Where cybersecurity and fraud collide
Many of us have been the victim of a fraud attack. Often multiple times in one year. Unfortunately our growing dependence on social media. mobile devices, connected devices and technology in general has seemingly opened up new vulnerabilities for criminals to exploit. Cybersecurity breaches and fraud attacks are now stitched into the threads of our life as the norm. How do we minimize and counter fraud attacks and security breaches? Do we fight the cyberthreats to win the fraud battle or vice verse? Experts discussed this on our last episode of Cyber Beat Live.
Here are some of the questions discussed:
- What are the main cyber security challenges plaguing the financial services industry?
- Pundits say that the most common way hackers break into a network is to steal valid log-in credentials. Are the increased cyber-security gaps promoting more fraudulent acts? Explain.
- How do we minimize the possibility of insiders deliberately or willfully sharing their credentials with would be hackers?
- Are millennials more likely to cause cybersecurity and fraud risks?
- At what point should the fraud prevention planning team involve the cybersecurity team? Why?
- How should financial institutions address the implications of greater internet and mobile usage by customers?
- What are some best practices that we can employ to mitigate cyber security risks and counter fraud?
Bob Stasio is a senior product manager of cyber analysis with IBM i2 Safer Planet. Stasio brings nearly 14 years of expertise fighting top-tier malicious actors in the intelligence community, the US military, the National Security Agency (NSA) and the commercial sector. Stasio also served on the initial staff of US Cyber Command. During the troop surge of 2007, his intelligence unit supported the detainment of more than 450 high-value targets.
Scott N. Schober is a cybersecurity expert and president and CEO of Berkeley Varitronics Systems, Inc., a 40-year-old provider of advanced wireless radio frequency (RF) test and security solutions. Schober has overseen the development of numerous cell phone detection tools used to enforce “no cell phones” policies in corporate, correctional, law enforcement, military, secured government and university facilities. He regularly appears on Arise TV, Bloomberg TV, Canadian TV News and as a cybersecurity expert with numerous appearances on Al Jazeera America, CCTV America, CNBC, CNN, Fox Business Channel, Fox News, Inside Edition, MSNBC, One America News (OAN), PIX11, TheBlaze and more. Schober has also presented as a subject-matter expert (SME) discussing cybersecurity and corporate espionage at numerous conferences worldwide.
Scott Dueweke formed Zebryx Consulting in 2015 to provide public and private sector clients an understanding of identities and alternative payment systems, both risks and rewards. Dueweke is an expert on identity and anonymous payments on the Internet, and he regularly advises senior leadership within financial institutions and the US government. Dueweke previously provided similar services for Agilex and, from 2006–2014, with Booz Allen Hamilton.
Morgan Wright is an internationally recognized expert on cybersecurity strategy, cyber terrorism, identity theft and privacy whose landmark congressional testimony about Healthcare.gov changed how the government collected personally identifiable information. He has spoken on cybersecurity to audiences around the world in hundreds of appearances on national news programs and radio broadcasts, as well as in print and online.
- “Hackers Steal Millions from ATMs Without Using a Card,” CNN Money, July 2016.
- “Almost a Third of Consumers Victimized by Card Fraud,” CreditUnionTimes, July 2016.
- “SWIFT to Banks: Who You Gonna Call?” InfoRiskToday, July 2016.
- “Extending Cybersecurity to Fraud Analytics,” GCN, June 2016.
- “Analytics Brief: Thwarting Cyber Crime on Banks, IBM Big Data & Analytics Hub, May 2016.