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Rue Jenkins Assistant Treasurer Chairman, AFP Payments Advisory Group November 5, 2009

Rue Jenkins Assistant Treasurer Chairman, AFP Payments Advisory Group November 5, 2009. Responsibilities. US Banking, Foreign Exchange and Investment Management Relationships All payment products; inbound & outbound Armored carrier & ATM relationships Bank transaction discrepancy research

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Rue Jenkins Assistant Treasurer Chairman, AFP Payments Advisory Group November 5, 2009

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  1. Rue Jenkins Assistant Treasurer Chairman, AFP Payments Advisory Group November 5, 2009

  2. Responsibilities • US Banking, Foreign Exchange and Investment Management Relationships • All payment products; inbound & outbound • Armored carrier & ATM relationships • Bank transaction discrepancy research • Review and Assess new products • International Corporate Treasury liaison • Chairman, AFP (Association for Financial Professionals) Payments Advisory Group

  3. Costco Today • 3rd Largest retailer in U.S. Stores Magazine, July ‘09 • 9th Largest retailer in the world Stores Magazine, January ‘09 • 560 Warehouses worldwide: • 407 US 77 Canada 21 UK • 32 Mexico 7 Korea 6 Taiwan • 9 Japan 1 Australia

  4. Inbound Payment Tenders

  5. Outbound Payment Types

  6. “The results of the 2009 AFP Payments Fraud and Control Survey show that payments fraud is rampant. These results also underscore the importance of fraud control measures to mitigate risk and reduce exposure to losses from emerging assaults to payments.”* *http://www.afponline.org/pub/pdf/2009_Payments_Fraud_Survey.pdf Payments Today

  7. Attempted or Actual Fraud

  8. Check Volume Declining • Use of checks is declining • Number of checks used for payment fell by 7 billion between 2003 and 2006* • $15,200 - 2008 median fraud loss** • $13,900 – 2007 median fraud loss *http://www.frbservices.org/files/communications/pdf/research/2007_payments_study.pdf ** 2009 AFP Payments Fraud and Control Survey

  9. Who Can Help Me Now? • Significant Check Fraud • 8/24/2009 through 10/22/2009 • 67 items from 17 states • Range of $1,489 to $9,000; 1 check $256K • Payable to individuals • 3 individuals received multiple checks • Checks sent UPS with Tracking Number • No hard dollar losses, controls in place

  10. Watch Out For This One! • 10/15/2009 Letter from HP Security • HP identified impersonation fraud scheme • Perpetrator impersonates HP finance officer • E-mail communication to reseller to change AP remit bank account & routing numbers • Other technology companies impersonated • HP notification on letterhead with current account and contact information

  11. Challenges • Being hit from all sides; bricks & mortar, gas stations, e-com and corporate • Harder to monitor corporate attacks • Education of staff critical • Protect accounts with filters and blocks • Verification of bank account information

  12. Thank You Rue Jenkins Assistant Treasurer Costco Wholesale Corporation 999 Lake Drive Issaquah, WA 98027 425-313-6124 rjenkins@costco.com

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