Fraud Management & Cybercrime , Fraud Risk Management

The Do's and Don'ts of a Fraud Fusion Center

A Former Chief Fraud Director Discusses the Essential Steps
Ben Wallach, former EVP, chief fraud director at BB&T

The key element for successful fraud fusion centers in banking is for fraud and security teams to work together using a simple methodology to prevent, detect and resolve fraud, says technology adviser Ben Wallach, the former executive vice president and chief fraud director at BB&T, a U.S. bank holding company based in Charlotte, North Carolina.

See Also: Secure Business Communications: Trends, Truths and Threats

“You can apply this methodology across fraud, across security, across money laundering. It is a very easy paradigm to implement,” Wallach says (see: Analyzing the Role of Fraud Fusion Centers).

In this video interview with Information Security Media Group, Wallach also discusses:

  • How fraud and security teams can collaborate;
  • Areas in which collaboration may not be possible;
  • How banks can begin the process of forming a fusion center.

Wallach, an independent technology adviser, is the former executive vice president and chief fraud director at BB&T, a bank holding company. He has more than 25 years of experience in fraud and security. Earlier, he worked at Regions Financial Corp., Wells Fargo, PNC and Citi.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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