NEACH

Landscape of Scams

Scams continue to increase year over year, targeting consumers who unknowingly put their trust in the criminal, resulting in financial losses and emotional distress. This session provides an overview of what constitutes a scam, how criminals typically target both individuals and companies, mitigation tactics currently utilized in the industry to help lessen the impact of these scams, and explores the challenges and benefits of fraud education and information sharing to protect yourself and your business from fraud.

Break

Understanding Cybersecurity Risk for Businesses

Cybersecurity is a concern for all businesses regardless of industry or size. This session will discuss key considerations for understanding cybersecurity from a business perspective and offer practical strategies to mitigate cybersecurity risks that all businesses can adopt.

Break

Funds Transfer Fraud: An Overview of UCC4A and Recent Court Cases

This Session provides an overview of Article 4A of the Uniform Commercial Code (UCC) and reviews recent cases analyzing funds transfer issues and fraud.  This session will answer questions like: Who bears the risk of a fraudulent or unauthorized funds transfers arising from employee theft, business email compromise, stolen user credentials, and other common funds transfer fraud scenarios?  What is a security procedure and why does it have to be “commercially reasonable”?  What can we learn from recent court cases and the actions (or inactions) taken by other financial institutions faced with fraudulent funds transfers?

Payments First

Check Fraud and Risk Mitigation

A brief overview of check fraud, types of fraud, warranties/indemnities and how to mitigate risk will be covered in this session. 

Break

Risk, Regulation and Responding to Consumer Complaints: A Dive Into the EFTA and Consumer Protection

Fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030 according to the Boston Consulting Group and more banks and credit unions are providing “banking as a service” to fintech partners. Simultaneously, fraud continues to expand and the schemes are increasing in sophistication, often targeting users of emerging fintech platforms. In seeking to protect consumers, the Consumer Financial Protection Bureau has reinterpreted Regulation E such that an end-user who is scammed into making a payment or sharing credentials has not really authorized that transaction. This opens the door for expanded liability for financial institutions and their fintech partners. This session will explain how the interpretation and enforcement of the EFTA and Regulation E have evolved along with regulators’ consumer protection expectations. The presenters will then delve into the nuts-and-bolts of onboarding due diligence on fintech partners and ongoing monitoring of Regulation E compliance programs and complaint management practices, including tracking of consumer complaints to monitor for potential Regulation E violations and UDAAP concerns.

Sarah Fernandez, CIPP/US, CRCM, Director, Risk Advisory Services, Kaufman Rossin

Matt Luzadder, Managing Partner, Chicago Office, Kelley Drye & Warren LLP

Impacts of Social Engineering on Business Fraud

Social engineering is the use of deception to manipulate individuals into divulging sensitive information or into completing a task for fraudulent purposes. It has been around for a long, long time and comes in many forms. Throughout 2023 we have seen some new methods fraudsters use to target organization’ staff to compromise valuable data and even accounts.

Everyone in a business who answers the phone or opens an email is vulnerable to social engineering, yet if they know what to look for, they can be one of your strongest defenses against fraud!

Missy Babineau, Norway Savings Bank

Ryan McKinnon, South Shore Bank

Rayleen M. Pirnie, BCJ, AAP, CRP, NEACH

Business 2 Business Fraud Landscape - The Ever-Evolving Threat

Does your organization operate in the B2B space. Did you know that Business 2 Business Fraud is ever changing, and it can impact hundreds of thousands of organizations, globally. This session will introduce the concepts of Business Misrepresentation (Puffery), Business Identity Theft, and Bust-Out fraud and what Dun & Bradstreet is observing in the marketplace. This session will also highlight the importance of KYB and introduce best practices to mitigate.

Andrew LaMarca, Dun & Bradstreet

Southern Financial Exchange