Just how severe of an impact is Business Email Compromise (BEC) having on American companies? The answer from one of the nation’s largest banks might startle you.
“In the first three quarters of 2019, the number of BEC attempts our business customers reported were several dozen times greater than the number of account takeover attempts we blocked. This is more than twice the ratio we saw for the same period in 2018,” said Devon Marsh, Wells Fargo Bank’s Senior Vice President, Payment Industry Relations Office.
That unsettling statistic is just one of the reasons you’ll want to attend Nacha’s upcoming January webinar, “Over $26 Billion in BEC Scams: What Can be Done?”
“While these threats are not about a direct compromise of the ACH Network or other payment systems, they exploit vulnerabilities or gaps in processes or procedures,” said Jeanette A. Fox, Senior Director, Risk Investigations at Nacha.
While a wide audience will benefit from the webinar, Marsh said financial institutions and businesses will want to pay particular attention.
“Businesses that initiate payments can learn about low-cost, highly effective preventive controls, and FIs can hear about the importance of getting the message out to their customers. FIs might also learn about some tools to mention in that messaging,” said Marsh, who offered a preview of some things he will be discussing.
“Authentication of customers by financial institutions is very effective in preventing account takeover. Similarly, authentication and verification of transactional information by payment initiators can help prevent BEC fraud,” said Marsh.
But not everything is technical. Fox said the webinar will also delve into some very easy solutions.
“Sometimes, a simple, low-tech procedure like a face-to-face meeting and/or direct phone call when any changes to payment information are being detected could prevent a loss,” said Fox.
Along with Marsh and Fox, the webinar will also feature Ralph Gagliardi, Agent in Charge of the Cybercrime Unit at the Colorado Bureau of Investigation, and Amy K. Morris, Nacha Senior Director, ACH Network Rules.
The webinar “Over $26 Billion in BEC Scams: What Can be Done?” will be live on January 15, 2020, from 12:30-2 p.m. ET. AAPs and APRPs can earn 1.8 continuing education credits. Visit the webinar’s page on Nacha.org for complete information and registration.