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Fraud Detection and Prevention

The document outlines strategies for fraud detection and prevention, emphasizing the importance of internal controls, partnerships with banks, and a layered approach to risk management. It highlights various fraud risks such as payment fraud, ACH and wire fraud, card exposure, and online threats, along with best practices for mitigation. Additionally, it provides guidance on actions to take if a fraud incident occurs, including involving IT and legal teams and notifying banks.

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revathi
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1 views10 pages

Fraud Detection and Prevention

The document outlines strategies for fraud detection and prevention, emphasizing the importance of internal controls, partnerships with banks, and a layered approach to risk management. It highlights various fraud risks such as payment fraud, ACH and wire fraud, card exposure, and online threats, along with best practices for mitigation. Additionally, it provides guidance on actions to take if a fraud incident occurs, including involving IT and legal teams and notifying banks.

Uploaded by

revathi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Fraud detection and

prevention
Mitigating the risk of
payment fraud

• Right plan includes effective internal controls


• Strong partnership with your bank
• Layered approach; No single control will worl‹
• Risk Assessments
Checks still Represent an
Opportunity

• Transition to electronic
transactions
• Secure check inventory
• Use check stock security features
ACH & wire fraud
• Dual control; separate origination and approval
• Monitor access-notify bank of any changes,
collect tokens
• Review limits

• Reconcile accounts daily


Card Exposure Remains a
Threat

• Counterfeit cards
• Merchant and processing compromise
• Sl‹imming
Online Precautions
• Anti-virus protection
• Update your software
• Avoid opening email from unl‹nown senders
• Access online banI‹ing websites by typing
the address; avoid clicking any link
embedded in an email
• Where possible, dedicate one
computer for
online banking
Internal controls
processes & Best
Practices
• Segregation of duties
• Separate accounts for different activities
• HR policies around employee onboarding and
Fraud Prevention
Services
• Positive Pay
• ACH Positive Pay
• Online authentication methods
• Increase our monitoring and testing
efforts
Fraud Trends
• Compromise of email
accounts
• Malware and virus infections
• Investment opportunities
• Lottery and work from home
scams
• Card compromise of
merchants and
What To Do If you’ve been
hacked
• Ask for help; call in IT, Legal, and Finance;
notify your banI‹
• Stop the bleeding; identify what was
compromised and plug the hole
• Find out what they stole
• There may be reporting requirements; law
enforcement, regulatory agencies, etc.

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