Cathy Davis, Vice President, Fraud Services, Comerica
Sam Romano, Vice President, Major Case Coordinator, Regions Bank
Silvia Sarra, Vice President, Manager of Loss Prevention Systems, Sovereign Bank

Account takeover (ATO) takes its toll not only in dollar losses but in loss of reputation and relationships with consumer and business customers who may battle the bank over who is responsible. Today’s financial institution fraud mitigation managers need to resist takeover assaults from traditional methods and those that arrive via cyberspace. The panel will discuss responses to:

• Traditional, manual methods for retail ATO --address changes, account name additions, replacement and/or new debit/credit cards, check orders
• Online/web methods for retail ATO -- authentication takeover with credentials, fraudulent bill payments, ACH draw to fund accounts, online account opening
• Traditional, manual methods for business ATO -- bookkeeper fraud; payroll fraud; payables fraud; stealing client names, addresses, bank account information from payroll files for ID theft; law firm debt collection schemes
• Online/web methods for business ATO -- malware/man in the browser attacks aimed at business online web applications with ACH/Wire; changing privileges/entitlements; changing account numbers for payables without changing the payee name