Electronic Fund Transfer Fraud Protection: From Identity Theft to Wire Transfer Fraud

Author: Clayton P. Gillette
Format: Looseleaf
Price: $499

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Identify, detect, and mitigate the risks of EFT fraud

Identity theft, the USA Patriot Act, and new forms of electronic payment systems-all are creating new challenges for banking professionals. And that's not all. Several types of fraud fueled by technology have exploded in the past few years. Debit cards, ATMs, and Internet payment options, along with other new technologies such as online auctions, electronic bill presentment and payment, and person-to-person payments, have contributed to a dramatic increase in electronic payments and are all potential targets. The FTC recently released a report stating that 23.7 million U.S. citizens have been the victims of identity theft in the past 5 years and estimated losses at $49 billion.

Electronic Fund Transfer Fraud Protection: From Identity Theft to Wire Transfer Fraud shows you how to identify and detect the different types of fraud and establish effective programs to deal with them to minimize your liability. This text helps you navigate the maze of laws that determines where liability lies. For example, electronic transfers involve not only consumer transactions that are relatively small in amount. They also encompass multi-million dollar wire transfers among firms. These transfers often involve multiple banks and parties from different countries.

The Electronic Fund Transfer Fraud Protection manual helps you understand the legal principles governing electronic payment mechanisms and provides practical guidance to help you detect and deter electronic fraud. The manual includes:

Procedures to help detect fraudulent schemes using electronic payment systems and reduce losses from electronic fraud.
An understanding of how legal principles allocate the losses that result from electronic payment fraud.
Information about schemes fraudulent actors frequently use to defraud banks and customers through the use of electronic payment systems.
A convenient reference source of regulations and laws that govern electronic fraud.
Guidance on informing and assisting customers about the steps they can take to detect or deter fraud

Features/Benefits

Comprehensive resource on EFT fraud topics
Practical guidance aimed at helping banks deter fraud and minimize losses from EFT fraud
Tips for educating customers on how to avoid becoming a fraud victim
Helps you pin-point where your liabilities lie
Real-life examples of common and new fraud schemes
Reference for legal and regulatory framework governing this complex area
Annual updates will identify and give real-life case studies of new types of fraud schemes so you'll stay informed

Contents

Chapter 1: Introduction
Chapter 2: Credit Card Fraud
Chapter 3: Introduction to Electronic Fund Transfers: Electronic Bill Payment
and Presentment and Person-to-Person Payments
Chapter 4: Fraud Involving ATM and Debit Cards.
Chapter 5: Wire Transfer Fraud
Chapter 6: Identity Theft

About the Author

Clayton P. Gillette is a co-author of Payment Systems and Credit Instruments, a leading casebook on this subject, and the author of multiple articles concerning payments law and other areas of commercial transactions. He is also the author of Check Fraud Protection Manual, published by Sheshunoff Information Services and A.S. Pratt & Sons. He is the Max E. Greenberg Professor of Contract Law at New York University School of Law, where he teaches commercial law. Professor Gillette has also served as an expert witness and consultant in matters involving the use of fraudulent negotiable instruments and fraudulent electronic payments.

Professor Gillette received his B.A. from Amherst College magna cum laude in 1972 and his J.D. magna cum laude in 1975 from the University of Michigan School of Law. After graduation from law school, Professor Gillette served as a clerk to the Honorable J. Edward Lumbard of the United States Court of Appeals and was associated with the Manhattan office of Cleary, Gottlieb, Steen and Hamilton. He has served on the faculty of the University of Virginia, and prior to that was Associate Dean, Professor of Law, and Warren Scholar in Municipal Law at Boston University School of Law. He has also served as a visiting professor of law at New York University School of Law and the University of Michigan School of Law.