Check Fraud: An Easier Route for Fraudsters?Mitek Systems' Michael Diamond on Why Fraudsters Are Targeting Check Fraud
Improved credit card security has forced fraudsters to look for other channels, and check fraud is proving to be an easier route for them, says Michael Diamond, senior vice president and managing director with Mitek Systems.
"Fraudsters follow the path of least resistance. In the U.S., EMV chip in most people's payment cards have reduced, to a great extent, the problem of card-present [fraud]. As a result, fraudsters have gone back to focusing on checks," Diamond says. "Moreover, fraudsters collaborate in a better way to leverage technology, and today there are many new technologies that enable fraudsters to develop good counterfeits."
In this video interview with Information Security Media Group, Diamond also discusses:
- The challenges in tackling check fraud;
- How banks can improve their check fraud detection rate;
- How banks need to change their approach to check fraud.
Diamond has more than 20 years of experience building, motivating and growing business teams in software companies with particular emphasis on business development, professional services and any related teams that touch products, markets and customers.