Account Takeover Fraud , Anti-Phishing, DMARC , Fraud Management & Cybercrime

Increase in Account Opening Fraud, Payment Scams Continues

Aite-Novarica Group's Trace Fooshee on New Technologies to Mitigate Scam Attacks
Trace Fooshee, strategic adviser at Aite-Novarica Group

A majority of financial institutions have reported a rise in account opening fraud and payment scams, and the increase is expected to continue and result in losses for financial institutions, says Trace Fooshee, strategic adviser at Aite-Novarica Group.

See Also: Email Fraud & Identity Deception Trends: Q1 2019

"I think fraudsters were distracted by the low-hanging fruit of easy money made available through benefits programs," Fooshee says. "So now that those programs are coming under either tighter controls or are fading away, … they are redirecting their attention back again to the financial services industry." (See: Top Scam-Fighting Tactics for Financial Services Firms.)

In a video interview with Information Security Media Group, Fooshee also discusses:

  • The kind of scams that are expected to increase;
  • Why traditional controls do not work anymore;
  • New technologies to put in place.

Fooshee is senior analyst at Aite-Novarica Group. Previously, he was head of fraud strategy at SunTrust and a senior manager at Deloitte's transaction and business analytics unit.


About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.




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