Video: Not If, But When: How to Stop Payment Fraud Even If Your Systems Have Been Hacked
Not If, But When: How to Stop Payment Fraud Even If Your Systems Have Been Hacked
Beth Probst, Global Product Manager for AVS at Wells Fargo Bank
Anil Khilnani, VP & Fraud Prevention Consultant at Wells Fargo Bank
Danny Thompson, SVP, Market & Product Strategy at apexanalytix
The FBI reported $26.2 Billion dollars lost to Business Email Compromise (BEC) fraud in the past three years.1
If defrauding companies was legal, the hackers would be on the cover of Forbes for being innovative.
Teams of hackers have invested time, money and resources to trick accounts payable professionals – smart people who are specifically trained not to get tricked – into giving them money. But the hackers are good…ready to pounce on any misstep…and already sitting behind expensive, corporate firewalls.
To help stop them, Early Warning Services was formed by seven US-based banks (including Well Fargo) to validate that payments are going to the legitimate recipients and flag suspicious transactions before they occur. Billions of transactions get analyzed every year and billions of dollars are flagged as high-risk transactions.
For this webinar, we’ve brought together experts from across the payment fraud spectrum (except the hackers) to discuss:
Current state of payment fraud: trends, types and targets
Fraud tactics that get by accounts payable controls
What makes the Early Warning National Shared Database unique
An overview of a real criminal shared services center dedicated to fraud
And, as advertised in the title, How to Stop Payment Fraud Even If Your Systems Have Been Hacked!
1 Sources: The 2020 AFP® Payments Fraud Controls Report and The Federal Bureau of Investigation, Internet Crime Compliance Center (IC3)