Wire Fraud, BEC Scams, and Check Fraud – Defeating the Trifecta

Monday, April 3rd
Brazos
11:30am – 12:30pm
Intermediate – FP&A Renewal Credit

Greg Litster, President, SAFEChecks
Dawn Lothringer, CTP, Zachry Industrial

Session Description

Wire fraud has skyrocketed from a mere 3% of payment fraud attempts in 2010 to 48% today. Wire fraud is almost completely preventable. It is intertwined with some of the most common Business Email Compromise (BEC) scams, which have also reached epidemic levels.

BEC scams are just one of many Corporate Imposter Fraud strategies, and are paired with payment diversion, account takeovers, and the like. Knowing how to spot a scam, coupled with continual vigilance, is crucial in thwarting attempts. BEC scam losses of over $2 million have been reported.

Meanwhile, “old-school” check fraud still produces more losses than any form of payment fraud. Most businesses still issue checks, so check fraud will not go away any time soon. The rise in mobile banking and mobile Remote Deposit Capture has only added to the complexity of check fraud.

Participants will learn how to spot and evade BEC scams, and how to implement specific strategies to avoid wire fraud. They will learn how the Check 21 Warranties combine with Holder In Due Course to give recourse to banks and consumers seeking to recoup mRDC losses. The presenters will share real-life fraud situations, including what went wrong and how the losses could have been prevented.