Content by Suparna Goswami

What's the Best Approach to Tackle First-Party Fraud?

Suparna Goswami  •  February 14, 2023

First-party fraud is all about intent and banks have to determine whether the person carrying out the transaction is doing it intentionally. That's hard to do for a basic binary decision model, says Steve Lenderman, senior vice president/director of global loss prevention and fraud, BM Technologies.

Check Fraud: An Easier Route for Fraudsters?

Suparna Goswami  •  February 9, 2023

Improved credit card security has forced fraudsters to look for other channels, and check fraud is proving to be an easier route for them, says Michael Diamond of Mitek Systems. Even worse, new technologies are enabling fraudsters to develop even better counterfeit checks.

Leveraging AI for EDR Solutions

Suparna Goswami  •  February 7, 2023

The aim of AI in EDR solutions is to streamline the process to ensure humans are able to consume and understand the data in order to respond well, says Serge Woon, worldwide tech sales leader and co-founder at ReaQta, part of IBM. In this roundtable preview, he explains why AI is so crucial to EDR.

Check Fraud: What Hurdles Are Facing Banks?

Suparna Goswami  •  February 6, 2023

Banks are losing hundreds of millions of dollars a year to check fraud - if not more, says David Maimon, professor of criminal justice and criminology at Georgia State University. The major hurdle facing banks is that they are not able to share information with each other about fraudulent checks.

New Technologies to Tackle Authorized Payment, Zelle Scams

Suparna Goswami  •  January 16, 2023

Authorized payment scams are growing, and regulators, lawmakers and banks are taking note. As some banks look at ways to reimburse customers for Zelle scams in 2023, experts expect technology vendors to focus on creating new solutions to detect scams and prevent such payments from being made.

Check Fraud, First-Party Fraud to Rise in 2023

Suparna Goswami  •  January 10, 2023

Check fraud, first-party fraud and AI-related fraud will increase on a massive scale in 2023, thanks in large part to growing insider threats and the global economic slowdown. Frank McKenna, chief fraud strategist at Point Predictive, explains how banks can prepare to tackle these types of scams.

Why Banks Find It Hard to Tackle Authorized Fraud

Suparna Goswami  •  January 5, 2023

Authorized payment scams are on the rise, and banking regulators are putting pressure on financial institutions to do more to protect customers. The biggest challenge is that the customers are driving the process, says Bradley Haacke, vice president and financial crimes director at Fifth Third Bank.

Zero Trust: How to Know What Your Crown Jewels Are

Suparna Goswami  •  December 14, 2022

To get zero trust strategy right, it is important to know what exactly to protect and decide what your crown jewels are. Three panelists discuss the various ways to do that and also offer their thoughts on whether zero trust is need for everything.

Authorized Payment Scams: Why Banks Are So Slow to Respond

Suparna Goswami  •  November 22, 2022

Banks are getting better at catching a wide range of scams targeted at customer accounts, but they are still struggling with stopping authorized payment fraud through peer-to-peer payment companies such as Zelle, says David Pollino, former divisional CISO with PNC Bank.

Should Banks Be Held Liable for Authorized Fraud?

Suparna Goswami  •  November 11, 2022

The United Kingdom and many other countries are considering ways to make banks liable for authorized payment fraud and lift the burden from millions of victims of online scams. Trace Fooshee, strategic adviser at Aite-Novarica Group, shares his views on why this might not be such a great idea.

The Rise of Online Scams, Why New Security Tools Are Needed

Suparna Goswami  •  November 1, 2022

With fraudsters evolving their tactics and tricking a growing number of people with authorized payment scams, it's time for banks and security solution providers to explore new ways to protect consumers who are left holding the bag, says Ian Mitchell, managing partner at Omega FinCrime.

Tools to Reduce Authorized Payment Fraud and Scams

Suparna Goswami  •  October 27, 2022

Since Zelle fraud has increased 109% in the United States, the banking industry is struggling to reduce authorized push payment scams. Ken Palla, former director at Union Bank, shares tips for combating fraudsters, including delays on large transactions, education and behavioral analytics.

Banks on Alert for Check Fraud, Insider Fraud and Scams

Suparna Goswami  •  October 20, 2022

Fraudsters are using tried-and-true tactics such as check washing as well as Zelle scams and a host of insider threats to scam banks and their customers. Frank McKenna, chief fraud strategist at Point Predictive and author, explains why fraud is on the rise and the steps banks can take to stop it.

Top Fraud Trends to Watch in 2023

Suparna Goswami  •  October 11, 2022

Both internal and external fraud are expected to grow as economic conditions worsen. Fraud education expert Andi McNeal shares insights on what anti-fraud practitioners are expecting over the next year, the types of fraud to watch out for and how to mitigate fraud risks.

How 8 Countries Are Tackling Authorized Payment Fraud

Suparna Goswami  •  September 9, 2022

Banking regulators are looking for ways to tackle authorized payment scams, such as spreading the risk to other banks. In a new report on how eight countries are handling this fraud, researcher Ken Palla advises banks to focus on reimbursing victims and preventing the theft.