Wire Fraud - Detection and Prevention

Duration: 90 Minutes
This training program will discuss common forms of wire fraud, including: account takeover (consumer, corporate, and financial institution); false invoices / money mules and advance fee frauds; business email compromise; and supply chain fraud. This session will take attendees into the wild world of wire fraud, focusing on fraud detection, mitigation and sound business practices to minimize the potential of loss.
Wire Fraud
Instructor: Rayleen M. Pirnie
Product ID: 506587
Objectives of the Presentation
  • Define the state of wire transfer fraud
  • Investigate the implications of wire fraud
  • Identify sound business practices to thwart wire transfer fraud
  • Record options for wire transfer security controls
  • Assemble take-aways to improve internal controls
Why Should you Attend
Wire transfer fraud has been around almost as long as the payment system itself despite numerous federal regulations intended to combat the problem. Organized crime groups continue to profit from wire fraud especially scams where they trick real business customers into sending them a wire transfer under false pretenses.

Wire fraud victims in the United States reported $748 million in losses from October 2013 through August 2015, according to the FBI's Internet Crime Complaint Center (IC3). This loss is only from one form of wire fraud and what was reported to IC3; many of those businesses didn't survive the loss. In mid-2015, one San Jose, CA-based networking equipment company disclosed it lost $46.7 million through a scam where they unwittingly wired money to fraudsters.

Criminals are constantly evolving their scams to circumvent your expectations and controls. This course will arm you with vital information on the latest scams fraudsters are using to rob businesses of their assets. From business email compromise to supply chain fraud, every business is at risk as these crafty tricksters are looking for a big payday from your bottom line.

Join the session to:
  • Learn how four common forms of wire fraud occur
  • Identify sound business practices to thwart these forms of wire fraud
  • Isolate security procedures every organization needs, from education to transfer request controls
Areas Covered
  • Account Takeover (Consumer, Corporate, and Institution Internal Accounts)
    • Define and demonstrate through examples of recent cases
    • Detection and mitigation strategies
  • False Invoices / Money Mules and Advance Fee Frauds
    • Define and demonstrate through examples of recent cases
    • Profile of a money mule
    • Detection and mitigation strategies
  • Business Email Compromise
    • Define and demonstrate through examples of recent cases
    • Detection and mitigation strategies
  • Supply Chain Fraud
    • Define and demonstrate through examples of recent cases
    • Detection and mitigation strategies
  • Internal controls and security tips
Who will Benefit
All payments professionals who want to expand their knowledge of wire fraud mitigation strategies, including:
  • Business or bank investigators
  • Payments professionals who process wire transfers
  • Auditors
  • Compliance professionals
  • Third-parties who process payments for other entities
  • CPAs
$300
Recorded Session for one participant
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  $450.00 Training CD
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How it works
Live Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • The webinar joining link, username and password for joining the webinar will be updated on your OCP Account 24 hours prior to the webinar
  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
  • Login to onlinecompliancepanel with your registered username and password https://www.onlinecompliancepanel.com/login
  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Rayleen is the founder and owner of RP Payments Risk Consulting Services, LLC. based in Missouri. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education. Rayleen's specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. She is an Accredited ACH Professional (AAP) who has worked with all payment systems for nearly 20 years, and a Certified Enterprise Risk Professional (CERP). Rayleen also holds a Bachelor of Science in Criminal Justice Administration.

Her favorite pastimes include gardening with her grandson and reading. She is very active with children's advocacy services in the state of MO and has 4 rescued dogs.
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