ABA and LexisNexis Risk Solutions held an excellent webinar on the webinar on “Fortifying Your Fraud Prevention Strategy Against Sophisticated Scams” on 4 October 2023.

Moderated by Mr. Manesh Samtani, Editor & General Manager of Regulation Asia, the 60-minute webinar featured Mr. Thanh Tai Vo, Director of Market Planning, Fraud & Identity, APAC at LexisNexis Risk Solutions. Over 840 bankers from 40 countries registered for the session, of which 61% were present during the live presentation. It was the second highest rate for the year.

SUMMARY

In the digital age, where technology connects us and empowers our lives, there is an unfortunate dark side – cybercrime. Scammers employ sophisticated tactics to deceive individuals and organizations, while unsuspecting individuals unknowingly assist in illegal activities, such as acting as money mules.

Scams have evolved into a lucrative business for cybercriminals. They employ various methods such as phishing , fake websites, data breaches, and social engineering to trick unsuspecting victims into sharing their sensitive information or coercing victims into transferring funds from their own accounts to scammers. These scams often exploit human vulnerabilities, relying on trust and urgency to manipulate their targets. Money mules have become a key enabler for scams and the associated payments – both unauthorised (or third-party) and authorised which impact customers and banks across the industry.

As bad actors are getting smarter and deploy more sophisticated techniques, it’s very important for organizations to tackle this issue with a multi-layered strategy that includes leveraging digital and device intelligence, behavioral analysis, and beneficiary insights to analyze the risk profiles of not just the user or sender, but also the recipient and beneficiary accounts. Effectively organizations build a 360° risk view of the user, the transaction and related activity/history. Once only the realm of compliance teams, mule account intelligence now also plays a key role in advanced fraud prevention strategies.

PRESENTATION & VIDEO

A copy of the presentation is only available to ABA members.

The recording of the webinar can be viewed at the ABA YouTube below.

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