Wire Transfer Fraud Prevention Programs


Presented by: Rayleen Pirnie

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Gaps in a bank's wire transfer fraud program open the institution to significant risk including financial loss, compliance issues, lawsuits, and more. Gather your team and existing program while we get down-and-dirty with the most common deficiencies in bank programs and discuss tips to create a program that meets your strategic objectives while protecting the bank and its customers from unnecessary risk.

Attendees will review guidance and true cases where banks suffered financial losses for failures to properly implement provisions under the UCC, and discuss how implementing security controls can strengthen a bank's defences.

In this session we will explore:
  • Most common wire transfer frauds affecting customers and banks*
  • Gaps that expose a bank to financial loss and risk
  • Important contract provisions
  • Security controls demonstrating success at detecting fraud
  • Practical tips for implementing FFIEC guidance
  • Recent shifts in wire transfer fraud insurance coverage
  • Tips for successful customer education
Learning Level: Intermediate - *Suggest an understanding of the types of wire fraud as these are not defined or covered in-depth. The focus is more on the bank's wire fraud program, not fraud types.

AAP and CERP credits

  • Guidance and resources list
  • Internal training quiz with separate answer sheet
  • Wire Transfer Program checklist - top 10 considerations for community banks
Auditors, compliance officers, frontline personnel, wire transfer personnel, deposit operations management and personnel, security officers

About the Speaker: 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. Rayleen holds a Bachelor's of Science in Criminal Justice Administration.

Rayleen's educational programs provide real-world, actionable information for financial institutions and businesses on topics ranging from payments risk management to information security. She authors payments risk and fraud blogs geared toward helping organizations recognize threats and protect themselves from loss.

Rayleen has had the honor of presenting programs at some very notable conferences, including the 2015 NACHA Payments Conference, The Institute of Criminal Justice Studies, the Federal Reserve Bank of Kansas City Risk Management Conference, and the American Bankers Association Risk Management Forum, to name just a few.

This program was recorded in its entirety in June 2019. The CD-ROM includes program slides, materials (if available) and follow-up Q & A document.

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  • Model: cd_wirefraud0619
  • Manufactured by: Glia Group, Inc.

This product was added to our catalog on Wednesday 23 January, 2019.

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