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CyberNews interviewed eFraud Prevention's Founder, Dan Szabo, about the fraud landscape and its impact on financial institutions and consumers. Below is a transcript of Dan's interview with CyberNews.
Although fraud has increased and fraud tactics have evolved due to technology advancements, our journey has been imperturbable. We started in 2004 because of our conversations with FDIC and NCUA regulators. Those conversations helped us to understand that there was a need for a company to offer a solution to provide financial institutions with up-to-date fraud awareness content. 18 years later we hear from the banking insurance regulators and compliance officers that this need is greater than ever.
The best part of our journey has been the long relationships we have with our clients, many of whom are passionate fraud fighters. It remains on honour to work with them in preventing fraud and helping so many people in communities throughout the United States.
Anyone can fall victim to financial fraud, identity theft, or online scams. The best defence is awareness education to change old habits and learn how to use good judgment. eFraud Prevention™ is a cloud service that helps financial institutions do just that. The eFraud Prevention™ service improves consistency with fraud awareness messaging while supplying a wider scope of fraud awareness content internally and externally for both retail and commercial account holders.
Writing fraud awareness articles, updating articles, staying consistent with web site and social media messaging, researching new trends, and supporting victims of fraud can be accomplished more efficiently with outsourcing.
Account holder education is a key to minimizing fraud. The difficult part is consistency and remaining committed to a cross channel effort. Established in 2004, eFraud Prevention™ is the oldest and broadest provider of fraud prevention awareness. As financial institutions expand their brand experience across multiple channels, we offer an opportunity to optimize that experience.
There was a study conducted by the FINRA Investor Foundation in 2021. The result of their study was that repeated exposure to fraud awareness education reduces susceptibility to investment scams.
We can keep our awareness content educational and engaging by offering a managed system that designs content to be accessible in every area of outreach. This includes social media, web sites, blogs, seminars, webinars, chat, SMS, email, co-browsing, telephone, and print.
We are in a unique position in that we can see consumer usage statistics throughout the entire U.S. This gives our clients the ability to see fraud topics that are trending right now and those that are more popular over a longer period of time. Interestingly, topics that are trending are often very different than those that are most popular. Our statistical intelligence gives bank and credit union marketing teams the ability to emphasize content that their account holders are most interested in right now.
We’ve noticed that many existing fraud techniques have increased with automated tools. We have seen a correlation with the increase in fraud with an increase in people trying to figure out where to report fraud. This is a big issue as our federal government only gets involved with higher dollar value fraud. Most fraud that reported to the federal government is only used to maintain annual statistics. Meanwhile local law enforcement doesn’t have the resources or jurisdiction to investigate most fraud incidents. Therefore, we’ve seen more non-technical newbie fraudsters using out-of-the-box automation tools to make easy money without fearing any consequence.
Trusting technology to the extent that they get complacent with their human firewall. In many cases that's because they hired a reputable local IT firm and invested in what was recommended by those IT experts. This includes all the critical technologies such as anti-virus, malware detection, encryption, and firewalls. However, most management and staff do not fully understand the types of threats that cyber security technologies prevent and the types of threats that fraud awareness prevent.
New business owners do not conduct adequate cybersecurity training for themselves or for their employees. Given that the single greatest cyber risk is social engineering, which is basically some form of an imposter scam using people to voluntarily but unknowingly allow an attack to occur, it's critical that business owners and every employee have up-to-date resources to easily understand how to avoid and recognize cyber threats and social engineering tactics.
Any organization that may have user PII or payment data. Smaller organizations are attractive targets since their cybersecurity technologies are limited and their human firewall is less savvy when it comes to fraud awareness.
The easiest measures anyone can take to easily and quickly reduce their risk is to freeze their credit, use additional authentication with all online accounts, never click an email attachment unless you’re absolutely certain that it is safe, segment your home network, don’t share too much on social media, and check your credit reports and online accounts often. There are more measures to take, but this is a great start.
Expect to support more fraud victims in every demographic and in a variety of fraud tactics. Ensure that those who are victimized don’t become repeat victims. In many cases, fraud departments are shorthanded, this will have to change.
We are off to a great start in 2022 and anticipate having clients in all 50 U.S States by early 2023. This will be a milestone for eFraud Prevention™ as we started out in 2004 with that goal. We intentionally offer low pricing because it has been our mission have as many financial institution clients as possible to reach as many people as possible. Preventing fraud with our bank and credit union partners and having the ability to reach millions of people in every corner of the U.S. has been the most rewarding experience for us. In 2023, we hope to expand our service to the UK, Canada, and Australia.
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