comply, either knowingly or inadvertently, with Network rules & policies, regulations, and applicable U.S. and state law. Compliance Risk Failure to provide funds availability disclosure Failure to conduct annual Rules Audit Failure to provide timely provisional credit Failure to provide UCC 4A notices 2015, EPCOR. All Rights Reserved. 3

4 Credit Risk Occurs when a party to a transaction cannot provide the necessary funds, as contracted, in order for settlement to occur. Credit Risk Excessively overdrawing account Bankrupt Originator limit too high Uncollected funds Strategic Risk Occurs when management has not dedicated the capital or human resources to any given process or product. 2015, EPCOR. All Rights Reserved. 4

5 Strategic Risk Remote Deposit Capture Direct Access to the Operator Prepaid program International Consumer Transfers Systemic Risk Occurs when the inability of one funds transfer system participant to settle its commitments will cause the other participants to be unable to settle their commitments. Risks 2015, EPCOR. All Rights Reserved. 5

6 Third-Party/Vendor Risk Occurs when data processors, vendors, other financial institutions or other organizations that provide payment processing services fail to meet agreed-upon commitments to the financial institution. Reputation Risk Occurs when a account holder s confidence in a financial institution or a specific payment channel will be diminished. High-Risk Activities Occurs when a financial institution and/or account holders engage in potentially illegal activities or a high-risk industry. 2015, EPCOR. All Rights Reserved. 6

7 Cross-Channel Risk Occurs when there is movement of fraudulent or illegal payment transactions from one payments channel to another. Cross-Channel Risk & - Deposit a large fraudulent check to increase account balance, then use debit card to remove funds at an ATM and make large dollar purchases Mitigations BSA/AML Monitoring across all channels Duplicate Item detection Fraud detection system Cross-Channel Risk & Account-takeover situation where an File is sent. Credit entries are sent to increase an account balance, then funds are wired out of the account. Mitigations BSA/AML Monitoring across all channels Exposure Limits, layered security verification of collected funds and large deposits 2015, EPCOR. All Rights Reserved. 7

8 Name That Risk Instructions Review the scenario Pick a spokesperson and scribe Answer the questions 2015, EPCOR. All Rights Reserved. 8

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