Access Management , Account Takeover Fraud , Fraud Management & Cybercrime

Using Authentication to Fight Bank Fraud

Experienced Investigator Reviews Essential Steps
Anis Ahmed, former head of corporate investigations at Abu Dhabi Islamic Bank

To effectively combat online fraud, banks need to greatly enhance their customer authentication efforts, says Anis Ahmed, former head of corporate investigations at Abu Dhabi Islamic Bank.

See Also: Live Webinar | Taking the Challenges Out of Identity Security

Multifactor authentication must use at least two out of three identity verification factors: knowledge, possession and inheritance, he says. “Historically, banks were required to conduct KYC to address money laundering and financial crimes. Similarly, in the digital world, you are required to understand a customer’s digital imprint. … But most banks rely on the knowledge factor, which is the weakest.”

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

  • How banks should verify their customer’s digital identities;
  • Why there’s a gap between emerging fraud and available preventive measures;
  • How banks should change their authentication strategies.

Ahmed is an independent fraud consultant. Until recently he was head of corporate investigations at Abu Dhabi Islamic Bank. He has more than two decades of experience at global and Middle Eastern banks. He worked on anti-fraud and corporate investigation at Citigroup, Deutsche Bank and Abu Dhabi Islamic Bank. He is a qualified fraud examiner and has several certifications in advanced anti-corruption, corporate compliance programs and transnational organized crime.

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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