Not If, But When: How to Stop Payment Fraud Even If Your Systems Have Been Hacked

The FBI reported $26.2 Billion dollars lost to Business Email Compromise (BEC) fraud in the past three years.1

If defrauding companies was legal, the hackers would be on the cover of Forbes for being innovative.

Teams of hackers have invested time, money and resources to trick accounts payable professionals – smart people who are specifically trained not to get tricked – into giving them money. But the hackers are good…ready to pounce on any misstep…and already sitting behind expensive, corporate firewalls.

To help stop them, Early Warning Services was formed by seven US-based banks (including Well Fargo) to validate that payments are going to the legitimate recipients and flag suspicious transactions before they occur. Billions of transactions get analyzed every year and billions of dollars are flagged as high-risk transactions.

For this podcast, we’ve brought together experts from across the payment fraud spectrum (except the hackers) to discuss:

Current state of payment fraud: trends, types and targetsFraud tactics that get by accounts payable controlsWhat makes the Early Warning National Shared Database uniqueAn overview of a real criminal shared services center dedicated to fraudAnd, as advertised in the title, How to Stop Payment Fraud Even If Your Systems Have Been Hacked!

Speakers: 

Beth Probst, Global Product Manager for AVS at Wells Fargo BankAnil Khilnani, VP & Fraud Prevention Consultant at Wells Fargo BankDanny Thompson, SVP, Market & Product Strategy at apexanalytix

Webinar slides: https://bit.ly/3g3SKRw
Webinar video: https://www.apexanalytix.com/video-not-if-when-how-stop-payment-fraud-even-if-your-systems-have-been-hacked 

1 Sources: The 2020 AFP® Payments Fraud Controls Report and The Federal Bureau of Investigation, Internet Crime Compliance Center (IC3)