Increase in Account Opening Fraud, Payment Scams ContinuesAite-Novarica Group's Trace Fooshee on New Technologies to Mitigate Scam Attacks
A majority of financial institutions have reported a rise in account opening fraud and payment scams, and the increase is expected to continue and result in losses for financial institutions, says Trace Fooshee, strategic adviser at Aite-Novarica Group.
"I think fraudsters were distracted by the low-hanging fruit of easy money made available through benefits programs," Fooshee says. "So now that those programs are coming under either tighter controls or are fading away, … they are redirecting their attention back again to the financial services industry." (See: Top Scam-Fighting Tactics for Financial Services Firms.)
In a video interview with Information Security Media Group, Fooshee also discusses:
- The kind of scams that are expected to increase;
- Why traditional controls do not work anymore;
- New technologies to put in place.
Fooshee is senior analyst at Aite-Novarica Group. Previously, he was head of fraud strategy at SunTrust and a senior manager at Deloitte's transaction and business analytics unit.