Name
Fraud Track – The Weakest Link: The Impact of Scams on Trust
Date & Time
Tuesday, September 14, 2021, 2:15 PM - 3:00 PM
Moderator:
Trace Fooshee
Description

Fraudsters are predictable in at least one way: they pursue the path of least resistance. While fraudsters continue to probe the financial services industry for vulnerabilities, they are increasingly finding ways to target individuals directly. Scams have been around forever, but fraudsters are now able to scale and industrialize their attacks by exploiting the abrupt COVID-19 pandemic-driven shift to digital interactions, the exceptionally robust market of stolen identity information, and the unfortunate lack of consumer awareness and security hygiene. This rapidly-growing risk presents a very thorny challenge for financial services firms at a time when trust is an essential enabler of growth and innovation. This panel will discuss trends in scam activity across the industry, the damage that scams have on the trust relationship, and emerging trends across the financial services industry in mitigating these risk.