I met with Uri Rivner, CEO of Refine Intelligence and a veteran in the fraud detection space, to get his insights and takeaways from his experiences at the RSA Conference and eFraud Global Forum.
The Rise of Fraud and Cybersecurity
Fraud and cybersecurity threats are evolving at a rapid pace. Uri highlighted the increasing sophistication of cyberattacks and the pressing need for advanced technologies to counter them. He stressed the importance of threat intelligence and collaboration among industry leaders to stay ahead of cybercriminals.
Detecting Scams and the Liability Shift
In our conversation, Uri distinguished between fraud and scams. Fraud typically involves direct criminal actions, while scams involve genuine customers being manipulated. Scams pose greater detection challenges because victims often act under pressure. With the UK and US introducing liability shifts, banks are now more accountable for protecting customers from fraud and scams. Uri mentioned behavioral biometrics and micro-behaviors as potential tools to enhance scam detection.
Challenges in Scam Detection and Operational Strain
Uri also discussed the operational difficulties banks face in detecting scams. Unlike account takeover fraud, scam detection is complicated because banks can't simply rely on customers to verify alerts. Slowing down faster payments to investigate suspicious transactions is one method, but it comes with operational hurdles. He emphasized the need to catch scams early to prevent fraudulent transactions.
Hope for the Future
Despite these challenges, Uri remains optimistic. The industry has proven adaptable, and Uri believes that collaborative innovation and sharp thinking will help keep cybercriminals at bay. He underscored the importance of maintaining vigilance and fostering partnerships within the industry.
Conclusion: A Collaborative Future for Cybersecurity and Fraud Detection
The digital landscape is ever-changing, with cybercriminals developing more advanced tactics. However, by leveraging threat intelligence, behavioral biometrics, and data-sharing, banks and financial institutions can improve fraud detection. The liability shift places greater responsibility on banks, pushing the industry toward more efficient fraud investigation methods.
While operational difficulties remain, the resilience and adaptability of the cybersecurity and fraud detection industries provide hope for the future. With ongoing collaboration, innovation, and vigilance, we can continue to build a safer digital environment for everyone.
