Combating Commercial Payments Fraud: An FDIC Symposium

Arlington, Virginia
Tuesday, May 11, 2010

Combating Commercial Payments Fraud: An FDIC Symposium
Tuesday, May 11, 2010 8:00 AM - 5:00 PM (Eastern Time)

L. William Seidman Center
Federal Deposit Insurance Corporation
3501 Fairfax Drive
Arlington, Virginia 22226
United States

Map and Directions

8:00am – 8:30am          Continental Breakfast

 

8:30am – 8:35am          Welcome Address

Sandra Thompson, Director

FDIC, Division of Supervision and Consumer Protection

 

8:35am – 9:10am          Morning Keynote

                                    Howard A. Schmidt, National Cyber Security Coordinator

                                    (Pending Confirmation)

                                    The White House

 

9:10am – 9:15am          Symposium Host/Moderator Introduction

 

9:15am – 10:15am        Panel 1:  Current Landscape / Emerging Threats

As criminals become increasingly sophisticated, the number and breadth of fraud schemes directed toward commercial payments have increased.  To set the groundwork for this forum, a panel of law enforcement and payments experts will: examine some of the recent cases of commercial payments fraud; provide perspectives on how payments fraud is evolving; and discuss what it means for banks and business.

 

10:15am – 10:30am      Break

 

10:30am – 11:30am      Panel 2:  Costs of Commercial Payments Fraud -

                                    Who Pays?

Unlike consumer fraud, the overwhelming cost of commercial payments fraud is borne by businesses; however, banks can also be subject to financial loss and risk losing a valuable commodity -- business customers.  This panel will explore the legal framework for the allocation of costs associated with commercial payments fraud as well as provide business and bank perspectives on these costs/losses.

 

11:30pm – 1:00pm        Luncheon / Keynote Speaker – Perspectives on the

                                    Evolving Nature of Cyber-Related Crime

                                    Joseph Menn, Author/Journalist (Financial Times)

                                    "Fatal System Error, The Hunt for the New Crime Lords

                                    Who are Bringing Down the Internet"

 

1:00pm – 2:00pm          Panel 3:  Challenges in Business Banking

                                    Authentication

With criminals utilizing increasingly sophisticated techniques to obtain compromised credentials to access commercial business accounts, existing techniques for authentication may be rendered ineffective.  This panel will examine the ongoing battle to provide adequate authentication for online consumer and commercial banking applications that protect payment transactions and satisfy regulatory expectations.

 

2:00pm – 2:15pm          Break

 

2:15pm – 2:45pm          Afternoon Keynote Speaker – Understanding the

                                    Challenges to Small-Mid Sized Business

Stephen A. Cox, President/CEO                        

National Council of Better Business Bureaus

 

2:45pm – 3:45pm          Panel 4:  Alternatives for Managing Commercial

                                    Payments Risk

While online criminals are leveraging all aspects of technology to commit payments fraud, a disciplined approach to utilizing operational controls can mitigate the risk posed by sophisticated criminal schemes.  A rigorous approach to managing payments activity (e.g., dual-control measures, daily reconciliation, etc.) and the use of available technology (e.g., positive-pay, debit blocks, etc.) serve as the foundation of an effective defense to protect the interests of both banks and their business customers.  This panel will examine the critical partnership between banks and businesses needed to ensure that best practices/technology for managing payments risk are utilized.

 

3:45pm – 4:00pm          Symposium Host/Moderator Wrap-Up

 

4:00pm – 5:00pm          Closing Reception


 

Contact Information

  • Conference Logistics:
    Erika Noyes
    EriNoyes@FDIC.gov
    703-516-1049

    Questions regarding Conference Content/Agenda:
    Payment_Forum@FDIC.gov


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