Fraud Summit - Chicago 2014 - It has been nearly three years since the FFIEC issued updated guidance aimed in part at curtailing incidents of corporate account takeover. Yet, banking/security leaders today say their current anti-fraud investments have done little to reduce fraud incidents or losses. What do the American Banking Association and a bank fraud prevention officer have to say about the latest account takeover trends? Register for this session, recorded at the 2014 Chicago Fraud Summit, to learn:
The newest account takeover schemes;
Which approaches work best to deter and detect account takeover?
What the latest court rulings say about the distinct roles and responsibilities of the bank and the customer when it comes to fraud prevention.
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In 2011, the Federal Financial Institutions Examination Council issued its latest guidance on the risks and risk management controls necessary to authenticate services in an Internet banking environment. This was in response to a spate of high-profile account takeover cases that began in 2009.
Since then, banking institutions have invested in recommended controls, and their plans have been inspected by regulatory examiners.
So, what is the current state of account takeover?
According to the latest ISMG Faces of Fraud survey results:
45 percent of respondents see no measurable change in the number of account takeover incidents, while 23 percent see an increase;
46 percent see no measurable change in losses, and 20 percent see an increase.
These statistics beg the question: When it comes to the fight to contain account takeover, which strategies work and which still need work?
In this panel discussion recorded at the 2014 San Francisco Fraud Summit, our presenters look at the latest trends, legal cases and solutions.
SVP & Chief Advisor, Payments & Cybersecurity Policy, American Bankers Association
Johnson is the ABA's senior VP and chief advisor for payments and cybersecurity policy, where he's involved in a variety of public policy and compliance issues. He currently leads the association's enterprise risk, physical and cybersecurity, business continuity and resiliency policy and fraud deterrence efforts. Johnson currently serves as vice chairman of the Financial Services Sector Coordinating Council, which advises the federal bank regulatory agencies on homeland security and critical infrastructure protection issues. He is also a board member of the FS-ISAC, a private corporation that works with government to provide the financial sector with cyber and physical threat and vulnerability information.
Chief Cybersecurity Officer, Bank of the West (BNP Paribas)
Pollino is responsible for fraud prevention oversight and education at the bank. Pollino was recently named a top ten influencer by Bank Information Security. Prior to joining Bank of the West, Pollino served in senior fraud prevention positions for Wells Fargo, Washington Mutual, and Charles Schwab. During his career, Pollino has also worked as an information security consultant at @stake and UUNET advising Fortune 100 companies on information security issues. Pollino is the author of RSA Press: Wireless security, The Hacker's Challenge Books 1, 2 and 3, and Hacking Exposed: Wireless and frequently contributes to the Bank of the West blog.