Member Login | Become a Member
Innovative Payments Association
  • Events & News
    • Calendar
    • Newsroom
    • Fall Semester
    • Member Directory
    • Blog
    • Podcast
    • Summer Of Learning
    • Fintech Elevator
  • Membership
    • Member List
    • Membership Application
    • Member Login
  • Resources
    • FCTF
    • GRWG
    • Government Update
    • Safe Shopping
    • State Legislative Tracker
    • Financial Crimes Investigators
    • Prepaid Glossary
  • Payroll Cards
  • About Us
    • Our Team
    • Board of Directors
    • Advocacy >
      • CFPB
      • Covid-19 Response
      • Durbin Amendment
      • FDIC & OCC
      • Prepaid Rule Litigation
      • Unclaimed Property
    • Sponsorship
    • Contact
    • Media Inquiry
  • IPC 2021
    • Attendee Portal
    • Agenda
    • IPA Awards
    • FAQ
    • Payments 101 Certificate Workshops
    • Sponsorship Opportunities
  • Events & News
    • Calendar
    • Newsroom
    • Fall Semester
    • Member Directory
    • Blog
    • Podcast
    • Summer Of Learning
    • Fintech Elevator
  • Membership
    • Member List
    • Membership Application
    • Member Login
  • Resources
    • FCTF
    • GRWG
    • Government Update
    • Safe Shopping
    • State Legislative Tracker
    • Financial Crimes Investigators
    • Prepaid Glossary
  • Payroll Cards
  • About Us
    • Our Team
    • Board of Directors
    • Advocacy >
      • CFPB
      • Covid-19 Response
      • Durbin Amendment
      • FDIC & OCC
      • Prepaid Rule Litigation
      • Unclaimed Property
    • Sponsorship
    • Contact
    • Media Inquiry
  • IPC 2021
    • Attendee Portal
    • Agenda
    • IPA Awards
    • FAQ
    • Payments 101 Certificate Workshops
    • Sponsorship Opportunities

Preventing Fraud Requires Intelligence and Counter Intelligence

4/9/2019

0 Comments

 

Financial services companies that want to prevent hackers from breaking into their portfolios need to develop intelligence and counter intelligence, according to speakers at the

2019 Power of Prepaid Conference.

Financial services companies can learn from the ancient Chinese strategist Sun Tzu, who wrote that generals needed to know their enemies and know their own armies in order to be victorious, Bob Gourley, the cofounder of OODA LLC and a former naval intelligence officer, said. He described how espionage has gone from cloak and dagger to breach and hacker, and that this has bled over into the world of financial services.

He had three primary recommendations for companies planning to fight fraud.

  1. Companies need to know their adversaries look for their weaknesses. While hackers will likely surprise a company, studying them can yield good information about their weaknesses.
  2. Companies need to know themselves: what is their most important data and their abilities to fight fraud. Gourley also said the companies need to test themselves to learn how well their defenses work.
  3. Companies need to raise their defenses by designing systems for defense and containment and planning for backups in case they do get hacked.

Doing intelligence work like this is one part of the puzzle for companies. The other part is counter-intelligence. Steve Lenderman, who works in the Global Security organization for ADP, recommended that companies begin doing counter intelligence on what is happening in the realm of fraud.

He said companies can gain a lot by starting with online searches of the most common schemes to see how they are executing. He recommended that people look at common scams such as romance scams and work at home scams where people use social engineering to connive people to send them money.

Financial service providers should also pay attention to purchase patterns to spot nefarious activity such as human trafficking. For example, a pattern of use that shows using Uber to get to the same hotel frequently followed by transfers of money off a card might be indicative of human trafficking.

Another area of counter intelligence would be to search for portfolio BINs on the dark web. He recommended that people either out source this work or make sure they can do it in a way isolated from their primary systems to avoid risking exposure.

Companies have options when it comes to fighting fraud, but it is a constantly changing fight. So they must continually update themselves both through intelligence on themselves and their defenses and counter intelligence on what is happening on the dark side.

0 Comments



Leave a Reply.

    Author

    Write something about yourself. No need to be fancy, just an overview.

    Archives

    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018

    Categories

    All
    Member Profiles
    Podcast
    Power Of Prepaid
    Prepaid
    Small Business
    Webinar

    RSS Feed

Home

IPA Quick Links
​About

Blog​
​Events
Podcast
IPC 2021
Call for Speakers
​Sponsorship
FAQs

Certificate Workshop
Contact Us
© COPYRIGHT 2020. ALL RIGHTS RESERVED.