9:00 am CT

Fighting the Massive State Unemployment Insurance  ACH Fraud
Eric Tran-Le, Vice President, Head of Actimize Premier, NICE Actimize
In the wake of the current pandemic, the U.S. Secret Service issued an alert on a well-organized Nigerian crime ring exploiting the COVID-19 crisis to commit large-scale fraud against unemployment insurance programs across multiple states. It is assumed this fraud ring possesses a substantial PII database to submit such a volume of applications. The potential losses are in the hundreds of millions of dollars for local banks, credit unions, and large national banks.

In June 2020 in Washington state, where it is especially prevalent, out of state “mules” were receiving – and continue to receive – multiple ACH unemployment benefit deposits, with no connection to the account holder. In the first two months of the pandemic, the number of fraudulent claims for unemployment benefits surged 27-fold.

At NICE Actimize, we are using the power of Always on AI to detect ACH fraud from batch manipulation to unusual account activities. For the past fifteen years, our ACH fraud detection models have been protecting hundreds of financial institutions. We are constantly on the look-out to enhance our models to detect new ACH fraud schemes and enable real-time intervention where the fraud risk level is high. We will highlight more examples of this fraud and showcase how you can identify, mitigate, and stop this fraud at your bank, regardless of size.

10:00 am CT

Elder Abuse and Exploitation
Michelle Casillas, Staff Attorney, Bexar County Probate Court 2            
Michelle Casillas will present real-world examples of elder abuse and exploitation, including a discussion of applicable laws, the role of the Probate Court, and reporting requirements.

11:00 am CT

COVID-19 Related Fraud Schemes 
Supervisory Special Agent, Kyle Weber and Supervisory Special Agent, Eugene Wu, FBI Houston Division 
Supervisory Special Agents Eugene Wu and Kyle Weber will present current criminal trends relating to the COVID-19 pandemic. In particular, the presentation will focus on unemployment insurance fraud, hoarding, and price gouging related to personal protective equipment (PPE), and fraud related to the CARES Act Paycheck Protection Program (PPP). Special focus will be given to the crucial role of financial institutions in helping combat these crimes.

12:00 pm CT

Break

1:00 pm CT

Cyber Fraud: Threat Landscape, Risk Mitigation & Countermeasures
William B. Nelson, CEO, Global Resilience Federation
The sophistication and volume of cyberattacks against financial institutions and their customers continue to increase. As cyber criminals find ways to outsmart an enterprise’s defenses, what can you do to detect, prevent, and respond to the hi-jacking of your organization’s and your customers’ accounts?

In this session, attendees will learn about the latest methods that cyber criminals are employing to defraud or disrupt payment operations. Mr. Nelson will provide an anatomy of various types of cyberattacks along with case studies on account takeover, business email compromise, denial of service, ransomware, and data breaches. He will then share industry best practices for risk mitigation and countermeasures to protect against these threats.

Bill Nelson is the Chair and CEO of the Global Resilience Federation (GRF). He was the CEO of the Financial Services Information Sharing & Analysis Center (FS-ISAC) for 12 years before joining GRF in 2019. Before joining FS-ISAC in 2006, he was a payments executive from NACHA for 18 years. Mr. Nelson is also a current member of the Leadership Council of the National Small Business Association (NSBA).

GRF is a nonprofit corporation consisting of nine different information-sharing communities, including organizations from finance, retail, energy, law firms, and other professional services. GRF’s mission is to share security best practices, threat intelligence, and other information which reduces risk and enhances the resiliency of members and their respective industry sectors.

2:00 pm CT

Real Time Fraud Solutions for Faster Fraud Identification
Sam Piccolotti, SVP of Business Development, ToolCASE LLC
As payment processing becomes faster, so does the fraud committed on these transactions. Financial institutions struggle with data aggregation and the ability to analyze data in real time. Operating methodologies and practices need to evolve as well as the solutions FIs are relying on.

Credit Fraud through Law Enforcement Lenses
Jim Emerson, Vice President, National White Collar Crime Center
The online or Internet-enabled economy is increasingly complex and ever-changing due to the far-reaching and constantly expanding exploitation and connectedness of new technology to reach markets. Since criminals are early adopters of the resulting risk exposures and opportunities to exploit financial institutions and their customers, investigators are regularly reacting to new schemes or new technological exploits in historical schemes. A common theme related to financial crime and fraud or related to money movement, laundering and liquidation of criminal proceeds frequently involves the payment card and related technology. The flexibility of payment card technology combined with modular crime or crime as a service ensures that the bar to entry for those inclined to engage is lower than ever. This session will examine what law enforcement increasingly encounters, their need for cooperation and help from industry, opportunities for better-focused information sharing, and collaboration between payment industry fraud professionals and criminal investigators. Properly enacted, this approach promises more complete awareness, better workflow, and greater returns on investigative effort. This session will explore concepts and case studies to illustrate the value of greater cooperation between these disciplines as well as between private and public sectors.