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Don’t Become a Statistic: Cybersecurity Best Practices for Treasurers
Rocky Mountain Summit 2017 Presented by: Tammy Gedetsis, KeyBank Enterprise Commercial Payments Clark Smith, YESCO
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Disclaimer This document is designed to provide general information only and is not comprehensive nor is it legal advice. In providing this information, neither KeyBank nor its affiliates are acting as your agent, broker, advisor, or fiduciary, or is offering any tax, accounting, or legal advice regarding these instruments or transactions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. KeyBank does not make any warranties regarding the results obtained from the use of this information. ©2017 KeyCorp. KeyBank is Member FDIC. CFMA #224933
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Presenters YESCO Clark Smith Director of Finance / Treasurer
KeyBank Enterprise Commercial Payments Tammy Gedetsis Vice President - Senior Digital Product Manager
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Agenda Payments Fraud: Current Environment
Types of Payments Fraud and How to Protect Against Them YESCO Case Study Protecting Businesses from Payments Fraud Best Practices for Prevention and Recovery Questions
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Today 74% Payments Fraud: Current Environment
Majority of companies continue to be impacted by payments fraud. Criminals are increasingly more organized and sophisticated. of organizations were targets of payments fraud in 2016 Sources: 2017 AFP Payments Fraud and Control Survey
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Sources: 2017 AFP Payments Fraud and Control Survey
Types of Payments Fraud 75% of organizations experienced check fraud in 2016. Check Fraud Business Compromise (BEC) scams Wire Transfers Sources: 2017 AFP Payments Fraud and Control Survey
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Sources: 2017 AFP Payments Fraud and Control Survey
Types of Payments Fraud 74% reported their organizations were exposed to BEC scams in 2016 Check Fraud Business Compromise (BEC) scams Wire Transfers Sources: 2017 AFP Payments Fraud and Control Survey
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Sources: 2017 AFP Payments Fraud and Control Survey
Types of Payments Fraud Check Fraud Business Compromise (BEC) scams Wire Transfers The 2nd most popular target for payments fraud in 2016. Sources: 2017 AFP Payments Fraud and Control Survey
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YESCO Manufacturer of electric signs, based in Salt Lake City, Utah Founded in 1920 Approximately 1,000 employees located in 28 offices throughout the western U.S. Expanding network of franchised locations in the U.S. and Canada Featured on the CBS television series Undercover Boss in 2016
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Email purported to be from CEO requests a wire payment be sent
YESCO Case Study purported to be from CEO requests a wire payment be sent
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YESCO Case Study Appears to be a normal conversation between these two individuals
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The instructions follow and are submitted for processing
YESCO Case Study The instructions follow and are submitted for processing
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YESCO Case Study Counterfeit check drawn on an account number for which no checks are issued
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Fraud Prevention & Best Practices
Dual controls/Separation of duties Employee education and awareness Written and published policies and procedures Security alerts/ notifications Fraud prevention products from your bank Monitor your accounts frequently Create an environment where employees are empowered Ways to help protect your business include:
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Questions ©2017 KeyCorp. KeyBank is Member FDIC
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