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Published byMagnus McCarthy Modified over 9 years ago
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Payment Fraud Trends : What Can you do? Protect Yourself and Your Business from Financial Fraud.
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Payment Fraud New ways to steal the old way 77% of organizations target of check fraud* Check fraud up even while check used declining Steal, wash, or create checks – publishing software Stolen from mailbox Purchase account numbers – black sites Online For Sale, Investment, Sweepstakes, Work at home “Just wire back the difference” *2015 AFP Payments Fraud and Control Study
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Payment Fraud Skimming Hardware capture card data Installed @ ATM, gas pumps, retail point-of sale Card passes skimmer first Data transmitted wirelessly Info sold via black websites
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Payment Fraud - Skimming
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Payment Fraud – Skimming with PIN Capture
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Payment Fraud Corporate Account Takeover Target businesses of all sizes Malware via email or websites - Trojan/Zeus Malware “records” your credentials Execute transfers via your PC Omaha MECA Payroll Fraud
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Payment Fraud Social Engineering Phishing, Vishing, Smishing Two thirds of electronic fraud cases can be traced back to phishing. One in ten people open an attachment when they have know idea what they are opening. e-mail takeover or social site mimic - LinkedIn, Facebook Message from boss or vendor (Scoular Grain) Card/online access has been frozen – click this link
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Payment Fraud PC Extortion Malware via e-mail Cryptolocker encryption Ransom within 72 hours Payment in MoneyPak or Bitcoin
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Payment Fraud Fighting Check Fraud Positive Pay-match paid checks High Dollar Authorization-checks over set dollar amount Secure Check Stock Replace check payments with ACH, Card or wire payments Separation of Duties Online Account Review
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Payment Fraud ACH and Wire Fraud Originator creates fraudulent transaction – bill payment Employee creates a fraudulent wire or credit based on boss’ message Supply Chain - impersonates a vendor Fraudulent e-mail sent directly to the bank
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Payment Fraud Fighting ACH and Wire Fraud Restricted Access; only those needed to create trans. Dual Control – two users needed to initiate ACH Filter or Block – only unauthorized ACH electronic Segregate Funds – separate account for specific deposits Multifactor authentication -Tokens – one-time password Wire Call Backs Online Account Review/Reconciliation Separation of Duties Dedicated Workstation – no email or Social Media allowed Up-to-Date Antivirus Software & Good Back-ups Strong Password Policy
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Payment Fraud Card Payments and Mobile wallets Liability shift to merchants – October 2015 Tokenization Google Wallet, Apple Pay, SoftCard
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Payment Fraud Fighting Internal Fraud Dual control/custody Timely reconciliation/review Face-to-face or phone call verification (out-of-band) Separation of Duties Credit & Background checks Insurance Education/Training
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Payment Fraud – Top Five Take Aways Protect Your Credit Cards and Bank Accounts Secure Your IT Infrastructure Have a Password Policy Educate Your Staff Insure Your Business
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Payment Fraud Questions? Jim Smith jim.smith@ubt.com 402-323-1779 Dana Turner Dana.Turner@ubt.com 402-323-1808
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