Session 10 | Texpo Conference
The Triangulation of ACH, Wire & Check Fraud (I)
- Greg Litster, CEO, SafeChecks
- Jeanette Mosley, CPA, CTP, CFO, Presidian
Thursday, September 3rd
3:00pm - 4:00pm
ACH payment fraud has risen dramatically in the last two years. Unauthorized ACH debits, and ACH payments unwittingly sent to fraudsters instead of the intended vendors due to unverified bogus change of bank and remittance instructions, are not the bank’s liability. These fraudulent transactions cannot be returned or recalled after 24 hours, making prevention enormously important. Wire fraud has almost quadrupled since 2013, with most losses unrecoverable. Today, 43% of BEC scams target wires. ACH and wire fraud are preventable by using proper internal controls. Despite predictions of their demise 45 years ago, paper checks are still used by most companies (including a vast majority of small businesses)…AND fraudsters! Checks are now targeted in 70% of BEC scams, up nearly 100 percent since last year. This is a clear integration of social engineering, technology, and an old-school payment system. Fraud may shift between payment methods, but it’s not going away and its scope is expanding astronomically. Those attending this session will be better equipped to identify current strategies fraudsters use to commit ACH and Wire fraud, and specific, straightforward internal controls organizations can use to thwart them.
Attendees will better understand check fraud, including eChecks, Mobile Banking, and how fraudsters are beating Payee Positive Pay. They will learn clear-cut strategies for preventing check fraud of all types. The presenters will share real-life fraud situations, including what went wrong and how the losses could have been prevented.
Greg Litster is president and founder of SAFEChecks, and is editor of Frank Abagnale’s Fraud Bulletin. Greg is a former banker of 18 years, has written articles published in AFP Exchange, American Payroll Association, American Land Title Association, and Sheshunoff’s Corporate Cash Management Manual. He has served as an expert witness on several national and international check fraud and embezzlement cases, and has spoken on fraud prevention across the country for numerous financial institutions and professional organizations, including AFP, GFOA, Texpo, SoCal Expo. Greg earned a Bachelor of Science in Economics and an MBA in Finance, both from Brigham Young University.
Jeanette Mosley has over 20 years of experience in the hospitality industry, specializing in finance, accounting, risk management, insurance, treasury management and collections. Experienced in banking relationships with emphasis on cash mobilization, Jeanette maintains banking and investor relationships for Presidian as well as supervising the financial reporting of the company. Jeanette received a Bachelor of Business Administration in Finance from The University of Texas at San Antonio. A Certified Public Accountant and a Certified Treasury Professional, Jeanette has been recognized by the Honors Program of the Association for Financial Professionals.
Next-Generation Commercial Payments: Automating the Corporate Payments Supply Chain (I)
- Debbie Smart, Senior Product Marketer, Q2 Holdings
- Peter Davey, AAP, VP, The Clearing House
- Jackie Zambrano, CIO, Assistant County Treasurer, Guadalupe County Treasurer’s Office
Thursday, September 3rd
3:00pm - 4:00pm
For the past 25 years, payers have been encouraged to make electronic payments to improve customer experience, realize cost savings and reduce check fraud. In this session, attendees will hear from seasoned commercial payment veterans and a corporate end user who will offer real-world examples of implementing innovative commercial payments strategies—including best practices for remittance messaging and streamlining accounts receivable/payable processing—as well as new strategies for automating the corporate payment supply chain.
Attendees will learn:
- What approach corporations should take in evaluating the numerous B2B payment options on the market today
- What an automated corporate payment process looks like and what steps they should take to begin implementing automated payment strategies into their commercial banking workflows.
Debbie Smart is a Senior Product Marketer at Q2 and serves as the voice of the modern business banking customer and the evolving financial services industry. With more than 40 years of banking and cash management experience, Debbie works to deeply understand Q2’s existing and desired customers, leveraging market research and competitive intelligence to forge new partnerships and influence product capabilities across Q2’s entire business product suite. Previously, Debbie served in a program management role at Q2, where she provided consulting services for financial institutions to facilitate the successful implementation, conversion and utilization of their online business banking products and services. Prior to joining Q2, Debbie served in multiple senior management roles in the financial services industry where she guided product development, payments innovation and more, including more than 14 years at ACI Worldwide and Global Payment Systems. She also spent many years at First Security Bank (now Wells Fargo), where her responsibilities included running the cash management department for the state of Idaho and managing operations for electronic payments and item processing. Throughout Debbie’s career in financial services, she has been a featured speaker at numerous industry-wide conferences and has served on multiple boards, councils and task forces, including the Association for Financial Technology Board of Directors, NACHA’s Payments Innovation Alliance and the Federal Reserve System’s U.S. Faster Payments Committee.
Peter Davey leads product innovation at The Clearing House, a bank consortium of the top US financial institutions, where he is responsible for working with financial institutions and partners to foster new and innovative concepts that propel the payment and banking industry forward. He has a deep understanding of the payments and banking industry as well as new and emerging technologies at large. Previous to The Clearing House, Peter was the Head of Payment Strategy Innovation & Industry at Capital One Financial Corporation. He provides thought leadership through forums and speaking engagements across the industry and is a featured keynote speaker at many events. Peter has a Bachelor’s degree in Business Management with a focus in Computer Science from Wheeling Jesuit University and is an Accredited ACH Professional (AAP).
Jackie Zambrano is the Assistant to the Honorable Linda Douglass, Guadalupe County Treasurer. Prior to joining the Treasurer’s office in 2012 she was in the Retail Banking management industry for nine years. She began her local government career as an Accounting Clerk, then accepted the position as a Payroll specialist in 2014 and was later promoted in 2016 to her current role. Jackie became a Certified Investment Officer with The Texas Association of Counties Investment Academy in 2017. With great honor in 2019 she was sworn in as the Assistant County Treasurer.
CTP – Chapter 13 –S-T Investing/Borrowing (B)
- Dubos Masson, Ph.D, CTP, CertICM, President, The Treasury Academy
- Tyrone Gant, CTP, SVP, Director of Treasury Management, Vector Bank
Thursday, September 3rd
3:00pm - 4:00pm
This session discussed the characteristics of different types of money market securities, as well as how these instruments are priced, yields are calculated and investments managed. Also included is coverage of short-term financing from the borrower’s perspective, including the calculation of the costs on bank lines of credit and commercial paper.
D.J. Masson, Ph.D., is President of The Treasury Academy, a training and consulting firm specializing in treasury management, international finance, business forecasting, and risk management. Over the past 25 years, D.J. has provided business and financial consulting and training services to a wide variety of corporations, financial institutions, and not-for-profit organizations in the U.S., Canada, and abroad. He is currently an Associate Clinical Professor of Finance at Indiana University’s Kelly School of Business and is a trainer and curriculum developer for programs with Association for Financial Professionals (AFP), GT News and Association of Corporate Treasurers (ACT) in the U.K, and Citibank’s Global Transactions Services unit. D.J. has extensive experience in developing curriculum for a wide range of teaching and training environments, both residential and on-line. He has developed classes and taught at all levels of higher education: undergraduate, MBA, Executive MBA, and in-house, custom-designed courses. D.J. has worked with professional associations to develop workshop, training materials, and certification programs in the areas of Treasury Management, Credit Management, Global Cash Management, Financial Forecasting, Commercial Banking, and Risk Management. D. J.’s educational background includes a B.A. in Business from the University of New Orleans and an MBA and Ph.D. in Finance from Indiana University. D.J. earned his Certified Cash Manager (CCM/CTP) credential in 1988. D.J. also earned the Cert ICM, an international cash management certification, from the Association of Corporate Treasurers (ACT) in the UK in 1999.
Tyrone Gant, CTP, is the Director of Treasury Management for Vectra Bank Colorado, a division of Zions Bancorporation. Tyrone is a results oriented financial professional with 25 plus years’ experience in the banking industry including leading and executing growth and sales strategies, new business development and treasury management consulting.
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