The Alarming State of Wire Transfer Fraud

    /Rayleen  /M. Pirniespeaker of Training Doyens
    Speaker: Rayleen M. Pirnie
    Duration: 90 Minutes
    Product Code: 50127
    Level: Beginner
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Wire Transfer fraud has been around almost as long as the payment system itself and shows no signs of stopping. In fact, in 2015 and 2016, we saw renewed efforts to defraud consumers, businesses and financial institutions driving losses to alarming heights.  2017 has already demonstrated that fraudsters are getting even craftier in their fraud attempts, continuing a trend of significant losses.


Financial institutions and businesses often suffer staggering loss to wire transfer frauds because they are unaware of the newest tricks fraudsters use. Without this knowledge, an organization is unable to implement proper controls to reduce exposure.


  • Topics covered include: 
  • Red flags of the most common forms of Wire Transfer Fraud, including
    • Advance Fee Frauds
    • Account Takeover
    • Romance Scam
    • Grandparent Scam
    • Phishing 
    • Business Email Compromise
    • And more
  • Security expert findings on the techniques criminals use to initiate these frauds (i.e. data harvesting, data breaches, etc)
  • Incorporating wire transfer fraud into your organizations risk assessment 
  • Account security and internal controls proven to reduce exposure
  • Tips
    • to educate consumers
    • how the frontline / customer service / account officer can help
    • handling requests you suspect are fraudulent / a scam 
  • Valuable resources for staff 


  • Identify the red flags of common forms of wire transfer fraud
  • Review sound risk assessment practices and controls to minimize exposure 
  • Document valuable tips to protect your organization and customers
  • Record valuable resources for consumers, businesses and financial institutions


  • Financial institutions
  • Businesses (any industry)


  • Frontline / Customer Service personnel 
  • Internal Auditors
  • Risk Officers 
  • Director of Security
  • Compliance Professionals
  • Operational Risk professionals
  • CFO / Finance Professionals
  • Audit Committee Members
  • Operational Risk Managers
  • Departmental Managers
  • Information Security
  • Information Technology
  • Fraud Investigators
  • Trainers 
  • Branch managers


Rayleen M. Pirnie, AAP is the founder and primary consultant of RP Payments Risk Consulting Services, LLC, a Missouri-based consulting firm that provides payments strategy and risk management advisory services across several sectors. She has almost two decades of experience in payments rules, risk management, and information security. She advises boards, C-Suite executives, and payments professionals on payments vulnerabilities, cyber-security, and processing strategies to align the organizations processes with payment network rules and regulator guidance. She analyses organizational strategies and processes to identify risk, recommend sound risk management practices, and assess an organizations payment security posture.

She is an Accredited ACH Professional and has her Bachelor’s in Criminal Justice Administration.

Rayleen has spoken at national and regional conferences for over 19 years on topics ranging from payments fraud to information security. Events include NACHA’s Payments Conference, the American Bankers Association Risk Management Forum, the Security Matters annual conference at Murray State University, the Risk Management Association, and the Federal Reserve Bank of Kansas City’s Risk Management Conference.

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