Cyber Banking Fraud: Hottest Topics for Banks and their Customers

Understand the evolving nature of cybercrimes your institution and your customers are likely to confront.

We have collected the latest threat intelligence concerning the most prevalent electronic banking fraud risks that banks and credit unions will confront. As fraudsters creatively exploit technology and banking regulators impose new requirements on financial institutions, understanding the changing threat environment is a constant challenge but is more important than ever. Where should your institution's attention and resources be focused, and what is working for others? For those whose job includes answering these questions, this material will keep you abreast of cyber fraud trends, legal developments, and supervisory priorities to position your financial institution or credit union to mitigate losses and assist customers. Particular attention will be devoted to the highest risk and the most prevalent fraud vectors and the decisional law applicable to each. We will also dive into ransomware from the perspectives of both when the bank is the victim and when the target is the customer. This course takes a decisional approach to the problems and is not technology-dependent so that the lessons learned are applicable regardless of your institution's technology vendors.

Agenda

Current Threat Intelligence About Cybercrimes Affecting Financial Institutions and Their Customers

Overview of the Fraud Classifier Tool in the Context of Cyber Fraud

The Deal-Flow of Payment Orders to Best Understand the Law and Mitigation Tactics for Different Cyber Frauds

• Cybersecurity as Credit Risk
• Business Email Compromise
• Account Opening Fraud
• Account Takeover Attacks

Ransomware

• What It Is and How the Criminal's RaaS Works
• How Ransomware Has Evolved and Where It May Be Going Next
• Overview of the True Costs of Ransomware
• New Banking Regulations - Both for When the Financial Institution Is the Victim and When It Serves as a Payment Intermediary

How to Respond to Electronic Banking Emergencies When Your Institution's Money and Reputation Is on the Line