To effectively manage fraud prevention teams, processes and technology, banks and credit unions must establish annual fraud "budgets" to predict, measure and account for losses and other related costs. Explore the impact of thinking of fraud as a budgeted expense which is "under control" as long as the budget is met and how new approaches can shrink fraud budgets and increase bank profits.
Join industry experts Andy Schmidt, George Tubin and Shirley Inscoe as they discuss:
The true cost of deposit account fraud
Why many fraud budgets are too high
Why check fraud losses continue to go up
How to effectively engage senior management
The most recent American Bankers Association Survey reports >$1B in deposit account fraud losses at banks in North America and nearly $12B in attempts. The amount is significant, as are the considerable resources dedicated to containing the problem. What's surprising is the fact that many institutions consider deposit account fraud - specifically check fraud - a "covered" problem or a "budgeted expense", when reducing these costs could have a material impact on profitability and free up resources to strengthen defenses against other fraud threats.
Join TowerGroup analysts Andy Schmidt and George Tubin, and industry veteran Shirley Inscoe, as they explore how many banks are rethinking deposit account fraud and making it a focal point of their cross-channel fraud management strategy. Hear early results from a TowerGroup survey regarding current perspectives towards fraud management. Learn about the tools and techniques required to reduce fraud budgets with confidence and to secure executive support in the effort to rethink fraud.
Register for this webinar to learn:
Why the decline in check volume will not lead to a decline in check fraud losses or attempts
Why deposit account fraud defenses are a critical component of a cross channel fraud management strategy
How new approaches to check, deposit and kiting fraud enable loss prevention teams to catch more fraud, more accurately and more efficiently
What steps can be taken to help senior management "rethink fraud"
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Inscoe is a senior analyst with Aite Group, covering fraud and data security. She brings to Aite Group 30 years of banking experience in enterprise fraud and payments issues. Inscoe has served as the chair of the BITS Fraud Reduction Steering Committee and the co-chair of Early Warning Services' Advisory Committee, and has been a member of ABA's Deposit Account Fraud and Payment Systems Committees. Formerly, Inscoe was the director of financial services solutions at Memento Inc., where she was responsible for guiding the company's overall strategy and supporting product development, marketing, and sales related to payments risk mitigation. During her tenure with Memento, she worked to expand the firm's product offerings beyond employee fraud to cover check, ACH, and wire fraud. Before that, Inscoe was SVP and director of payments strategy with Wachovia Bank.
Research Director - Global Payments, TowerGroup, Inc.
Andy Schmidt is a Research Director in TowerGroup's Global Payments service. He focuses on trends and developments in the payments back office, including payments hubs, mobile payments, service-oriented architecture, payments convergence, standards, and anti-money laundering. Andy has 20 years of experience in the financial services industry as both a banker and a consultant.
Andy joined the Global Payments practice after nearly four years with TowerGroup's Specialized Advisory Group, where he was a Manager focusing on the payments industry. Projects he led include estimating the size of the global check-imaging market and performing an in-depth analysis of debit usage in the Nordic retail banking market.
Director of Marketing, Transmit Security
Tubin is Director of Marketing at Transmit Security and a recognized expert in digital banking and payments security and cyber-fraud prevention. He was previously Vice President of Marketing at Socure and Senior Research Director with the leading financial services research firm CEB TowerGroup (acquired by Gartner, Inc.) where he delivered thought leadership and insights to leading financial services institutions, technology providers, and consultancies on business strategies, technologies, and market trends in retail, Internet and mobile banking, and fraud management.