As the payments system continues to evolve there is more focus on ACH than ever by all of the participants.  ACH has also caught the attention of the fraudster.  The news is full of stories about cyber fraud using ACH payments and wire transfers, but short on answers.  Although several methods exist to steal online banking credentials, the most prevalent involves that which infects a business’ computer workstations and laptops. This malware enables cyber-thieves to impersonate the business in online banking sessions. New access methods and transaction initiation capabilities have influenced the cross channel nature of fraud schemes.  In this environment we need to use all of the tools at our disposal to detect and stop fraudulent behavior.  This session will explain the various types of malware that result in corporate account takeovers, how access fraud affects the ACH, and how companies and financial institutions can deploy strategies and tools to protect themselves.

Speaker Biography

Michael Mulholand, Memento Security

In his 30 year banking career, Mike has had management roles in Bank Operations; and Product Management responsibilities in Treasury Services, Deposits, Fraud Solutions, and Compliance Solutions.  Mike has served in a variety of industry organizations including the Santa Fe Group – Vendor Council as the Steering Committee chair, a workgroup leader, and contributing author on white papers on ACH Risk and internal fraud; and is currently an active member of the WEB/TEL workgroup of NACHA’s Internet Council; and Infragard.  He has also been a speaker on ACH fraud and other topics at major industry events.