When it comes to fraud, you may be wondering what schemes fraudsters are using to steal funds from consumers. If you would like the answer to that question, EPCOR will be covering this in the in-person Payment System Update this year.
Let’s face it, fraud is not going away, and it keeps evolving over time. So, what will Payment Systems Update cover this year? Well, our trainers have worked with our Member Support team to incorporate the questions we received the most about in 2021. Our trainers also worked with the various EPCOR committee members to learn what types of fraud they dealt with last year. With the information in mind, the three fraud topics we will discuss this year are:
- Business Email Compromise – Have any of your business account holders been affected by an email compromise? Did a breach of their email system happen in-house or externally? Was there a financial loss? We will also discuss how can your financial institution and your businesses mitigate this fraud.
- Phony Bank Text Alerts and Phone Calls – Have your account holders ever received a text alert stating they have a suspicious transaction posting to their account and they must call your financial institution via the phone number in the text message? This has been a clever way for fraudsters to gain online banking credentials from account holders.
- Cash App® Scams – There are many APPs out there that you can use to transfer money from one person to another, however; Cash App was the name that kept coming up last year as far as scams were concerned. How does Regulation E apply in these situations? Can users dispute these transactions through the App? Who takes the loss in the end?
If these are some of the questions you have about these types of fraud, then Payments System Update is the place you need to be this year. We will not only talk about how each scam works but collaborate with other institutions on ways to handle the fraud/scam and ways for financial institutions and their account holders to mitigate or prevent the fraudulent activity from happening. Also, please note: as we step back into in-person meetings, seating will be limited. Please register early to secure your preferred date and location. For those not able to attend in-person, there is an abbreviated virtual update available.