The Alarming State of Wire Transfer Fraud
25 Oct 2017
- 03:30 AM to 05:00 AM EST
90 Minutes

Provides attendees with a brief overview of current forms of wire transfer fraud.

The Alarming State of Wire Transfer Fraud

Rayleen M. Pirnie, AAP is the founder and primary consultant of RP Payments Risk Consulting Services, LLC. , a specialized consulting firm that provides payments strategy and risk management advisory services across several sectors. She has almost two decades of experience in payments rules, risk management, and information security.

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This webinar will provide advanced training on The Alarming State of Wire Transfer Fraud.

Why This Webinar

Attempts at cyber wire fraud globally, via emails purporting to be from trusted business associates, surged in the last seven months of 2016, the U.S. Federal Bureau of Investigation said in a warning to businesses.

Financial losses from business email compromise (BEC) scams skyrocketed by 2,370% between January 2015 and December 2016, according to an FBI public service announcement released Thursday. The alarming statistic represents a sharp increase from the agency’s previous announcement, serving as a warning to users to stay vigilant in recognizing the threat.   

The number of business-email compromise cases, in which cyber criminals request wire transfers in emails that look like they are from senior corporate executives or business suppliers who regularly request payments, almost doubled from May to December of last year, rising to 40,203 from 22,143, the FBI said.


Wire Transfer fraud has been around almost as long as the payment system itself and shows no signs of stopping. In fact, in 2015 and 2016, we saw renewed efforts to defraud consumers, businesses and financial institutions driving losses to alarming heights. 2017 has already demonstrated that fraudsters are getting even craftier in their fraud attempts, continuing a trend of significant losses.

This course by our expert Rayleen M Pirnie will arm you with vital information on the latest scams fraudsters are using to rob businesses of their assets. From Business Email Compromise to Supply Chain Fraud, every business is at risk as these crafty tricksters are looking for a big payday, from your bottom line. 

Key Take Away

This Finance Compliance webinar provides attendees with a brief overview of current forms of wire transfer fraud with an emphasis on identification and mitigation of risks. 

Why Should You Attend

Financial institutions and businesses often suffer staggering loss to wire transfer frauds because they are unaware of the newest tricks fraudsters use. Without this knowledge, an organization is unable to implement proper controls to reduce exposure.

Topics Covered

  • Red flags of the most common forms of Wire Transfer Fraud, including
    • Advance Fee Frauds
    • Account Takeover
    • Romance Scam
    • Grandparent Scam
    • Phishing
    • Business Email Compromise
    • And more
  • Security expert findings on the techniques criminals use to initiate these frauds (i.e. data harvesting, data breaches, etc)
  • Incorporating wire transfer fraud into your organizations risk assessment
  • Account security and internal controls proven to reduce exposure
  • Tips
    • to educate consumers
    • how the frontline / customer service / account officer can help
    • handling requests you suspect are fraudulent / a scam
  • Valuable resources for staff

Learning Objectives

  • Identify the red flags of common forms of wire transfer fraud
  • Review sound risk assessment practices and controls to minimize exposure
  • Document valuable tips to protect your organization and customers
  • Record valuable resources for consumers, businesses and financial institutions

Who Will Benefit

  • Financial institutions
  • Businesses (any industry)


  • Frontline / Customer Service personnel
  • Internal Auditors
  • Risk Officers
  • Director of Security
  • Compliance Professionals
  • Operational Risk professionals
  • CFO / Finance Professionals
  • Audit Committee Members
  • Operational Risk Managers
  • Departmental Managers
  • Information Security
  • Information Technology
  • Fraud Investigators
  • Trainers
  • Branch managers

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