Fraud Management & Cybercrime , Next-Generation Technologies & Secure Development

The Fraud Deficit: Why Deposit Account Fraud Budgets Need to Shrink

Presented by Memento, Inc. 60 Minutes

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

Background

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.

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"