Tackling the Payments Hustler: A Review of Transaction Laundering and Fraud Prevention Techniques

OVERVIEW

Fraud grows with commerce and electronic fraud grows with electronic commerce. With the accessibility of “easy to use” tools increasingly available to help facilitate cybercrime comes the proliferation of “payments laundering.” Take a unique look at the threats from the “the payment hustler’s” point of view.

Cybercriminals are looking for inattentive compliance departments and will take advantage of vulnerabilities in your processes. This session will serve as a cautionary tale.

WHY SHOULD YOU ATTEND

We will review the how fraudsters use alternative payment methods to launder money and demonstrate case studies of transaction laundering and payments laundering. See payments laundering from the criminal perspective.

AREAS COVERED

• Who is the “payments hustler”?
• How does he/she work?
• Some real life examples
• AML rules and regulations and how regulators/legislators have gotten involved
• Transaction laundering and what can you do about it?
• Additional resources

LEARNING OBJECTIVES

• Learn about how fraudsters use alternative payment methods to launder money. Find out if you may be a victim of illicit use of your brand and payment system
• Learn what alternative payment methods are being targeted by fraudsters
• Learn how fraudsters exploit alternative payment methods
• Learn some best practices for opening new business accounts for fraud protection
• Learn underwriting best practices
• Learn best practices in the ongoing monitoring process
• Learn different ways to prevent fraud and how to protect your brand from misuse by fraudsters

WHO WILL BENEFIT

Fraud and compliance officer, financial crimes, financial intelligence unit, payments professionals

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