The Fraud Playbook: Lessons from Law Enforcement for Treasury (Conduit Security)
In this episode, Craig Jeffery and Ryan Castle of Conduit Security examine how sophisticated wire fraud schemes exploit legitimate payment processes. Drawing on real-world cases and Ryan's former FBI experience, they discuss compromised email accounts, altered payment instructions, deepfakes, money mules, and the pressure criminals use to bypass otherwise sound controls. They also explore treasury's role as the superintendent of payments and the incident-response playbook organizations should prepare before a loss occurs. For more from Conduit Security, watch their participation in Strategic Treasurer's Fintech Hotseat Head-2-Head: Compliance.
FBI Internet Crime Complaint Center (IC3)
Timestamps:
00:00 Introduction
01:00 Compromised closing payment
05:23 Fraudulent vendor verification
08:23 The criminal fraud playbook
13:00 How money mules move funds
16:58 About Ryan Castle and Conduit Security
18:54 Treasury's exposure and controls
26:12 Superintendent of payments
29:03 Building a defensive playbook
35:43 Incident response and recovery
41:27 Final thoughts
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ABOUT STRATEGIC TREASURER
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