Card Not Present Fraud , Fraud Management & Cybercrime , Mobile Payments Fraud

How Fraudsters Are Adapting to Changes in Payment Methods

David Lott of the Federal Reserve Bank of Atlanta Discusses the Latest Trends
David Lott, retail payments expert, Federal Reserve Bank of Atlanta

The COVID-19 pandemic has led to changes in the way payments are made. David Lott of the Federal Reserve Bank of Atlanta discusses how fraudsters are adapting to the changing landscape.

See Also: Playing A New Hand: How Digitalization Is Reshuffling The Cards For Banks Worldwide

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

  • Payment fraud schemes exploiting the pandemic;
  • The continued use of cash and checks;
  • Recent activities of the Retail Payments Risk Forum.

Lott, a retail payments expert with the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta, has more than 40 years of experience in the field. He works with payments stakeholders in researching payment systems and products, focusing on risk mitigation strategies. He works with representatives from the Federal Reserve Bank in Boston in facilitating the meetings of the Mobile Payments Industry Workgroup and is a representative of the Federal Reserve Bank of Atlanta in several inter-agency and Federal Reserve System working groups. Recently, he assisted an ANSI X9A team in developing a technical review paper on card-not-present fraud.


About the Author

Nick Holland

Nick Holland

Director, Banking and Payments

Holland, an experienced security analyst, has spent the last decade focusing on the intersection of digital banking, payments and security technologies. He has spoken at a variety of conferences and events, including Mobile World Congress, Money2020, Next Bank and SXSW, and has been quoted by The Wall Street Journal, CNN Money, MSNBC, NPR, Forbes, Fortune, BusinessWeek, Time Magazine, The Economist and the Financial Times. He holds an MSc degree in information systems management from the University of Stirling, Scotland.




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