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.
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:
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.
Founder, Chairman and Chief Innovation Officer, 41st Parameter
Ori Eisen has spent the last ten years in the information technology industry, and is respected for his business knowledge and leadership. His background includes an in-depth application of innovative solutions for preventing business to consumer e-commerce fraud. Prior to launching 41st Parameter, Mr. Eisen served as the Worldwide Fraud Director for American Express focusing on Internet, MOTO and counterfeit fraud. During his tenure with American Express, Mr. Eisen championed the project to enhance the American Express authorization request to include Internet specific parameters.
Co-Lead, Cybersecurity Preparedness and Response practice, Alston and Bird, and Former DOJ Cybercrime Prosecutor
Peretti is a partner in the Alston & Bird, LLP law firm's white collar crime group and co-chair of its security incident management and response team. She is also a former director of PricewaterhouseCoopers' cyberforensic service practice and a former senior litigator for the Department of Justice's Computer Crime and Intellectual Property Section. While at the Department of Justice, Peretti led several benchmark cybercrime investigations and prosecutions, including the prosecution of the TJX hacker Albert Gonzalez, currently serving 20 years in prison for his role in the largest hacking and identity theft case ever prosecuted by the department.
Executive Vice President & Enterprise CIO, Regions Bank
Speare joined Regions in 2013 and serves as the head of governance and integration. Regions is a top U.S. bank-holding company headquartered in Birmingham, Ala., with $117 billion in assets, operating approximately 1,700 banking offices in 16 states. In this role, Speare has responsibility for information security; check, ATM/debit, and credit card fraud operations; and systems integration for consumer, business and commercial banking groups. Prior to assuming his current role in 2013, Speare was the chief technology officer for M&T Bank, an $82 billion financial institution based out of Buffalo, N.Y.
Reed Taussig has more than 30 years of experience in the computer hardware and software fields. He joined ThreatMetrix in 2008, leading the company's US launch and rapid ascent to become a leader in web fraud prevention. Prior to ThreatMetrix, Mr. Taussig was president and CEO of Vormetric, Inc., a leader in data privacy and protection. Under his leadership, Vormetric established itself as a leading provider of encryption solutions for the Payment Card Industry Data Security Standards industry. Mr. Taussig also served as president and CEO of Callidus Software (NASDAQ: CALD), the leading provider of enterprise incentive compensation management application systems.