Webinar: Internet Fraud Claims: Who is Liable?

Start: 3:00 pm
End: 4:30 pm
Event Days: 07/11/2013 - 07/11/2013

Internet fraud has grown tremendously, and the losses are staggering. Credit unions face huge liability risks for unauthorized withdrawals from deposit accounts if a cyber-criminal obtains access to a member's online security credentials. UCC Article 4A permits credit unions to shift liability to the commercial member in certain situations, while Reg E provides more protection for the consumer member. But in all situations, the law imposes a duty on credit unions to utilize commercially reasonable security procedures. This webinar will explain who is legally liable for various types of Internet fraud, and what your credit union can do to guard against liability in both commercial and consumer situations.

About This Session:     

This webinar will cover the following topics:

  • Credit union liability under Reg E for consumer accounts
  • Credit union liability under UCC Article 4A for commercial accounts
  • What constitutes reasonable security procedures
  • Special NACHA rules for ACH transactions
  • Review of FFIEC guidance "Supplement to Authentication in an Internet Banking Environment"
  • Important provisions to include in your contracts
  • TAKE-AWAY TOOLKIT with a sample online contract, FFIEC guidance noted above, an electronic training log and a staff quiz/answer key

Who Should Participate:

Deposit operations personnel and managers, member service representatives, compliance staff, technology personnel, fraud investigators and auditors

About the Presenter:

Elizabeth Fast, JD & CPA, Spencer Fane Britt & Browne LLP

Elizabeth Fast, Esq., is a partner with Spencer Fane Britt & Browne LLP, where she specializes in the representation of financial institutions and acts as head of the firm's training division. Before joining Spencer Fane, she was General Counsel, SVP and Corporate Secretary of a $9-billion bank with more than 130 branches, where she managed all legal, regulatory and compliance functions. Fast is a member of the Missouri State Banking Board by appointment of the governor.