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.
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:
“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
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.