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Sharing Intel to Combat Cyber Fraud

On October 26, FiVerity hosted a panel discussion with Frank Badalamenti of PwC and Dustin White of Visa on the dire need for information sharing in the face of increased cyber fraud threats, and potential solutions to the regulatory and logistical concerns that have stalled these efforts.
PwC & Visa


Podcast: Listen On-Demand


Doug Levin

Doug Levin

Executive Chairman of FiVerity, Startup Advisor & Investor

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Frank Badalamenti

Frank Badalamenti

Principal - Cybersecurity, Privacy & Forensics, Financial Crimes Unit

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Dustin White

Dustin White

Global Head of Risk Analytics & Platforms

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Although financial institutions have long expressed interest in collaborating with one another in order to combat fraud, compliance, competition, and logistical concerns have stalled even basic information sharing.  

This brief but in-depth discussion outlined the challenges and solutions to increased collaboration among consumer lenders, covering:

  • Existing practices for sharing information (such as “sneakernets”)  
  • Challenges including regulatory requirements, reputational and competitive concerns
  • Cyber Fraud threats that make collaboration more crucial than ever  
  • Regulatory changes meant to encourage sharing and why they haven’t succeeded  
  • Technology solutions to facilitate the sharing of fraudster profiles while protecting consumer data

“No single organization can stop synthetic identity fraud on its own. Fraudster tactics continually evolve to stay a step ahead of detection – and the most sophisticated fraudsters can operate at scale in organized crime rings, generating significant losses for the payments industry. It is imperative that payments industry stakeholders work together, share information and keep up with the threat.”

Federal Reserve Board
Payments Fraud Insights
July 2020

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This was the third presentation in FiVerity's Cyber Fraud Intelligence series. You're invited to view on-demand recordings of previous sessions on FinCEN's Cybercrime Priorities in a Post-Covid World and Defining the Synthetic Identity Fraud Threat.