Payments and Protecting the Vulnerable with Guest Patty Presta
Wrestling Payments Podcast: Season 2 - Episode 06
Episode Summary
In this episode of Wrestling Payments, host Joe Casali welcomes Patty Presta, AAP, NCP, the Director of Education at NEACH. Patty shares her unique journey from aspiring to be a nurse to becoming a pivotal figure in the payments industry. Her transition highlights the unexpected paths that lead to rewarding careers in finance.
Patty and Joe discuss critical topics like elder abuse and human trafficking. They emphasize the importance of education and vigilance within financial institutions to prevent exploitation. Patty’s experiences from teaching to working on the front lines against financial crimes offer invaluable insights into the evolving challenges in payments.
The conversation also covers the evolution of payment systems, from direct deposits to modern AI and P2P technologies. Patty's return to NEACH marks a full circle, bringing her expertise back to where her journey in payments began. This episode sheds light on the ongoing fight against financial crime and the importance of continuous learning in the payments industry.
Download the Episode Transcript
Guest-at-a-Glance
💡 Name: Patty Presta, AAP, NCP
💡What they do: Director of Education
💡Company: NEACH
💡Noteworthy: Over 20 years in payments, passionate about elder and financial abuse education.
💡 Where to find them: LinkedIn
Key Insights
The Unplanned Journey into Payments
Patty’s career path serves as a fascinating example of how life can take unexpected turns. Originally aspiring to be a nurse, Patty’s journey into the payments industry began with a temporary job that unexpectedly evolved into a significant role in education within NEACH. This story highlights the unpredictable nature of career paths and the importance of being open to new opportunities. Patty's transition from a secretary tasked with web development to becoming a pivotal figure in payments training underscores the role of adaptability and learning on the job in achieving professional success.
Addressing Elder Abuse and Human Trafficking in the Financial Sector
Patty brings to light the critical issues of elder abuse and human trafficking, underscoring the financial industry's role in combating these problems. With a deep-seated passion for protecting the vulnerable, she has dedicated a significant part of her career to educating financial institutions on recognizing and preventing financial exploitation. Patty’s work in creating awareness and training materials for detecting signs of abuse and trafficking within financial transactions reveals the power of education and vigilance in making a difference. This insight underscores the importance of the financial sector's proactive engagement in societal issues.
Evolution of Payment Systems and the Importance of Continuous Education
Patty illuminates the rapid evolution of payment systems, from direct deposits and electronic checks to cutting-edge technologies like AI and P2P payments. This evolution not only signifies technological progress but also highlights the increasing complexity and potential for fraud within the payments industry. Patty’s emphasis on the necessity for ongoing education in the face of these changes stresses the importance of staying informed and adaptable. Her return to NEACH with a wealth of knowledge and experience signifies a commitment to educating others about these advancements and their implications, demonstrating the critical role of continuous learning in navigating the payments landscape.
Episode Highlights
Reconnecting with the Payments Community
Timestamp: [00:02:00]
After returning to NEACH, Patty reflects on the warmth and recognition she received from the payments community, underscoring the deep connections and impact she's made over the years. This part of the conversation reveals the importance of community and relationships in the professional world, especially in specialized industries like payments. Patty's recounting of seeing messages and acknowledgments from old colleagues and students highlights the lasting bonds formed through her work and the personal fulfillment derived from these connections.
"I was actually still only at NEACH for like a week and I was trying to find my way around. I happened upon the internet, the website, and I saw this cute post [...]. So it was really exciting to come home after my sabbatical. "
Pioneering Payments Education
Timestamp: [00:08:00]
Patty discusses her role in evolving NEACH's educational programs, including the transition from in-person workshops to the pioneering use of webinars for training. This shift not only demonstrates Patty's adaptability but also NEACH's responsiveness to technological advances and changing learning preferences. Patty's initiative in adopting new teaching methods reflects a broader theme in the payments industry: the necessity for continuous innovation and education to keep pace with rapid technological changes.
"I mean we did all our classes and our workshops live. I drove all over New England. And we started webinars And I think and I remember the the platform we used. I don't even know if they're still around."
The Intersection of Technology and Financial Exploitation
Timestamp: [00:10:00 - 00:11:00]
Patty delves into her work on elder financial protection and combating human trafficking, highlighting how technology can both facilitate and combat financial crimes. Her efforts illustrate the critical need for education, awareness, and technological tools to protect vulnerable populations. By sharing examples from her experiences, Patty showcases the complexities of modern financial crimes and the multifaceted approach required to address them effectively.
“So, unfortunately, number one, we're going to see it [scams] rise because there's more elders. And number two, you've got so many sophisticated online scams that are going on, through the internet and robo calls and voice recognition, you know.”
Spotting and Stopping Human Trafficking
Timestamp: [00:25:00]
In a compelling account, Patty shares how vigilance and data analysis by a credit union uncovered a human trafficking operation. This story serves as a powerful reminder of the role financial institutions can play in identifying suspicious activities that may indicate broader criminal enterprises. Patty's recounting of this event underscores the importance of due diligence, the potential of transaction monitoring for safeguarding against exploitation, and the profound impact financial professionals can have beyond traditional banking roles.
"It's just that finance institutions need to know how they're moving funds through their institution."
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