Webinar: Payment Scams: How Reimbursement and Controls Drive Bank Action by The Paypers

Payment Scams: How Reimbursement and Controls Drive Bank Action

About

Scams such as Authorised Push Payment (APP) or impersonation scams, are now a global issue and no longer confined to the English-speaking countries. Whilst banks are using a variety of mechanisms to detect these (predominantly based on behaviour) and drive down losses, it might not be enough to just consider what happens at the fraud transaction in the future. More and more countries are moving towards refunding impersonation scam victims, initially voluntarily such as the UK Contingent Reimbursement Model (CRM) and Dutch banking code. Legislation is now being tabled to take the refunds wider to include romance and crypto scams – which require a wider view of the scam problem, rather than just the point of transaction.

Considering scams as part of a Fraud Kill Chain is something we need to consider – whether social media and tech companies face more responsibility for the scams being pushed on their platforms, or that money mules need to be targeted more effectively by looking for their anomalies and sharing insights across banks.

This webinar looks to discuss the changing landscapes that banks operate in, and how a wider view of the scam problem must be considered to both protect customers and reduce the underlying losses from all types of scams.

Agenda

The changing scam landscape and trends
Scam reimbursement for bank customers and legislation
Investigating the Fraud Kill Chain
How banks can protect their customers and reduce losses

Presenters

Greig Burns

Threat Analytics Consultant at BioCatch

Greig has worked across fraud, data and analytics for over ten years. Originally starting in operational roles, he then moved into strategy and analytics, covering both plastic and non-plastic fraud at various points. He also took on additional roles in mortgages and financial crime during this time before returning to fraud. With experience at national and international banks, he then moved to BioCatch in early 2020, joining the Threat Analytics team for the EMEA region.

Wiebe Fokma

Director EMEA, Global Advisory at BioCatch

Wiebe is part of BioCatch’s Global Advisory Team that advises on the use of behavioral insights to find new attack methodologies and use cases. He has worked in and for banks since 1999, with the last 12 years were in the fraud and AML area. He first-hand experienced the sharp rise of online banking fraud in the Netherlands from 2010, seeing the attack evolution from trojans injecting transactions to phishing to social engineering. He developed controls from simple effective rules to AI models to tackle the fraud, whilst swapping from being inside a bank to international consultancy for fraud and later AML. Recognizing that a transactional AI model now requires client side behaviour to fed into it due to current threats, he joined BioCatch to further develop their capabilities.

Ken Palla

Principal, Palla Consulting

Since 2005, Ken has been in Online Security. He was a Director at MUFG Union Bank, recently retiring in early 2019. He helped shape the initial responses to the U.S. 2005 and 2011 FFIEC Regulatory Guidance to improve online security for US Banks. He is an early adopter and has selected and implemented a number of online security products. Ken was an advisor to the RSA eFraud Global Forum and a current Program Committee member for the annual San Francisco RSA Conference. He is also on The Knoble Scam Committee. He has recently published three white papers—one on the need to focus on online customer safety, one on online authentication and one on how to select a multi-factor authentication solution. He also was the editor for the complete list of definitions of financial scams, published by The Knoble in 2022. In 2019, he received the Legends of Fraud Award at the 3rd annual FraudCON conference in Israel. He is currently consulting to banks (especially on Zelle fraud) and to online security vendors.

Esther Groen

[Moderator] Head of Payment Consultancy at Icon Solutions

Esther is Head of Payment Consultancy at Icon Solutions, a UK scale up offering paytech solutions to accelerate digital transformation. Esther has a background in Banking, Payments & Fintech, worked for approximately 10 years in global transaction services at ABN Amro & RBS/Natwest in different roles from Sales to Management. She was partner at Innopay, a Dutch strategy consultancy firm in digital transactions, and chaired expert groups for ShoppingTomorrow, a platform for retailers and ecommerce.

Next to her current role at Icon, Esther is also Secretary to the Board of Holland Fintech - the digital finance community in the Netherlands and Executive Board Member at EWPN, a European network of women and young professionals active in Finance, Payments and Fintech. She is passionate about how the financial industry and fintech can play a key role in making finance more inclusive so people, businesses and societies can become more resilient to change. As such she is a strong advocate in promoting the value of DEI (diversity & inclusion) in improving business performance and accelerating digital transformation across the industry.

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