Fraud is everywhere. No payment vehicle is 100% safe from fraud. However, checks, ACH, and wires all are subject to different types of fraud attempts and need different strategies for preventing and thwarting those attempts. From a legal standpoint, the organizations using these payment vehicles all bear different liabilities for fraud losses. And, importantly, all methods differ in the probability that the victims will ever get their money back.
This session will focus on these three primary vehicles for making payments – checks, ACH, and wire transfers. Real-life fraud attempts – both successful and unsuccessful – will be examined, along with strategies for how the losses could have been prevented.
The “pros and cons” of each method will be discussed, grounded in the legal liabilities each method bears and how likely the victims will be able to recover their losses.
Session Outcomes
Attendees will be motivated to examine their payment vehicles and base their decisions for using them on something other than ease of use and speed. Fraud must be taken into account when calculating the “cost” of doing business with ACH, wires, or checks. Attendees will learn specific strategies for preventing payment fraud, including the most important strategy – education.
Learning Objectives
- Understand the latest data on check, ACH, and wire fraud attempts, including the liabilities each vehicle bears for losses.
- Learn specific strategies for preventing fraud in each of these payment vehicles
- Understand when and why it makes sense to use one payment vehicle versus another, particularly when considering “recouping your losses.”