Join us on the Fraud Technology Podcast as we delve into the rapidly escalating world of fraud, where the stakes are high and the pace is relentless. In an era where financial institutions find themselves in a perpetual game of catch-up with ingenious fraudsters, we stand firm in the belief that united efforts are the key to victory. Our mission is simple yet bold: to foster a collaborative community that stands up against fraud's onslaught. Tune in as we engage with the sharpest minds in the field, seeking insights, strategies, and stories from the very best in the business. Together, we unveil the strategies, innovations, and resilience that pave the way to effective fraud prevention. Welcome to the Fraud Technology Podcast, where we forge a powerful alliance against the forces of fraud.
Episode 18: From Back Office to Frontline - Evolving Fraud Prevention in the Financial Sector
This episode of the Fraud Technology Podcast discusses the evolving approach to fraud detection and prevention in the financial sector. Traditionally viewed as a back-office function, fraud management has gained prominence due to rising consumer scams and increasing financial losses. The conversation highlights the shift towards proactive measures, drawing parallels with Anti-Money Laundering (AML) practices. Our guest, Nisan Bangiev shares insights from their experience in implementing fraud...
30 Aug 2024
Episode 16: Bridging Silos - A Holistic Approach to Modern Fraud Detection
In this podcast, our guest Long Jiang explores the enduring nature of fraud, noting that scams, while seemingly modern, have been around since ancient times, like the biblical tale of Jacob. They discuss how fraud has evolved with technology, making it easier to perpetrate and harder to control with current fragmented measures. The speaker highlights the challenge of managing fraud across various bank departments, each with distinct objectives and goals, creating a siloed approach. They empha...
30 Aug 2024
Episode 17: Leveraging Technology and Data in Fraud Prevention
In this podcast episode, Chris Danese, a fraud prevention expert, reflects on the shift from instinctive, face-to-face fraud detection in law enforcement to data-driven strategies in a call center environment. The discussion covers the evolution of "bust-out" fraud, where consumers exploit full credit lines, and how the industry has adapted over the years. The expert shares experiences in developing payment monitoring systems and the importance of staying current with new technologies, such a...
In this episode of the Fraud Technology Podcast, host Ravi interviews Blair Ramsey, a seasoned expert with over two decades in the fraud industry. The discussion centers on the structure and nuances of fraud operations (ops), contrasting it with the technology side of fraud prevention. Ramsey elaborates on how ops teams are structured differently across industries and institutions, and how fraud detection can be triggered by both customer alerts and internal risk rules. He emphasizes the importance of balancing cost efficiency and thorough investigations, as well as the crucial role of customer education in minimizing false positives. The conversation also touches on the integration of AI and machine learning in fraud detection, while highlighting the indispensable role of human judgment in investigative work. Ramsey shares insights from his experience in the gaming industry, drawing parallels with financial services, particularly in handling identity fraud and managing customer expectations. The episode concludes with a discussion on the evolving role of biometrics and consortium-level data in enhancing fraud prevention efforts.
22 Jul 2024
Episode 14: Evolution of Fraud Detection and Prevention Strategies Across Industries
The podcast explores the transformation of fraud detection and prevention practices, tracing the shift from delayed to real-time measures in response to the accelerated pace of transactions facilitated by digitalization. Reflecting on historical banking norms and the contemporary landscape, it underscores the persistent challenge of evolving fraud tactics. Through the speaker's varied industry experience, examples ranging from cheque fraud in manufacturing to identity fraud in pharmaceuticals are discussed, highlighting the importance of understanding specific business models in addressing fraud risks. Additionally, the podcast emphasizes the need for proactive measures, including the incorporation of fraud awareness into boardroom agendas, to effectively mitigate fraud across diverse industries.
22 Jul 2024
Episode 13: From Two-Factor Authentication to Human Verification
The podcast discusses advancements in fraud detection and customer verification in finance. Initially, simple phone confirmations were used, but increasing risks have necessitated robust methods like two-factor authentication and human review for high-risk cases. The success of verification is measured by actual financial losses, not just customer confirmation. Clean data and accurate modeling are essential for improving detection systems. Emerging technologies, such as AI and voice recognition, offer new tools but also face challenges like deepfake technology. Fraud analysts play a crucial role, balancing digital alerts and human intervention based on transaction risk.
15 Mar 2024
Episode 10: Navigating the complexities of risk management on Wall Street
Join host Ravi Madavaram from Regulo (https://www.regulo.ai/) in this captivating episode of the Fraud Technology Podcast as he delves into the world of financial fraud with Tremayne Carr - Head of Credit Risk and Fraud at Mocafi (https://mocafi.com/). From subprime auto to fintech giants, Carr's journey unfolds, revealing insights into the dynamic landscapes of credit risk, fraud prevention, and quality control. Discover the secrets behind spotting synthetic fraud, leveraging biometrics, and staying ahead of emerging threats as Carr shares his firsthand experiences and strategies for combating fraud in the digital age. Get ready to uncover the hidden stories behind the scenes of financial security with Carr Chronicles.
15 Mar 2024
Episode 11: Combatting Fraud and Spam in the telecom domain
Join the Fraud Technology Podcast for an insightful discussion with Ravi Madavaram, co-founder of Regulo (https://www.regulo.ai/), and Dave Erickson, co-founder of Phound (https://www.phound.app/), as they delve into the evolution of security measures in telecommunications. Explore effective strategies for combating fraud and spam in phone networks and SMS systems. Erickson shares cutting-edge insights into caller authentication and contact management, providing a glimpse into the future of telecom security. Tune in for a captivating conversation on the forefront of fraud prevention.
15 Mar 2024
Episode 12: Understanding the Rise of Fraud as a Service
Dive deep into the complex realm of fraud prevention with Brian Siegel, Barclays (https://home.barclays/)' global head of fraud risk and Ravi Madavaram, co-founder of Regulo (https://www.regulo.ai/). Unraveling the intricate layers of modern fraud, Brian sheds light on the alarming surge of "fraud as a service" and the relentless pursuit of balance between customer experience and security. Explore the shifting tactics of fraudsters in exploiting advancing technologies and the pivotal role of customer education in thwarting emerging threats. Join us for an illuminating journey through the evolving landscape of fraud detection and risk management.
1 Feb 2024
Episode 9: Why are US companies reluctant in implementing MFA?
This episode delves into the risks influencing US merchants and issuers' reluctance toward MFA adoption, uncovering the realm of passive authentication and the pursuit for user-led security. Gain insights into the weight of fraud-related losses, predominantly affecting merchants and issuers in this engaging podcast discussion.
Thanks to Gauri Gopalakrishnan from Mission Lane (https://www.missionlane.com/ (https://www.missionlane.com/)) for the insights.
In conversation with Ravi Madavaram from Regulo (www.regulo.ai (http://www.regulo.ai/))
13 Nov 2023
Episode 8: Why do fraudsters get away?
In this episode, Matthew speaks passionately about challenges in combating financial crime, emphasizing a lack of education and priority, especially in law enforcement. With white-collar crime often overlooked despite its pervasive role in various offenses, the struggle lies in bringing these cases to prosecution. The complexities involved, coupled with limited resources and a focus on more "hot button" issues, contribute to a challenging landscape where fraudsters exploit the system's gaps, as illustrated by a Cash App study revealing multiple active accounts for every detected fraudster. The episode underscores the uphill battle in educating, funding, and prosecuting financial crimes, making it a formidable and complex endeavor.
Thanks to Matthew Hogan from Connecticut State Police (https://www.beaconnecticuttrooper.com/ (https://www.beaconnecticuttrooper.com/)) for the insights.
In conversation with Ravi Madavaram from Regulo (www.regulo.ai (http://www.regulo.ai/))
23 Oct 2023
Episode 7: There are more creative ways (to fraud) nowadays than 10 years back !!
This episode highlights the ever-evolving challenges in the realm of fraud, emphasizing the increasing sophistication of fraudulent tactics compared to the past decade. Focusing on the context of startups and neobanks, three primary forms of fraud are addressed. First, identity fraud is discussed, occurring during the customer onboarding process, where fraudsters gain access to sensitive personal information, including Social Security numbers and phone numbers. Account takeover, another significant challenge, is then explored, where dormant accounts are particularly vulnerable to fraudulent activities. The conversation also delves into the complex world of synthetic fraud, where thieves use stolen data to create entirely new identities, complicating the detection of fraudulent activity. These insights underscore the need for proactive measures and vigilance in the ongoing battle against fraud.
Thanks to Varun Vanka from Upgrade (https://www.upgrade.com/) for the insights.
In conversation with Ravi Madavaram from Regulo (www.regulo.ai)
20 Sept 2023
Episode 6: Not everything reported as fraud by customers is fraud !!
Explore the nuances of distinguishing disputes from fraud in this enlightening episode. We delve into common scenarios where customers suspect fraud but discover it's often a simple dispute due to miscommunication. Highlighting the importance of empathetic customer service, we stress the need for clear communication to maintain trust. Discover insights into fraud investigation, using credit card fraud as an example, and learn how banks determine whether it's a dispute or true fraud.
Thanks to Mehul Vyas from Bread Financial (https://www.breadfinancial.com/) for the insights. In conversation with Ravi Madavaram from Regulo (www.regulo.ai)
12 Sept 2023
Episode 5: The consequences are not big enough to deter fraudsters !!
In this episode, the frustration of dealing with fraud takes center stage. Anthony highlights the problem of reporting fraud but not seeing adequate consequences for the perpetrators. The concern is that without meaningful penalties, fraudsters continue their activities, viewing it as a game of chance. The shocking statistic of the insurance industry losing an estimated $300 billion annually to fraud in the United States, as per a recent study, underscores the magnitude of the issue. Anthony stressed the importance of both improved detection methods and consequences to truly deter fraudulent activities, emphasizing that having both is the most effective approach to prevent such crimes.
Thanks to Anthony Gaytan from Central Insurance Companies (https://www.central-insurance.com/ (https://www.central-insurance.com/)) for the insights. In conversation with Ravi Madavaram from Regulo (www.regulo.ai (http://www.regulo.ai/))
29 Aug 2023
Episode 4: Balancing Data Flood: A Prudent Approach to Fraud Prevention
In this episode, we explore the delicate balance between collecting more data to catch fraudsters and being responsible stewards of that data. We ask crucial questions: How valuable is this data, both in the short and long term? Do we truly understand its source and potential benefits? And importantly, what's the cost, and who bears it? Our discussion delves into the decision-making process of whether to acquire external data sets or develop in-house solutions. While external data sets can be beneficial when used judiciously, we also ponder whether the future of fraud prevention lies more in collaborative data sharing among financial institutions. Join us as we navigate the complex terrain of data in the fight against fraud.
Thanks to Mohammed Topiwalla from Wise (https://wise.com/ (https://wise.com/)) for the insights. In conversation with Ravi Madavaram from Regulo (https://www.regulo.ai/ (https://www.regulo.ai/))
22 Aug 2023
Episode 3: The cat and mouse game
In this episode, we dive into the often-overlooked realm of first-party fraud. While we typically focus on external threats, like identity theft and fraudsters, there's another side to the story. Many financial institutions find themselves dealing with fraud committed by their own customers. Whether it's individuals intentionally planning fraud or customers struggling with financial difficulties, this insider perspective sheds light on the multifaceted challenge faced by banks, credit card companies, and loan providers. Join us as we explore how these institutions balance resources and intent in the battle against fraud.
Thanks to Ashley Clements from Atlanticus (www.atlanticus.com) for the insights.
In conversation with Ravi Madavaram from Regulo (www.regulo.ai)
15 Aug 2023
Episode 2: Avoid chasing the next shiny fraud technology
In this podcast episode, George Rhodes warns against blindly following the latest tech trends, especially when it comes to fraud prevention. He notes that some organizations fall into the trap of chasing after the newest, shiniest system, often featuring buzzwords like artificial intelligence or machine learning, hoping it will be a one-size-fits-all solution to their fraud prevention needs. However, he advises that in reality, these systems often require substantial customization and adjustments to align with an organization's unique processes and risk tolerance. In essence, it's crucial not to let the system dictate your approach; instead, ensure it fits seamlessly into your established processes and risk strategy.
Thanks to George Rhodes from Perenna (www.perenna.com) for the insights.
In conversation with Ravi Madavaram from Regulo (www.regulo.ai)
9 Aug 2023
Episode 1: The growing threat of fraud
In this podcast discussion, the focus is on the rapid growth of fraud, driven by various factors such as increased accessibility to the internet and evolving technology. The conversation highlights how the ease of committing fraud has escalated, with examples like online tutorials and social media showcasing ill-gotten gains. The discussion also touches on the impact of such trends on young individuals and how easily they can be influenced by these activities. Furthermore, the conversation underscores the continuous battle between fraudsters and fraud prevention efforts, marked by the increase in the number of people attempting fraudulent activities. This dynamic landscape has led to the emergence of numerous fraud prevention services, though only a handful are considered truly effective in this ongoing struggle.
Thanks to Asyet Argynbai from Strike Acceptance (www.strikeacceptance.com) for the insights.
In conversation with Ravi Madavaram from Regulo (www.regulo.ai)
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