Fraud Management & Cybercrime , Fraud Risk Management , ID Fraud

The Rising Threat of Fake Business Accounts

Prove's Mary Ann Miller on Strategies for Stronger ID Verification
Mary Ann Miller, fraud and cybercrime executive adviser, Prove

The banking and financial services industry will see an increase in scams and frauds perpetrated through fake businesses, incentivizing bad actors to continue creating these fraudulent entities, said Mary Ann Miller, a fraud and cybercrime executive adviser with Prove.

See Also: The Future of Financial Crime Compliance: What's Next?

"I don't think they're going to stop with their consumer generation of fake accounts, but I think that the prevalence and the increase in creating fake business accounts will continue to rise," said Miller.

"What's I think even more complex about this type of fraud is when someone's identity is wrapped up into a synthetic identity and then on top of that is used to open up a fake business," she said.

In this video interview with Information Security Media Group, Miller discussed:

  • The importance of strengthening identity verification in the business sector;
  • Strategies to improve "know your business" requirements;
  • How the U.S. Small Business Administration helps to stop fraud.

Miller is an expert in the fraud and identity space. She most recently led fraud strategy at Varo Bank, where she managed the process for transitioning the fintech to a nationally chartered challenger bank.

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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