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Combating Commercial Payments Fraud
An FDIC Symposium
Tuesday, May 11, 2010

Program Highlights
Printable - PDF (PDF Help)

8:00– 8:30 Continental Breakfast
8:30– 8:35 Welcome Address
Sandra Thompson, Director
FDIC, Division of Supervision and Consumer Protection (DSC)
8:35– 9:10 Morning Keynote
Howard A. Schmidt, National Cyber Security Coordinator (Pending Confirmation)
The White House
9:10 - 9:15 Symposium Host/Moderator Introduction
9:15 - 10:15 Panel 1: Current Landscape / Emerging Threats
As criminals become increasingly sophisticated, the number and breadth of fraud schemes directed towards 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.
10:15 – 10:30 Break
10:30 – 11:30 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 payment fraud as well as provide business and bank perspectives on these costs/losses.
11:30 – 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"
1:00 – 2:00 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.
2:00 – 2:15 Break
2:15 – 2:45 Afternoon Keynote Speaker – Understanding the Challenges to Small-Mid Sized Business
Stephen A. Cox, President/CEO
National Council of Better Business Bureaus
2:45 – 3:45 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.
3:45 – 4:00 Symposium Host/Moderator Wrap-Up
4:00 - 5:00 Closing Reception


Last Updated 4/20/2010

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