Fraud Prevention and Detection Begins with

You!BEST PRACTICES

Presented by:Ray Abbott, Senior Vice President, Cash Management

Phil DiAngelo, Vice President, Director of Operational Risk

Mitigating the Risk of Payment Fraud

• Right plan includes effective internal controls• Strong partnership with your bank• Layered approach; No single control will work• Risk Assessments

Checks Still Represent an Opportunity• Transition to electronic transactions• Secure check inventory• Use check stock security features

ACH & Wire Fraud

• Dual control; separate origination and approval

• Review limits• Reconcile accounts daily• Monitor access-notify bank of any changes,

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• Counterfeit cards• Merchant and processing compromise• Skimming

Card Exposure Remains a Threat

Online Precautions

• Anti-virus protection• Update your software• Avoid opening email from unknown senders• Access online banking websites by typing the

address; avoid clicking any link embedded in an email

• Where possible, dedicate one computer for online banking

Internal Controls, Processes & Best Practices• Segregation of duties• Separate accounts for different activities• HR policies around employee onboarding and

departuresWSFS Best Practices for Fraud Prevention1.

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Fraud Prevention Services

• Positive Pay• ACH Positive Pay• Online authentication methods• Increase our monitoring and testing efforts

Fraud Trends

• Compromise of email accounts• Malware and virus infections• Investment opportunities• Lottery and work from home scams• Card compromise of merchants and

processors• Attorney Check Scams

What To Do If You’ve Been Hacked• Ask for help; call in IT, Legal, and Finance;

notify your bank• Stop the bleeding; identify what was

compromised and plug the hole• Find out what they stole• There may be reporting requirements; law

enforcement, regulatory agencies, etc.

Education is the most important fraud prevention tool we all have!Take time to protect your business and make sure you’re doing all that you can to proactively guard yourself from fraud.

Questions?