Effectively Managing Wire Transfer Fraud
Wire transfer is the tool many scammers use to perpetrate the fraud du jour. These swindlers are endlessly creative in their often-successful efforts to fraudulently relieve unsuspecting victims of their financial resources. This timely program will cover recent scams and how your institution can handle wire fraud and control losses.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Recognize common types of wire fraud and scams
- Understand the rules and requirements defined by the federal reserve operating circular
- Identify how UCC 4A impacts your wire process
- Establish controls to mitigate risks from business email compromise and email account compromise
- Detail requirements of both domestic and international wires to proactively protect your institution and accountholders from fraud losses, including internal controls, system security, OFAC screening rules, and identification and authentication requirements
WEBINAR DETAILS
The method of choice for many a scammer is wire transfer. The Romance Scam, Work-From-Home Scam, Loan Scam, the ever-popular Nigerian scam, and a swarm of others begin with a hook that reels accountholders in and ends with a set of urgent wire instructions that often result in losses.
This session will review the latest wire scams circulating today as well as a few of the tried-and-true standards. It will cover the UCC 4A requirements and how they impact the way fraud is handled and who is liable for the losses. Join this jam-packed session to discover controls and procedures you can implement to respond to wire fraud and mitigate losses.
WHO SHOULD ATTEND?
This informational session is designed for operations personnel, BSA officers, compliance officers, internal auditors, and employees who handle wire transfers.
