Fraud Symposium Agenda  

Tuesday, March 17, 2020 - 9:00 am - 4:00 pm

Continuing Education Available:
7.20 AAP; 7.20 APRP; 2.40 NCP

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You Can’t Manage What You Can’t Measure

The latest payment fraud attacks use a combination of synthetic identity theft followed by a long period of authentic-looking activities before executing a fraudulent activity. Guardian Analytics’ Fraud Insights Network is reporting triple digit growth in fraud cases across financial institutions from 2016 through 2019. This equates to millions of dollars of illicit transactions detected by our machine learning & behavioral analytics risk engine and subsequently prevented with real-time interdiction.

  Presenter: Eric Tran-Le, Co-CEO & Vice President Product Management at Guardian Analytics

  Presenter: Andres Rapela, Assistant Vice President at the Federal Reserve Bank of Boston

The Fed on Fraud: Payment Security Initiatives in 2020

As payment systems become increasingly digitized and complex, a host of dynamic security threats have surfaced. One lucrative financial scheme used by fraudsters is synthetic identity fraud, reportedly the fastest-growing type of financial crime in the U.S. that is estimated to have cost U.S. lenders $6 billion in 2016. Furthermore, the lack of an industry-adopted and consistent manner for categorizing payment fraud losses has created difficulties in capturing and reporting fraud trends in a timely manner.

PLEASE NOTE: The first half of this presentation will be delivered in the prior session. “You Can’t Manage What You Can’t Measure” starting at 8:40am, so please login then to see the entire presentation.

  Presented by: Andres Rapela, Assistant Vice President at the Federal Reserve Bank of Boston

Fighting Authorized Payments Fraud

Fraud schemes continue to grow, with 78% of companies reporting they were targets of payments fraud in 2017, spread across 100% of the world's and nation's geographies. These schemes are constantly evolving to target legitimate businesses, nonprofits, government and other public-sector organizations. Additionally, financial institutions and payment originators are looking to implement various types of faster payments. In this session learn how each of these methods of fraud manipulates targets into sending payments, changes happening at Nacha and in the industry to mitigate risks, and steps to take to help avoid becoming a victim.

Attendees will leave this session with resources and tools to help their employees and their customers avoid falling prey to fraudsters.

  Presented by: Amy Morris, Senior Director, ACH Network Rules

Get Data Breach Clarity to Improve Customer Health and Cut Costs

With four new daily U.S. breaches leading to endless identity fraud attempts, credit unions need new methods to more effectively predict risk, while predicting member finances and relationships. Endless fraud analytics and consumer options are available, as is the amount of fear-mongering and panic. Breach Clarity’s founders present an altogether new and holistic solution, identified from research conducted while serving in an expert witness capacity on the nation’s largest data breaches.

RTP is Faster, Safer Payments

Faster payments does not always equate to faster fraud! Join us for this informative session designed to combat evolving misconceptions related to faster payments as we enter the age of real-time. What type controls and monitoring should financial institutions focus on when it comes to offer faster payments? This presentation will provide attendees with insights that can be used to sort out the way financial institution should approach risk management and faster payments.

  Presented by: Tim Mills, Vice President of Business Development of The Clearing House  

Authorized Fraud: Insights from our Customers – Detecting the Undetectable

With the commonization of faster payments, fraudsters are finding even faster ways to divert funds – leaving fraud analysts with little time to work alerts. Authorized Fraud has become the one of the largest growing fraud schemes.    And as we add new payment rails into the mix, it becomes even more critical to understand scams like Business Email Compromise and Push Payments Fraud Financial Service Organizations need to understand how to combat the authorized fraud we know today and be agile enough to stay ahead of the evolving threats of tomorrow. 

This session will breakdown:
• An Industry-wide view of Authorized Fraud – Classifications, MOs and Scams we’ve identified with our clients
• Best practices for combating authorized fraud - Lessons learned locally and from across the pond
• The future for authorized fraud? – Adapting to new payment rails, like RTP
  Presented by: Nithin Mangalore, Senior Product Manager, NICE Actimize