Combating Commercial Payments Fraud An FDIC Symposium
Tuesday, May 11, 2010
L. William Seidman Center
3501 N. Fairfax Drive
Arlington VA, 22226-3599
C Building Auditorium
The Federal Deposit Insurance Corporation (FDIC) will hold a day-long symposium
to examine the threat of commercial payments fraud posed by cyber criminals
targeting small and midsize businesses on May 11, 2010. The FDIC has observed
an increase in this type of fraud over the past several months, which has
resulted in millions of dollars in losses, frayed business relationships
and litigation affecting both banks and businesses.
These schemes—also known as “corporate account takeovers”—typically
involve compromised access credentials to online business banking software
that are used to make fraudulent electronic funds transfers (EFTs) through
the automated clearinghouse (ACH) and wire payment systems. The illicit
proceeds from these activities are often funneled through some type of fraudulent
work-at-home scheme involving individuals who knowingly, or unknowingly,
serve as “money mules” by forwarding funds to criminals outside
the United States.
We are very pleased to have an exceptional lineup of speakers to lead this
discussion, including: cyber security experts from the federal government,
law enforcement officials, bankers, corporate payments experts, legal professionals,
and others. Among the invited speakers are White House Cybersecurity Coordinator
Howard L. Schmidt; technology journalist/author Joseph
Menn; and National
Cyber Security Alliance Director Michael Kaiser.
Panels will discuss:
Recent trends in corporate payments fraud;
The legal/regulatory framework governing payments and recent litigation;
Strengthening secure online financial transactions; and
Risk mitigation techniques and strategies for banks and businesses.
This event is free and open to the public; however, seating is limited
and pre-registration is required. If you have questions regarding the Symposium,
please send an email to: firstname.lastname@example.org.
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