ICB Credit: 2.5 CRCM
Liability for fraudulent wire transfers really hit the forefront during the early days of Account Takeover. Since then, a number of cases has presented some interesting twists on liability for losses associated with fraud.
While contracts are an important component of your wire transfer risk management program, they are not the sole consideration. Even with a strong contract, your bank can suffer losses if wires are not handled correctly. In this course we will examine some of the most common and costly frauds using wire transfers, focusing on recognizing red flags. We’ll also explore security solutions that can help banks identify fraudulent transactions, smart security strategies, risky actions, and why insurance agencies often deny wire transfer fraud claims.
- Identify the red flags of common forms of wire transfer fraud
- Review sound risk management practices to help minimize exposure
- Document laws and guidance for wire transfer security
- Explore commercially reasonable security
- Record insurance tips
New Twists on Wire Transfer Fraud
FFIEC Business Sample
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