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FIS - Fraud Prevention and Detection Tips to Help Credit Unions | FIS 2024
Manage episode 394319330 series 1456382
Welcome to the 100th episode of the show, everyone! I, your moderator Randy, am thrilled to be joined today by Eric Kraus, the head of products and services at FIS. Join us as we delve into the evolving landscape of fraud prevention and detection. As we navigate the intricacies of payment fraud trends over the last three years, Eric sheds light on the impact of the surge in digital interactions, emphasizing the persistent challenges of card enumeration and account takeover scams. We explore the resurgence of seemingly old-school tactics like check fraud and the alarming rise of generative AI in the hands of fraudsters.
Looking ahead to 2024, Eric also provides valuable insights into anticipated fraud tactics, urging credit unions to remain vigilant. We discuss strategies, from strengthening data strategies and embracing AI models to reinforcing multi-factor authentication controls, all essential components in staying ahead of sophisticated fraud schemes. As we unravel the complexities of card enumeration attacks, Eric shares best practices, emphasizing the importance of vigilance in monitoring various transaction activities.
Eric also touches upon anti-money laundering processes, highlighting the need for a holistic approach, data consolidation, and the integration of predictive capabilities in safeguarding financial institutions against evolving threats. Tune in to equip yourself with the knowledge and strategies necessary to navigate the ever-changing landscape of fraud prevention.
100 episodes
Manage episode 394319330 series 1456382
Welcome to the 100th episode of the show, everyone! I, your moderator Randy, am thrilled to be joined today by Eric Kraus, the head of products and services at FIS. Join us as we delve into the evolving landscape of fraud prevention and detection. As we navigate the intricacies of payment fraud trends over the last three years, Eric sheds light on the impact of the surge in digital interactions, emphasizing the persistent challenges of card enumeration and account takeover scams. We explore the resurgence of seemingly old-school tactics like check fraud and the alarming rise of generative AI in the hands of fraudsters.
Looking ahead to 2024, Eric also provides valuable insights into anticipated fraud tactics, urging credit unions to remain vigilant. We discuss strategies, from strengthening data strategies and embracing AI models to reinforcing multi-factor authentication controls, all essential components in staying ahead of sophisticated fraud schemes. As we unravel the complexities of card enumeration attacks, Eric shares best practices, emphasizing the importance of vigilance in monitoring various transaction activities.
Eric also touches upon anti-money laundering processes, highlighting the need for a holistic approach, data consolidation, and the integration of predictive capabilities in safeguarding financial institutions against evolving threats. Tune in to equip yourself with the knowledge and strategies necessary to navigate the ever-changing landscape of fraud prevention.
100 episodes
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