The Fraud Blog with Tracy Kitten

Insights From Our Fraud Twitter Chat Online Dialogue Dived Into Prevention, Detection Issues

In the wake of ongoing payments breaches, senior leaders at banking institutions are seeking out advice about effective fraud detection and prevention strategies.

See Also: Managing Identity, Security and Device Compliance in an IT World


Avivah Litan

That's why our Aug. 27 Twitter chat, #ISMGprotalk, with Avivah Litan, a financial fraud expert who's vice president of research at Gartner, proved so popular. The discussion was interactive, lively and covered a wide range of topics.

We had more than 55 unique Twitter handles participate in the discussion, and the reach of our dialogue spanned more than 3.6 million users.

I went into the discussion with a pre-written list of about 25 questions related to emerging fraud trends for Litan. That was backup, just in case we didn't have participants show up. After all, we had allotted an hour for the chat, and that could have turned out to be one of the longest 60 minutes of our lives, if we didn't have anything to chat about.

I wound up asking only three of my questions. The rest of the time was spent replying to questions and tweets posted by attendees.

In addition to card fraud and PCI, participants wanted to know more about ATM crime trends, mobile payments and how biometrics could be used for stronger authentication.

The Discussion

On the PCI front, one participant tweeted: "PCI mitigates accidents & amateur attackers, but no auditor ever stopped organized crime."

Another tweeted, in response to Litan's tweet about why PCI won't stop breaches: "Compliance is a floor, but too often treated as a ceiling!"

When Litan was asked if a mobile wallet breach was worse than a real wallet loss, she tweeted, "Bad mobile wallet design could lead to big loss, just like losing your regular wallet if your pants are too loose."

In light of recent healthcare breaches, one participant asked what types of medical fraud are on the rise, and what that meant. Litan answered that she is seeing "lots of different types of medical fraud - mainly resulting in fraudulent payments to fake or real providers."

Access to Experts

Here's what I learned during this chat: It's tough for bankers and CISOs to get their hands on the right information. So having easy access to an unbiased expert is quite valuable, indeed.

Don't worry if you missed this one. You can view a complete transcript. We have more #ISMGprotalks planned for the months to come. And we're giving our readers the chance to interact with the experts face-to-face at our fall Fraud Summits, the first of which is slated for Sept. 17 in Toronto.

I hope you'll join us in future Twitter chats and consider attending one of our summits. And if you had time to participate in the Aug. 27 chat, tell me what you thought. Post a comment below.



About the Author

Tracy Kitten

Tracy Kitten

Executive Editor, BankInfoSecurity & CUInfoSecurity

A veteran journalist with more than 18 years' experience, Kitten has covered the financial sector for the last 11 years. Before joining Information Security Media Group in 2010, where she now serves as the Executive Editor of BankInfoSecurity and CUInfoSecurity, she covered the financial self-service industry as the senior editor of ATMmarketplace, part of Networld Media. Kitten has been a regular speaker at domestic and international conferences, and was the keynote at ATMIA's U.S. and Canadian conferences in 2009. She has been quoted by CNN.com, ABC News, Bankrate.com and MSN Money.




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