Funds transfer fraud causes millions of dollars in losses for businesses and financial institutions every year. In 2022 alone, financial institutions filed over 300,000 Suspicious Activity Reports on incidents of wire fraud and/or suspicious funds transfers! What steps can be taken to protect your institution and your account holders?
Cyber attackers continue to grow more sophisticated with their schemes and attempts and have increased even more during the recent pandemic. Recent successful cyberattacks on international wire transfers have raised the bar on examiners’ expectations for your security system and risk monitoring of international and domestic wire transfers. Are you prepared?
Wire transfers are unique transactions. In this session, we will cover the regulatory requirements for both domestic and international wires, provide sample audit procedures, and discuss how to identify and react to possible wire fraud attempts. In addition, we will identify vulnerabilities in systems and processes that can expose financial institutions to cyberattacks and increase liability. We will also examine ways to strengthen policies, monitoring, procedures, and risk assessments. You will be provided with tools to support and enhance your wire compliance program.
What You’ll Learn
Related Topics
Instructor
Dawn Kincaid
Dawn Kincaid began her banking career while attending The Ohio State University. She has 19 years’ experience in client service, operations, information technology, administrative and board relation... read more.
