ABA Banking Journal - February 2013 - (Page 10)

bank notes New fraud target: the call center Over the past few years, banks have homed in on the problem of online fraud. But now the focus is starting to shift to call-center fraud. “There’s been a lot of investment and a lot of time put into how we create more barriers for criminals transacting through the online-banking channel,” says Ben Knieff, director of financial crime product marketing at NICE Actimize, a provider of financial crime, risk, and compliance solutions. “And what that’s done is made the contact center a more attractive target.” The wide availability of personal information in the public sphere plays a role in this shift. Many leave digital footprints through social media, and fraudsters are using this information as a starting point. Through a process commonly referred to as “nibbling,” fraudsters take data they’ve gleaned and use social engineering to manipulate a call-center agent into giving them more information. They continue to gather details until they have enough to actually perpetrate a fraud, which could be opening a new debit card or transferring funds. Banks have long combated this type of fraud by training call-center employees to spot signs like nonmonetary transactions (address and pin changes) that precede actual monetary transactions. Helping to take that training to the next level through his company’s internal penetration audits is Mike Thomas, partner in Crowe Horwath’s Financial Institutions Risk Consulting Practice. “One of the things we’ve been doing lately has been targeting call-center employees, trying to get bits of information out of them that we’re not supposed to be able to get if they follow all of their protocols,” he says. 10 | ABA BANKING JOURNAL | February 2013 Photo: shutterstock.com Banks and vendors employ new solutions to stem a rising problem http://www.SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - February 2013

ABA Banking Journal - February 2013
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
“I’m not just a banker anymore”
Pass the Aspirin
Tech Topics
High-energy banker—a tale of four cities
What’s in it for the customer?
Wealth management goes holistic
Compliance Inbox
ABA At Your Service
Legal Issues
First Person

ABA Banking Journal - February 2013

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