Content by Suparna Goswami

SolarWinds Ruling: Why CISOs Need to be Aware of Fraud

Suparna Goswami  •  November 27, 2023

The SEC recently charged SolarWinds and its CISO for fraud amid cybersecurity lapses. Most organizations are reckless in making statements to the market to preserve their company's stock prices, not realizing that this is tantamount to fraud, said experts.

Credit Repair Firms Driving $20B Synthetic ID Fraud Crisis

Suparna Goswami  •  November 9, 2023

The battle against synthetic identity fraud has reached a critical point, as credit repair companies now play a major role in exacerbating this pervasive form of fraud. Synthetic identity fraud now comprises 85% of all identity fraud cases, with up to $20 billion in annual losses.

Israeli SMBs Warned to Cut External Comms to Reduce Risks

Suparna Goswami  •  November 7, 2023

Israel is known for its cyber resilience, but small and medium businesses in the country need to reduce external communication during wartime to reduce their attack surface, said May Brooks-Kempler, director of Cyber Range Solutions and founder and former president of ISC2 Israel Chapter.

Generative AI: A Game Changer for Security Skills Training

Suparna Goswami  •  October 23, 2023

Generative AI facilitates on-the-job learning, empowering team members to upskill themselves as they work and ultimately strengthening an organization's overall security posture, according to Fabio Fratucello, field chief technology officer, international, at CrowdStrike.

How Bank Impersonation Scams Erode Customer Trust

Suparna Goswami  •  October 17, 2023

Each year, financial scams cost banks up to $400 million in losses. Despite heavy investments in anti-fraud technology, banks are struggling to protect customers. Bank impersonation scams continue to be the most widely used approach for duping banking customers, said CEO of a stealth startup and the former senior...

Credit Repair Industry Is Driving Synthetic ID Fraud

Suparna Goswami  •  October 3, 2023

The credit repair industry plays a pivotal role in propelling the latest synthetic ID tactics, which are being used to commit multiple types of account fraud. Two experts shared their insights on why fraudsters are more likely to abuse deposit bank accounts than credit cards these days.

How Can FedNow Recruit More US Banks? Lessons From Brazil

Suparna Goswami  •  September 18, 2023

With only 90 early adopters, Federal Reserve's FedNow program faces the challenge of persuading U.S. banks to sign on to the real-time payments initiative launched in July. Experts say the Fed could learn some lessons from successful efforts in Brazil and India.

Auto Lending Industry Is New Frontier for Synthetic ID Fraud

Suparna Goswami  •  September 11, 2023

Synthetic ID fraud is nothing new, but it is expanding beyond fraudulent bank accounts to identity scams for auto loans. Many organizations fail to understand the link between data breaches and fraudulent IDs, said Jason Lord, vice president of product marketing at TransUnion.

How Banks Can Address First-Party Lending Fraud

Suparna Goswami  •  September 7, 2023

The lack of an understanding of what constitutes first-party lending fraud is causing massive losses at banks. Anna Bleazard, head of Singapore and South East Asia in financial crime compliance at FTI Consulting, recommends that banks intervene as early as possible.

How AI Can Help Reduce Third-Party Risks

Suparna Goswami  •  August 18, 2023

While consolidating third-party risks into one document is important, it is equally vital to introduce artificial intelligence into various elements of your third-party risk management program, said Jonathan Pineda, CISO and DPO at the Government Service Insurance System in the Philippines.

How AI Is Helping Banks Spot Scammers

Suparna Goswami  •  August 8, 2023

Collaborative AI - the process of one AI model learning from another - is one of the most effective ways for financial institutions to fight the sophisticated techniques fraudsters use for scams, said Johan Gerber, executive vice president of security and cyber innovation at Mastercard.

Business-to-Business Synthetic ID Fraud Is on the Rise

Suparna Goswami  •  August 1, 2023

Synthetic ID fraud has moved beyond business-to-consumers to business-to-business fraud as more bad actors are opening fraudulent commercial accounts at financial institutions, said Dori Buckethal, vice president of risk and fraud solutions at Thomson Reuters.

Will FedNow Truly Rewire the US Payments Landscape?

Suparna Goswami , Rashmi Ramesh  •  July 24, 2023

Now that the long-awaited FedNow faster-payment program is operating, experts debate whether U.S. financial institutions will embrace the payment ecosystem and whether the Federal Reserve and the banking industry can overcome implementation challenges and mitigate cybersecurity and fraud issues.

Federal Reserve's FedNow Goes Live With Fast Payments

Suparna Goswami  •  July 20, 2023

FedNow, the Federal Reserve's first instant payment service, officially launched on Thursday. FedNow so far has 35 banks and credit unions and 16 service providers certified to use the service, including community banks and large lenders such as JPMorgan Chase and Bank of New York Mellon.

Lessons Learned From Brazil's PIX for US FedNow Program

Suparna Goswami  •  July 20, 2023

Brazil's instant payment system, PIX, is second only to India's UPI in number of transactions. As the United States prepares for the launch of FedNow, GFT's Carlos Kazuo Missao shares his experience with PIX and some important lessons U.S. banks can learn from Brazil.