Payments Fraud: Detect & Prevent Check, ACH and P-Card Schemes


Overview
Until recently, paying vendors was a simple matter of processing an invoice and issuing a check. No longer. Ongoing advances in technology, credit card, purchasing card (P-card), ACH and wire transfer require advanced payment techniques. And with that trend, unfortunately, are coming new opportunities for fraudsters to steal from your organization.
 
This is a fast-changing threat matrix. The Association for Financial Professionals (AFP) estimates that over 73% of all organizations are targets of payments fraud. While not all attacks result in fraud-related losses, this statistic alone confirms that criminals are as aggressive as ever in attempting to misappropriate funds via the various forms of payments fraud. Which means that organizations must stay informed about new and existing payment schemes on an ongoing basis. The risk of failing to do so is loss of massive amounts of customer credit card data, exposure to new forms of check fraud and costly new techniques for having your ACH  and wire transfer account(s) hijacked by sophisticated cyber-criminals as well as your own employees.
 
Objectives
You will learn:

  • Who commits each major type of payments fraud—focusing on check, ACH and –P-Card schemes
  •  Inside secrets from actual fraudsters
  •  Vendor/billing schemes that exploit payments process control weaknesses.
  •  Latest electronic payments schemes (ACH hijacking, spear-phishing, social engineering and more)
  •  Check counterfeiting, forgery and tampering schemes to be aware of
  •  How to detect common external payments schemes versus internal attacks
  • Areas Covered in the Session:(Bullet points about the proceedings )
  • At the conclusion of the webinar you will be able to:
  •  Conduct a cost-effective Fraud Risk Assessment of your most commonly used payments methods 
  •  Identify the critical red flags of all forms of check, ACH and P-card fraud

Who will benefit by this webinar:

  •  Internal and external audit professionals
  •  Accounting and audit practitioners
  •  AP managers
  •  Senior financial management seeking to reduce their vulnerability to costly frauds 
  •  Procurement and payables specialists
  •  Compliance and ethics managers
  •  CFO’s/senior financial managers
Prerequisite
None

Preparation
No advance preparation required

Level of Knowledge
Basic

CPE Credit
2 Hours

Delivery Method  
Group Internet Based

NASBA Field of Study
Accounting

Author
Peter Goldman