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• Strong partnership with your bank• Layered approach; No single control will work• 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
• Review limits• Reconcile accounts daily• Monitor access-notify bank of any changes,
collect tokens
• Counterfeit cards• Merchant and processing compromise• Skimming
Card Exposure Remains a Threat
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
Internal Controls, Processes & Best Practices• Segregation of duties• Separate accounts for different activities• HR policies around employee onboarding and
departuresWSFS Best Practices for Fraud Prevention1.
2.3.4.
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
processors• Attorney Check Scams
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.
Education is 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.
Questions?