Since the summer of 2009, financial institutions and their corporate customers have been defrauded by increased incidents of account takeover. These incidents have pitted banks and customers against one another in court, and they were a key impetus behind the release of the new FFIEC Authentication Guidance. So, how can institutions improve their abilities to detect and respond to suspicious activities before fraud is committed? Join a panel of distinguished experts for new insights on:
Today's most common fraud schemes preying upon institutions and their commercial customers;
Strategies for improving early detection of account takeover attempts, as well as emerging methods of multifactor authentication;
How to ensure conformance with this aspect of the FFIEC Authentication Guidance before your next examination.
Since the summer of 2009, financial institutions and their corporate customers have been plagued by a string of ACH and wire fraud incidents that have led to the theft of millions of dollars.
These incidents also have led to a series of high-profile lawsuits between institutions and customers, including the PATCO Construction/Ocean Bank case, which was decided in favor of the bank, and the Experi-Metal/Comerica case, which was decided in favor of the customer.
In preparing the new FFIEC Authentication Guidance, banking regulators point a finger at banks for not detecting and preventing these incidents. "Manual or automated transaction monitoring or anomaly detection and response could have prevented many of the frauds," the guidance says, "since the ACH/wire transfers being originated by the fraudsters were anomalous when compared with the customer's established patterns of behavior."
In discussing how to improve fraud detection and response, the FFIEC Authentication Guidance calls for layered security controls that include processes designed to detect and react quickly to anomalous activity related to:
Initial login and authentication of customers requesting access to the institution's electronic banking system; and
Initiation of electronic transactions involving the transfer of funds to other parties.
In this panel discussion, a distinguished thought leader on financial fraud will discuss current trends in fraud detection and response. He then will lead a panel of industry experts who will delve deeper into topics such as transaction monitoring to improve early detection of account takeover, as well as the use of emerging multifactor authentication methods such as the use of out-of-wallet questions, device identification and geo-location to help prevent identity fraud.
Learn what you can do to improve fraud detection and response and conform with the FFIEC Authentication Guidance prior to your next examination.
Director - Customer Authentication & Fraud Detection Solutions, Entrust
Mike has more than 20 years experience in technology product management, marketing and business development. He has been with Entrust for 4 years leading the company's Authentication, Fraud Detection and Secure Messaging solution areas. His responsibilities now involve leadership for Entrust's products and strategy for consumer and business banking, including solutions for strong authentication, mobile security and fraud detection.
As Vice President of Marketing for identity verification provider, IDology, Inc., Jodi Florence's marketing experience spans 18 years. She has been actively involved in the identity industry for more than five years. Having earned a status of an expert contributor of fraud related articles to several ezines, Jodi is the main author of IDology's blog, IDentity Matters, where she focuses on top of mind identity issues including identity theft, fraud, data breaches, consumer privacy and more.
Jodi has been invited to speak about identity verification and fraud on behalf of IDology by several organizations and companies including the Federal Trade Commission (FTC), Organization for the Advancement of Structured Information Standards (OASIS), and IBM. Jodi also participated in IDology's efforts as a member of the Internet Safety Technical Task Force in 2008 and continues to lead IDology's thought leadership programs educating both businesses and consumers on ways to protect their identity and prevent fraud.
Eli Katz advises 41st Parameter's Financial Services clients on developing risk management strategies for protecting the Internet Estate.
Mr. Katz joined 41st Parameter from Unisys, where he created and was director of the Active Risk Monitoring Practice. The practice specialized in creating risk-monitoring ecosystems that detect and analyze fraud or identity theft. In this role, Mr. Katz led the design of one of the first fraud systems to continuously monitor both online and branch activities.
Mr. Katz participated in the FSTC / BITS anti-phishing initiative and is a member of the Anti-Phishing Work Group, BAI and NACHA. He has published numerous articles relating to the operational, strategic and IT implications of the automation of fraud and is quoted frequently on the subject. Mr. Katz has also been a featured speaker at several industry events, including the FSTC Forum, NACHA, and BAI.
Tubin is Director of Marketing at Transmit Security and a recognized expert in digital banking and payments security and cyber-fraud prevention. He was previously Vice President of Marketing at Socure and Senior Research Director with the leading financial services research firm CEB TowerGroup (acquired by Gartner, Inc.) where he delivered thought leadership and insights to leading financial services institutions, technology providers, and consultancies on business strategies, technologies, and market trends in retail, Internet and mobile banking, and fraud management.