Banks have invested so heavily in security that it’s becoming very costly for fraudsters to attack them directly. Instead, fraudsters change tactics and increase their efforts by way of deceiving business owners. One of the best ways to defend against fraud is to become an active participant in your own defenses and the first step is becoming aware of the threats and tactics that are currently being used in payments.
“We always talk about fraudsters taking the path of least resistance. With the help of chip technology and tokenization, traditional fraud schemes are much harder for fraudsters to maximize. Instead, they look at how they can bypass that and turn to other ways, such as social engineering.”
– Aaron Steinitz, Strategic Advisor on Fraud & Anti-Money Laundering, M&T Bank
In our first session in the Cybersecurity & Fraud series, industry experts discussed recent research which revealed that fraudsters are increasing their efforts to circumvent banks’ controls by way of deceiving business owners. One of the best ways to defend against these types of attacks is to become an active participant in your own defenses and understanding industry best practices.
In this session, M&T Bank Financial Crimes Manager Aaron Steinitz discusses payment fraud trends with Visa®’s Director of Merchant Risk Partnerships, North America, Tom Clayton and Director of US Client Risk Engagements, Jess Flock.
Topics to be covered include:
M&T Commercial Payments Solutions is here to help.
Please stay in touch with your Relationship Manager or dedicated M&T Representative to talk about fraud prevention solutions that fit your organization’s unique needs.
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