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Fraud Prevention and Detection Begins with You!

Fraud Prevention and Detection Begins with You!. BEST PRACTICES. Presented by: Ray Abbott, Senior Vice President, Cash Management Phil DiAngelo , Vice President, Director of Operational Risk. Mitigating the Risk of Payment Fraud. Right plan includes effective internal controls

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Fraud Prevention and Detection Begins with You!

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  1. Fraud Prevention and Detection Begins with You! BEST PRACTICES Presented by: Ray Abbott, Senior Vice President, Cash Management Phil DiAngelo, Vice President, Director of Operational Risk

  2. Mitigating the Risk of Payment Fraud • Right plan includes effective internal controls • Strong partnership with your bank • Layered approach; No single control will work • Risk Assessments

  3. Checks Still Represent an Opportunity • Transition to electronic transactions • Secure check inventory • Use check stock security features

  4. ACH & Wire Fraud • Dual control; separate origination and approval • Review limits • Reconcile accounts daily • Monitor access-notify bank of any changes, collect tokens

  5. Card Exposure Remains a Threat • Counterfeit cards • Merchant and processing compromise • Skimming

  6. Online Precautions • Anti-virus protection • Update your software • Avoid opening email from unknown senders • Access online banking websites by typing the address; avoid clicking any link embedded in an email • Where possible, dedicate one computer for online banking

  7. Internal Controls, Processes & Best Practices • Segregation of duties • Separate accounts for different activities • HR policies around employee onboarding and departures WSFS Best Practices for Fraud Prevention 1. 2. 3. 4.

  8. Fraud Prevention Services • Positive Pay • ACH Positive Pay • Online authentication methods • Increase our monitoring and testing efforts

  9. Fraud Trends • Compromise of email accounts • Malware and virus infections • Investment opportunities • Lottery and work from home scams • Card compromise of merchants and processors • Attorney Check Scams

  10. What To Do If You’ve Been Hacked • Ask for help; call in IT, Legal, and Finance; notify your bank • 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.

  11. Educationis the most important fraud prevention tool we all have!Take time to protect your business and make sure you’re doing all that you can to proactively guard yourself from fraud.

  12. Questions?

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