How cybersecurity and fraud intersect
Cyber criminals are highly agile. They are capable of deftly staying abreast of technological advances and innovations to exploit vulnerabilities. As technology evolves and consumers become increasingly dependent on mobile devices for communication, online shopping and banking, the risks of threat attacks rise along with that growing dependency. New gaps in security open the door to a growing number of cyber breaches and fraud. Is fraud a result of cybersecurity weaknesses or vice versa? Experts discussed this question among other key topics in a recent podcast:
- What are the key cybersecurity challenges that impact the financial services industry?
- Pundits say that the most common way hackers break into a network is by stealing valid login credentials. Are increasing numbers of cybersecurity gaps promoting more fraudulent acts?
- How do we minimize the possibility of insiders deliberately or willfully sharing their credentials with would-be hackers?
- Are millennials more likely to create 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 ever-rising Internet and mobile usage by customers?
- What best practices can be employed to mitigate cybersecurity risks and counter fraud?
Bob Stasio is a senior product manager of cyber analysis with IBM i2 Safer Planet. Stasio has nearly 14 years of expertise in the intelligence community, the US military, the National Security Agency (NSA) and the commercial sector fighting top-tier malicious actors. He also served on the initial staff of the US Cyber Command. During the troop surge of 2007, his intelligence unit supported the detainment of more than 450 high-value targets.
Scott Dueweke formed Zebryx Consulting in 2015 to provide public and private sector clients an understanding of identities and alternative payment systems—including both the 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. He previously provided similar services for Agilex and from 2006–2014 with Booz Allen Hamilton.
Scott N. Schober is a cybersecurity expert and president and CEO at Berkeley Varitronics Systems, Inc., Schober has overseen the development of numerous cell phone detection tools used to enforce a no-cell-phone policy in corporate, correctional, law enforcement, military, secured government and university facilities. He regularly appears on Arise TV, Bloomberg TV and Canadian TV News. And he has numerous appearances as a cybersecurity expert on Al Jazeera America, CCTV America, CNBC, CNN, Fox Business Channel, Fox News, Inside Edition, MSNBC, One America News (OAN), PIX11, TheBlaze and more. As a subject-matter expert (SME), Schober has also presented on cybersecurity and corporate espionage at numerous conferences worldwide.
Morgan Wright is an internationally recognized expert on cybersecurity strategy, cyber terrorism, identity theft and privacy. Wright’s 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, and he has been widely published 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.