Wire Transfer Fraud–Detection and Mitigation
  • CODE : RAPI-0003
  • Duration : 90 Minutes
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Rayleen is the founder and owner of RP Payments Risk Consulting Services, LLC. based in Missouri. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education. Rayleen’s specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. She is an Accredited ACH Professional (AAP) who has worked with all payment systems for nearly 20 years. Rayleen also holds a Bachelor’s of Science in Criminal Justice Administration.

Rayleen’s educational programs provide real-world, actionable information for financial institutions and businesses on topics ranging from payments risk management to information security. She authors payments risk and fraud blogs geared toward helping organizations recognize threats and protect themselves from loss.

Always interested in risk management, Rayleen has supported many notable organizations over the years. She is currently a member of the International Association of Financial Crimes Investigators, supporting their training programs since 1998. She sat on NACHA’s Risk Management Advisory Group (RMAG) for two terms, and assisted with FSISAC’s first CAPP exercise.

Rayleen has had the honor of presenting programs to such notable groups as:

  • The 2015 NACHA Payments Conference – New Orleans
  • The Institute of Criminal Justice Studies - Alabama
  • The Kentucky Credit Union League Volunteers Conference – French Lick, IN
  • The Federal Reserve Bank of Kansas City Risk Management Conference - KCMO
  • The Security Matters Information Security Conference – Murray State University
  • The American Bankers Association Risk Management Forum – St. Louis, MO
  • The Risk Management Association (RMA) – KC Chapter Forum
  • Johnson County Community College (guest lecturer) Criminal Justice Administration Studies – Overland Park, KSA

This training program will discuss common forms of wire fraud such as account takeover (consumer, corporate, and institution internal accounts); false invoices/money mules and advance fee frauds; business email compromise; and supply chain fraud. It will also discuss wire fraud detection, fraud mitigation, and sound business practices to thwart attempts.

Every industry is prone to wire transfer fraud. While staggering losses continue to mount, research shows many of the schemes could have been avoided if employees knew what to look for, and if they employed some very simple internal processes.

Wire transfer fraud has been around almost as long as the payment system itself despite numerous federal regulations intended to combat the problem. Organized crime groups continue to profit from wire fraud, especially scams where they trick real business customers into sending them a wire under false pretenses.

In just two short months in late 2014, U.S. businesses lost an estimated $180million to one form of wire fraud alone; many of those businesses didn’t survive the loss. In mid-2015, one San Jose, CA-based networking equipment company disclosed it lost $46.7 million through a scam where they unwittingly wired money to fraudsters.

Criminals are constantly evolving their scams to circumvent your expectations and controls. This course will arm you with vital information on the latest scams fraudsters are using to rob businesses of their assets. From business email compromise to supply chain fraud, every business is at risk as these crafty tricksters are looking for a big payday, from your bottom line.

Learning Objectives

  • Identify common types of wire transfer fraud
  • Recognize red flags of common schemes
  • Record mitigation strategies
  • Document sound business practices to avoid losses
  • The most common forms of wire transfer fraud
  • The most targeted industries
  • Internal detection strategies
  • Account security controls
  • Employee education tips

Areas Covered 

  • Account Takeover (Consumer, Corporate, and Institution Internal Accounts)
    1. Define and demonstrate through examples of real cases from a business and a DFI perspective
    2. Detection and mitigation methods
  • False Invoices / Money Mules and Advance Fee Frauds
    1. Define and demonstrate through examples of real cases from a business and a DFI perspective
    2. Profile of a money mule
    3. Detection and mitigation methods
  • Business Email Compromise
    1. Define and demonstrate through examples of real cases from a business and a DFI perspective
    2. Detection and mitigation methods
  • Supply Chain Fraud
    1. Define and demonstrate through examples of real cases from a business and a DFI perspective
    2. Detection and mitigation methods
  • Additional Tips
    1. Account settings
    2. Out of band authentication
    3. Wire fraud insurance

Who Should Attend

Any payments professional including:

  • Risk Management
  • Security
  • Investigations
  • Management
  • Executive Management
  • Operations
  • AR/AP
  • Auditors
  • Compliance
  • Third-party processors
  • $200.00

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