Fraud Summit - San Francisco 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. Register for this session 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.
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.
ISMG's Fraud Summits are one-day events focused exclusively on the top fraud trends impacting organizations and the mitigation strategies to overcome those challenges.
Global Vice President, Fraud and Identity Solutions, Verint
As global vice president, Lazar guides the overall direction and strategy for the identity and fraud solutions practice. Lazar's career includes senior executive leadership at call center, telecom, voice recognition, networking and Internet service companies. Lazar has previously been CEO at 10 companies, including TuVox (acquired by West Interactive), Talking Blocks, Pacific Edge Software, and LoopNet, which went public in 2006 (Nasdaq:LOOP). Lazar also brings operating experience from various enterprise software companies for IT governance, supply chain software and web services management. Lazar holds an M.B.A. and B.A. from Stanford University.
Attorney for Fraud Victim PATCO Construction
Mitchell is affiliated with Maine-based Bernstein Shur, where he works in litigation and business law. He also is a member of the firm's data security team, where his work in the PATCO case is noted for breaking new ground in the ways courts should evaluate commercial reasonableness for Internet banking. Mitchell is recognized by Chambers USA for commercial litigation and is listed in Best Lawyers in America.
Managing Director, Forensic Technology, KPMG
Walp has more than 20 years of industry experience. Prior to joining KPMG, Walp was the CISO of M&T Bank, an $83 billion financial institution, where he was responsible for IT security, data protection and privacy strategies that focused on cybersecurity and intelligence gathering and external/internal network security systems. Walp managed the functions of access and identity management, IT compliance and risk management, and the PCI program. Walp has held a variety of positions in industry verticals including Electronic Data Systems (EDS) and Moog Inc. A veteran of the US Air Force, Walp served his country for 22 years and in 2004 was recalled to Kuwait as a part of an elite logistics cadre to aid in establishing the US Central Command's Deployment and Distribution Operations Center.