Content by Suparna Goswami

OT Security Is More Than Just Cybersecurity

Suparna Goswami  •  July 18, 2023

While IT-OT convergence is accelerating, awareness and maturity of OT technologies still have a long road ahead. In this transition, organizations need to ensure the safety and health of workers is always the top priority for OT security, said Andre Shori, CISO, APAC with Schneider Electric.

Accounting Fraud: Which Tools Should You Invest In?

Suparna Goswami  •  July 5, 2023

Accounting statement fraud is hard to catch, typically requiring specialized anti-fraud tools and an understanding of how fraudsters think. In this second installment on accounting fraud, a panel of experts discussed the tools available and why you need fraud expertise to build an effective system.

Who Should Pay for Payment Scams - Banks, Telcos, Big Tech?

Suparna Goswami  •  July 3, 2023

Big banks want social media firms to take accountability for scams that occur on their payment platforms, but that doesn’t mean reimbursing victims. Banks need to take the lead in making victims whole quickly. And big tech and telcos need to kick the scammers out of their platforms.

Accounting Fraud: Why Can't the Industry Get It Right?

Suparna Goswami  •  June 30, 2023

While financial fraud has been prevalent for years, businesses still struggle to find it among large pools of data. In this second installment on accounting fraud, a panel of experts discussed the challenges including a lack of resources, skills and tools to identify fraud.

APP Scams Rise as Adoption of Real-Time Payments Grows

Suparna Goswami  •  June 15, 2023

As countries across the globe adopted real-time payments at breakneck speed over the past year, experts said authorized push payments fraud sharply increased. APP scams nearly doubled year-over-year compared to other types of fraud. ACI Worldwide's Jackie Barwell shared fraud trends in a new report.

How AI Is Helping Banks Spot Money Mule Accounts

Suparna Goswami  •  June 14, 2023

Each year, billions of dollars are transferred in and out of money mule accounts to support a variety of money laundering schemes. But banks are now using machine learning and AI more effectively to spot mule accounts. Two experts shared the latest approaches and tools for beefing up AML programs.

UK Takes the First Step to Stop Authorized Payment Scams

Suparna Goswami  •  June 12, 2023

U.K. banks will soon have to reimburse customers who fall prey to authorized push payment scams. The U.K.'s Payment Systems Regulator recently released a policy that would split the reimbursement cost between sending and receiving banks and incentivize the industry to invest in fraud prevention.

Check Fraud: New Approaches to Solving an Age-Old Problem

Suparna Goswami  •  May 29, 2023

Check fraud is back although, technically, it never went away. Today, cybercrime groups are openly hawking fraudulent check schemes on the Telegram messaging app. Check fraud is easier and more accessible, and it’s back in the headlines. Experts say banks need to adopt new solutions to curb losses.

How the New UK Fraud Strategy Targets Scams

Suparna Goswami  •  May 23, 2023

The U.K. government earlier this month introduced a strategy to reduce fraud and scams called Fraud Strategy: Stopping Scams and Protecting the Public. Ken Palla, retired director of MUFG Bank, said this as an important step to combat authorized scams, which have now eclipsed unauthorized fraud.

How Banks Can Control Fraud With FedNow Instant Payments

Suparna Goswami  •  April 21, 2023

The Federal Reserve's FedNow Service will launch in July this year. Many banks, including community banks, will be able to leverage FedNow as an instant payment platform. How can these banks prepare for faster payments, and what security controls should they consider adding?

Will Customer Refunds for Scams Trigger First-Party Fraud?

Suparna Goswami  •  March 30, 2023

The U.S. Consumer Financial Protection Bureau is mulling over whether to reimburse consumers for online scams and fraud, but this regulatory change could lead to an increase in first-party fraud, cautioned Karen Boyer, senior vice president of financial crimes at M&T Bank.

Online Card Fraud Flourishes, Thanks to the Magnetic Stripe

Suparna Goswami  •  March 23, 2023

EMV chip technology has taken a major bite out of credit card fraud at the point of sale, but card-not-present fraud continues to flourish thanks to an age-old technology - the magnetic stripe, says Mark Solomon, international president, International Association of Financial Crimes Investigators.

Why Fraud Continues to Dominate Faster Payments

Suparna Goswami  •  March 1, 2023

Faster payment technology has been around for years, but fraud continues to dominate the conversation, says Reed Luhtanen of the U.S. Faster Payments Council. Luhtanen says all payment systems have a fraud problem, and firms will be able to curb faster payment fraud with more experience and data.

How to Fight Check Fraud: Look Beyond Technology

Suparna Goswami  •  February 24, 2023

Tools such as image analysis are of little help to banks dealing with check fraud since, most of the time, checks that are deposited are legitimate, says Karen Boyer, senior vice president for financial crimes at M&T Bank. She says the best way to deal with this fraud is to closely monitor accounts.

New Tools and Integration Are Detecting Check Fraud Faster

Suparna Goswami  •  February 20, 2023

The false positive rate for detecting check fraud typically is very high because it's such an analog process. To detect fraudulent checks faster, banks need to pair their legacy detection capabilities with image analysis solutions, says Trace Fooshee, strategic adviser with Aite-Novarica Group.