Survey: Payments fraud increasing
A survey revealed that more than 80 percent of organizations – including financial institutions and other businesses – suffered from payments fraud in 2018. Fraud was also more common among larger institutions: 87 percent of those with revenue more than $1 billion experienced fraud compared to 69 percent of those with less revenue.
In addition, business email compromise (BEC) scams increased last year, with more than half reporting financial losses as a result. BEC scams are used to gain access to a business email account and imitate the owner's identity in an effort to defraud a company.
While checks are most likely to be impacted by fraud, organizations reporting check fraud continues to decline. Fraud activity related to ACH debit and credit is on the rise.
The report, released by the Association for Financial Professionals and sponsored by J.P. Morgan, included responses from more than 600 treasury and finance professionals.
For those interested in fraud prevention resources, tomorrow, the Federal Reserve is offering a webinar on synthetic identity payments fraud. NAFCU also has fraud and cybersecurity compliance resources available online.
NAFCU continues to engage with the Fed regarding its work to make the payments system faster and more secure and has met with Fed staff to discuss the strategy for achieving more secure payments. The association in December shared how credit unions could benefit from faster payments services.
The Fed has also launched a group among industry stakeholders aimed at improving payments security; learn more about the Fed's payments priorities here.
Add to Calendar 2019-05-16 18:00:00 2019-05-16 18:00:00 Understanding Affordability Options Watch the Webinar On-Demand About the Webinar In this ever–changing market, the more options you have, the greater your opportunity. In this course, we’ll explore conventional loan product options and discover which product works best for each unique borrower, including those with high lifetime values. Web NAFCU firstname.lastname@example.org America/New_York public
Genworth Mortgage Insurance
Add to Calendar 2019-05-15 04:00:00 2019-05-15 04:00:00 Regulatory Compliance Risk Awareness for Board/Supervisory Committee The Board of Directors and the Supervisory Committee play a key leadership role in regulatory compliance. It is difficult or even impossible to set the correct tone at the top without knowing the compliance environment credit unions are operating in. In this webinar, we provide a broad overview of the regulatory compliance risks facing credit unions and the most pressing current compliance issues. We cover what the examiners are focusing on as well as some of the most common compliance program violations found at credit unions. Key Takeaways Know what the examiners are focusing on Understand where resources are needed most for regulatory compliance Learn about the most common compliance program violations Review supervisory agencies agenda and outlook Discuss enforcement actions Walk through Bank Secrecy Act (BSA) hot button issues Purchase Now$295 Members | $395 Nonmembers (Additional $50 for CD) One purchase gives your entire credit union access to the on-demand recording until May 15, 2020.Already purchased? Go to the Online Training Center to view on or after May 15, 2019. Who Should Attend? NAFCU Certified Volunteer Experts (NCVEs) NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Board chairs and members Supervisory Committee members Compliance staff Risk staff Open to all credit unions, regardless of membership or charter type! Education Credits NCVEs will receive 1.5 CEUs for participating in this webinar. NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Education Manager, NAFCU Learning Objectives: Know what the examiners are focusing on; understand where resources are needed most for regulatory compliance; learn about the most common compliance program violations; review supervisory agencies agenda and outlook; discuss enforcement actions; and walk through Bank Secrecy Act (BSA) hot button issues. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, NCVE, CPE
Get daily updates.
Subscribe to NAFCU today.