FRAUD SYMPOSIUM AGENDA
August 14th & 15th, 2024
All times are Eastern Time Zone
Registration for this event has been closed. All sessions will be recorded and made available on InfoSight.
Wednesday, August 14th
8:30am – 9:00am Welcome and opening remarks from former NCUA Chair, Rodney Hood
9:00am – 10:00am Steve Koinm, PureIT - Key Principles in Incident Response
Description: This session delves into essential strategies for managing and mitigating cybersecurity incidents effectively. The session outlines fundamental principles that guide organizations in crafting robust incident response plans, emphasizing timely detection, swift containment, and thorough recovery. Attendees will gain insights into orchestrating coordinated responses, minimizing damage, and fostering resilience against evolving cyber threats.
10:00am – 11:00am Ken Otsuka, TruStage – Fraud & Scams (Part 1)
Description: Fraudsters deploy sophisticated social engineering scams resulting in large losses for credit unions and members. In fact, a significant portion of credit union fraud losses are a direct result of social engineering scams. This session will cover the following:
- Account takeovers and the P2P/Zelle fraud scam along with Regulation E implications for re-crediting victimized members.
- Business email compromise (BEC) wire scam along with a discussion on how deepfake technology will take the BEC scam to new heights.
11:00am – 11:15am Break
11:15am – 12:15pm Ken Otsuka, TruStage – Fraud & Scams (Part 2)
Description: Staying on top of the changing fraud environment can be frustrating as fraudsters are quick to change tactics. It’s important for credit unions to understand these tactics so they can craft risk mitigation strategies. This session will cover a variety of today’s hottest fraud topics, including:
- Interactive teller machine (ITM) fraud
- Fraudulent U.S. Treasury checks
- Fraudulent business accounts opened to cash stolen checks
- Recent trend in account takeovers and money mules
- ACH debit fraud
12:15pm – 1:30pm Lunch
1:30pm – 2:30pm MaryAnne Colucci, Envisant – Debit and Credit Card Fraud Trends
Description: Dive deep into the ever-evolving landscape of debit and credit card fraud as we uncover the latest trends, tactics, and preventive measures. Your role in combatting fraud is crucial, and this session will empower you with the knowledge to protect your institution and its members.
2:30pm – 3:30pm Regulatory Panel, facilitated by Sarah Stevenson, Vice President of Regulatory Affairs at NASCUS
Description: Join us for insights from regulators from different states and what they are seeing in credit unions regarding internal/external fraud, where are their areas of concern, and what are some ideas for mitigating risk.
3:30pm - Closing
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Rodney Hood |
Steve Koinm |
Ken Otsuka |
MaryAnne Colucci |
Sarah Stevenson |
Thursday, August 15th
9:00am – 10:00am David Reed, The Nuts and Bolts of Internal Security
Description: Daily headlines remind us of the risk of embezzlement and self-dealing by trusted staff. We must remember the security requirements found in Part 748 of the NCUA Rules and Regulations don’t just cover risks of external fraud. Your members trust you with their private information and their money. What happens if there is a security breach within your credit union? From pre-employment screening to effective internal controls, this session explores critical aspects of an internal security program.
10:00am – 10:45am Sean Flynn and Christie Tillmann, Account Opening to Account Takeover: Strategies to Combat Today's Fraud Threats
Description: In today's rapidly evolving financial landscape, fraudsters continue to become more sophisticated with their approach and techniques in obtaining and utilizing consumer information to open new accounts and takeover existing accounts, putting more community financial institutions at risk. Fraud has been rising for the industry, exposing members to sophisticated types of fraud threats. The increase in risk, coupled with higher credit lines, has increased industry losses. As credit unions strive to offer seamless and secure services to members, they face an ever-growing array of sophisticated fraud tactics. Transunion experts will cover how to classify fraud correctly, emerging fraud trends and best practices to combat it. Key topics to be covered include:
- Emerging Fraud Trends: Overview of the latest fraud schemes impacting credit unions such as new account fraud and account takeover.
- Industry Benchmarks: Insights into Community Financial Institution lending market dynamics – covering risks and opportunities.
- Best Practices: Best practices for early detection and prevention of fraud utilizing advanced technologies and tools to enhance fraud mitigation.
10:45am – 11:00am Break
11:00am – 12:00pm Ty Parker, Prevent Fraud Losses by Sending Large Checks for Collection
Description: When your credit union is offered a check for deposit by a member that is not drawn on your credit union, your credit union is completely blind to fraud problems. And Regulation CC funds holds do NOT prevent fraud losses: Reg CC is a funds availability law NOT a check loss prevention law. The only way to attempt to prevent losses on very large checks offered for deposit is to send those checks directly to the institution the check is drawn on (the payor institution) for payment. This program will address all the fraud loss problems with checks offered for deposit for credit unions, along with your credit union’s options to prevent those losses with special emphasis on sending checks for direct payment (aka send a check for collection). If you want to provide excellent check deposit service as well as prevent large check deposit losses, you need to attend this program.
12:00pm – 1:30pm Lunch
1:30pm – 2:30pm Keith Riddle, Tyfone – Faster Payment Fraud - A Layered Approach for Effective Risk Mitigation
Description: As payment options expand and consumers and businesses demand immediate money movement experiences as part of their financial institution's digital channels, risk management, and operational teams grapple with the aspect of controlling fraud when introducing faster payment use cases. The irrevocable component of instant payment networks has elevated the requirement for financial institutions to deploy flexible fraud control systems that allow for a layered and configurable approach to managing risk.
Keith will review various faster payments fraud challenges, best practices financial institutions can follow, and the suite of tools that can be leveraged to offset the common concerns of "faster payments result in faster fraud".
2:30pm – 3:30pm Glory LeDu and Emma Nelson, League InfoSight Resources
Description: After an amazing two days of training, hang in for the last hour to review all of the Fraud resources that are being offered through League InfoSight and partners!
3:30pm Closing
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David A. Reed, Esq. |
Sean Flynn |
Christie Tillmann |
Ty Parker |
|
Keith Riddle |
Glory LeDu |
Emma Nelson |
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Steve serves as Pure IT’s internal CISO and as a virtual CISO or CIO to many clients. He leads the Pure IT Professional Services group and is active in providing assessments and roadmaps for our clients in People, Process, Technology, and Business Management. He holds CISSP, CCSK, and several other certifications. He is an invaluable resource to credit unions because of his extensive knowledge of the industry, Business Operations, IT, and Security. Steve is an advisor to credit union Boards who must provide a credible challenge to their technology teams and a regular speaker at national security and credit union industry conferences. After working as an enterprise architect, guiding IT architecture for large systems in finance, telecom, healthcare, oil, and gas, Steve raised $20m in funding to create a successful MSP. Sungard acquired this MSP, and Steve went to work for Oracle, where he taught companies the value of big data and business intelligence. He then discovered what made the CU industry great, dropped everything, dove in, and co-founded Pure IT Credit Union Services in September 2016.
32+ years TruStageTM experience within risk management specializing in risks associated with payments, deposits, funds transfer/ACH, and fraud. Ken is a commonly featured author for our RISK Alerts and a speaker throughout the U.S. He was previously an insurance auditor.
Mary Anne Colucci, Director of Fraud & Risk, has worked nearly two decades within the Card Services department at Envisant. She is primarily responsible for delivering strategy and products to minimize the risk associated with Envisant ‘s Credit Unions’ card portfolios.
Ms. Stevenson joined the organization in May 2022, with 18 years of credit union regulatory and compliance experience. Before joining the team at NASCUS, Sarah was the Corporate Activities and Risk Assessment Manager for the State of Michigan, Office of Credit Unions. Additionally, she spent eight years with the Michigan Credit Union League as Senior Director of Regulatory Affairs, where she engaged as a liaison to state and federal regulatory agencies, including the National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).
As SVP of Business Development for Payfinia, Keith is responsible for establishing partnerships with digital platform providers and payment originators interested in enabling Payfinia's payment offerings, including Instant Payment Xchange (IPX) supporting connectivity to the FedNow Service, as well as the Quick Pay and Skip a Payment solutions. Keith has more than 35 years of experience in the financial services industry and possesses in-depth knowledge of digital platforms, Fintech solutions, payment networks and integration frameworks. Prior to joining Tyfone, Keith was CEO of the Americas for BankiFi Technology and was responsible for BankiFi’s small business embedded banking solution strategy and distribution within North America. Keith also served as CEO of Sherpa Technologies, a credit union services organization (CUSO) owned by Corporate One, which was dedicated to leading credit unions through the complexities of digital transformation, Fintech engagement, and payment modernization initiatives. During Keith’s tenure with Sherpa, he served on industry committees with The Clearing House (TCH) focused on real-time payment enablement, which included nominations to become the Chairman of the RTP Advisory Committee and a voting member of the RTP Business Committee. 
Glory is the CEO of League InfoSight and CU Risk Intelligence, providing compliance and risk management solutions tailored for credit unions nationwide, facilitated through strategic partnerships with credit union league/association partners. She has worked for over 20 years in the financial industry and goes beyond the executive role by actively engaging in the industry's educational landscape. She regularly provides high-energy comprehensive compliance training to credit union employees, officials and examiners, contributing to the development and enhancement of industry expertise. In addition to her executive responsibilities, Glory is deeply connected to the credit union community, lending her insights on the board of directors for a local credit union, as well as a contributing board member for CU Vendor Management (CUVM) and CU Risk Intelligence. She holds a bachelor's of science degree from Northern Michigan University and a master's of science degree from Pace University.
Emma Nelson is a dynamic professional serving as a Relationship & Regulatory Compliance Manager, playing a pivotal role in supporting and crafting content for League InfoSight and CURI products. With five years of experience in the financial industry, Emma brings a wealth of knowledge to her current position, including expertise in project management and lending and business operations. A proud alumna of the University of Michigan, Emma graduated in 2020 with a bachelor's degree in economics. Demonstrating a commitment to continuous learning and professional growth, she is currently pursuing an MBA at Southern New Hampshire University (SNHU).