AGENDA

Danita Moss, SFE

Kate Cole & John McCullough, FRPA

Regional Financial Crime Trends and Collaboration Efforts, White Collar Squad

Join us for an insightful presentation by Acting Supervisory Special Agent Daniel Sigmond from the Federal Bureau of Investigation, who exemplifies the values of Fidelity, Bravery, and Integrity. Agent Sigmond will delve into the responsibilities of the FBI’s White Collar Squad Unit and discuss the latest trends in financial crimes. Topics will include money laundering, bank fraud, and the impact of organized crime groups on local law enforcement. He will also explain how the FBI can provide support in these areas.

This presentation will emphasize the importance of collaboration between financial institutions and law enforcement. Attendees will learn about the necessity of reporting crimes to ic3.gov, submitting Suspicious Activity Reports (SARs), and taking proactive leadership roles within their communities to aid law enforcement efforts. ASSA Daniel Sigmond is out of the AL Mobile Office, but his unit helps multiple agencies with these crimes.

Break

Check Fraud in 2024: Are We Catching Up to the Fraudsters?

Check fraud is reportedly 2-4X from pre-pandemic levels, with certain institutions seeing a 10X spike when their institution is targeted. Banks are investing in new technologies to detect check fraud. The post office is deploying new electronic locks on mailboxes to curb stolen mail. Banks are working with law enforcement to catch the criminals. The US Government is pushing for higher penalties for financial crimes related to mail theft. So, have we as an industry caught up to the fraudsters? 

Complex Financial Crimes, Infrastructure Threats, Insider Threats, and Cyber Crimes

This will be an interesting discussion and engaging presentation by Mike Olson, a Former US Secret Services Agent.  Mike has led complex fraud investigations and supervised the U.S. Secret Service as part of the Minnesota Financial and Electronic Crimes Task Force. Mike will address the challenges faced when law enforcement cannot respond to reports of complex financial crimes or lacks the investigator and/or tools to conduct an economic crime, including cyber attacks, cryptocurrency investigations, and investment scams. These issues can be highly intricate, and gathering evidence can be daunting.  Mike knows what it will take to handle a case and what mitigation practices should be deployed.

Mike will highlight the significant threats facing financial institutions and emphasize the importance of being prepared with a dedicated internal team and a bat phone when needed. He will also discuss the value of developing partnerships with law enforcement and FRPA and knowing where to seek assistance.

Lunch Break

Leveraging Artificial Intelligence to Combat Fraud in Faster Payments

As the financial industry accelerates towards real-time payments, the risk of fraud increases exponentially. This session will explore how cutting-edge AI technologies can be harnessed to detect, prevent, and mitigate fraud in the rapidly evolving landscape of faster payments.

This session will touch on the following topics:

• AI-Driven Fraud Detection: Understanding how machine learning algorithms and predictive analytics can identify suspicious patterns and anomalies in real-time transactions.
• Behavioral Biometrics: Exploring the role of AI in analyzing user behavior to distinguish between legitimate and fraudulent activities, enhancing security without compromising the user experience.
• Adaptive Learning Models: Discussing the implementation of adaptive learning models that evolve with new fraud tactics, ensuring continuous protection against emerging threats.
• Future Trends: A forward-looking perspective on the advancements in AI technology and its potential impact on the future of payment security.

This insightful session will help practitioners to gain a deeper understanding of how AI is revolutionizing fraud prevention in the world of faster payments, ensuring a secure and seamless financial ecosystem. Attendees will leave with practical knowledge and strategies to implement AI solutions effectively within their organizations, safeguarding against the ever-evolving threat of payment fraud.

Break

U.S. Postal Inspector, Trends, Cases, Check Fraud, What You Need To Know 

Inspector Dan Wessel of the US Postal Inspection Service investigates financial crimes linked to mail theft, wire fraud, and identity theft. In this presentation, he will briefly introduce the trends he observes, including postal employee theft, bank employees assisting in cashing bogus stolen checks, and hiring mules through social media. His work often involves tackling organized groups that target postal workers and FIs with weak links.

Inspector Wessel will also talk about the theft trend of US Treasury Checks frauds and mitigation techniques he would like to see and let you know about.

If you have experienced issues with stolen checks, this is a presentation you won’t want to miss. Inspector Wessel is at the forefront of combating organized crime groups that cause significant losses to financial institutions and contribute to identity theft and check fraud.

Dan Wessel, U.S. Postal Inspector

Closing Remarks - SFE