Increase in Account Opening Fraud, Payment Scams Continues | #phishing | #scams

Account Takeover Fraud
Anti-Phishing, DMARC
Fraud Management & Cybercrime

Aite-Novarica Group’s Trace Fooshee on New Technologies to Mitigate Scam Attacks

Trace Fooshee, strategic adviser at Aite-Novarica Group

A majority of financial institutions have reported a rise in account opening fraud and payment scams, and the increase is expected to continue and result in losses for financial institutions, says Trace Fooshee, strategic adviser at Aite-Novarica Group.

See Also: Balancing Risk and Reward: The Latest Findings of the LexisNexis® Risk Solutions Cybercrime Report

“I think fraudsters were distracted by the low-hanging fruit of easy money made available through benefits programs,” Fooshee says. “So now that those programs are coming under either tighter controls or are fading away, … they are redirecting their attention back again to the financial services industry.” (See: Top Scam-Fighting Tactics for Financial Services Firms.)

In a video interview with Information Security Media Group, Fooshee also discusses:

  • The kind of scams that are expected to increase;
  • Why traditional controls do not work anymore;
  • New technologies to put in place.

Fooshee is senior analyst at Aite-Novarica Group. Previously, he was head of fraud strategy at SunTrust and a senior manager at Deloitte’s transaction and business analytics unit.

Original Source link

Leave a Reply

Your email address will not be published.

three + seven =