Next-Generation Technologies & Secure Development

Fight Back Against Fraud: Strategies on How to Meet the Multi-Channel Challenge

Fight Back Against Fraud: Strategies on How to Meet the Multi-Channel Challenge
ACH and wire fraud. ATM skimming. Payment card compromises. Mortgage fraud. Phishing.

Financial institutions are besieged by fraud threats today - and not just via one dominant channel, but through all of them. Simultaneously.

How can institutions fight back - as well as educate & enlist their consumer and business customers to do their parts, too? Join this panel discussion to hear new insights from industry thought-leaders on:

  • The multi-channel fraud threats facing financial institutions today;
  • Successful strategies for mitigating these threats;
  • New tactics for educating and protecting customers;
  • Emerging technologies to fight fraud.

Background

From ATM skimming to bogus wire transfers, 2010 had been the "Year of the Fraudster" for banking institutions and their customers.

According to a Verizon Business Data Breach Investigations Report, financial services far and away is the most commonly breached industry, accounting for 85% of the 143 million records breached in 2009. The most common types of fraud:

  • Insiders;
  • Social engineering schemes;
  • Hacks by organized crime.

Symptoms of these crimes have dominated the news: ATM skimming sprees; increased incidents of ACH fraud, aka corporate account takeover; attacks against merchant point-of-sale devices.

More daunting for banking institutions: These incidents aren't occurring in isolation. Rather, they tend to strike across multiple channels, testing for every possible vulnerability.

The cost to financial institutions? It breaks down two ways:

  • Financial - The time, expense and human resources necessary to respond to breaches, notify customers, monitor accounts and, when necessary, replace payment cards and lost funds.

  • Reputational - Perhaps the biggest toll of all - the loss of customer confidence when an account has been breached. The customer doesn't necessarily care who committed the breach; they just know it happened on their bank's watch.

So, how can financial institutions fight back? First they must know their enemy and the guises it wears. That's the main point of this session. Matt Speare of M&T Bank will lead the discussion, walking attendees through an overview of the types of fraud schemes institutions such as his see every day. From there, our panel of industry experts will discuss current trends and the threat landscape, as well as proven solutions to detect and deter fraud.



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