Wire Transfer fraud has been around almost as long as the payment system itself and shows no signs of stopping. In fact, in 2017, we saw renewed efforts to defraud consumers, businesses and financial institutions driving losses to alarming heights.
This course provides attendees with a brief overview of current forms of wire transfer fraud with an emphasis on identifying and mitigating exposure from multiple perspectives.
You will learn how to identify the red flags of common forms of wire transfer fraud. We will review sound risk management practices to minimize exposure. We will discuss valuable tips to protect your organization and customers.
- Wire transfer liability -- examine provisions of the Uniform Commercial Code that designate this liability
- Most common and financially devastating forms of Wire Transfer fraud
- Risk assessment and enterprise risk management strategies
- Internal controls
- Minimizing exposure to fraud
- Account controls that are routinely bypassed by criminals
- Establishing appropriate account controls by client
Who Should Attend?
This informative session is designed for anyone in the institution responsible for compliance, including Branch Managers, Risk Managers, Compliance, Audit, Operations, Senior Management and Trainers.