2012 Faces of Fraud: First Look

How Institutions Prioritize Anti-Fraud Resources

By , April 12, 2012.
2012 Faces of Fraud: First Look

"Regulation drives spending," says George Tubin of GT Advisors. "You're in a situation where the regulators are telling you, 'You have to do something; you have to make improvements.' Therefore, the bank has to spend some money on technology."

Tubin is responding to the results of the 2012 Faces of Fraud survey. One of the key findings: 58% of respondents expect extra anti-fraud resources this year. So, what's behind the increase, and where will it be invested?

One factor is the FFIEC Authentication Guidance, which is influencing institutions' spending on fraud monitoring, customer awareness and other initiatives. But Matthew Speare, SVP of IT at M&T Bank, says another factor to consider is the economy.

"Many financial institutions, when we entered into the economic issues of 2008, did a lot of expense reduction, and so this could be some 'playing catch-up,'" Speare says. "You can only defer certain types of solutions for so long."

In an exclusive excerpt from the 2012 Faces of Fraud Survey webinar, banking/security experts Matthew Speare and George Tubin weigh in on:

  • The Global Payments data breach and how it directly impacts banking institutions;
  • Factors behind the sudden increase in anti-fraud resources;
  • How institutions are investing their dollars in 2012.

Speare, Senior Vice President of Information Technology, M&T Bank, is responsible for information technology operations, telecommunications and networking, platform design and support, information security and it risk management, and business continuity planning and disaster recovery.

Tubin is a former Senior Research Director for TowerGroup's Delivery Channels and Financial Information Security research services. His areas of expertise include consumer online banking, online fraud and identity theft prevention, information security strategy and customer authentication, as well as mobile banking and contact center strategies and technologies.

To hear the complete analysis of the survey results, please register for an upcoming session of the 2012 Faces of Fraud Survey webinar.

Follow Tom Field on Twitter: @SecurityEditor

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