Banks can do more to prevent fraud

Identity fraud, account takeover, phishing attempts — financial institutions have seen all of these crimes increase in 2021.

Andy Shank, vice president of fraud and risk product management at Vericast, joins us to discuss how banks and credit unions can better protect customers from these growing threats.

A few takeaways from Andy Shank on fraud protection:

• Banks and credit unions may be focusing too much on common incidents like card and check fraud, instead of less frequent incidents with greater damage potential.
• Financial institutions should work together more on fraud since it’s a threat that they all face. This kind of teamwork includes sharing fraud information with peers.
• Tech companies, internet providers and device makers should take some interest in the upswing in high-impact fraud, and then do more to help fight these crimes.

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Terry Badger is the managing editor at BAI.