How Identity Fraud Affects Financial InstitutionsJavelin's John Buzzard on Findings of Fraud Impact Report
Financial institutions must be aware of artificial intelligence being used by criminals against them, says John Buzzard, lead analyst, fraud and security, Javelin Strategy & Research.
"Artificial intelligence-powered bot networks are very serious. Bots can mimic account holders just as easily as they can mimic customer contact center representatives. Whether they are pretending to be a consumer or a business advocate and can mimic conversation, etc., there is a threat," he says.
In a video interview with Information Security Media Group, Buzzard also discusses:
- The findings of Javelin's latest identity fraud report;
- Why there has been a dramatic increase in account opening fraud;
- How banks and other companies can reduce their exposure to attack vectors.
Buzzard is a nationally recognized financial fraud and security expert with more than 20 years of experience in the areas of fraud, security and risk management. He has influenced the card fraud, risk and security services for financial institutions throughout the United States through research, writing white papers, public speaking and consulting.