Fighting Fraud: The Role of Fraud Fusion Centers

About the Podcast

Fraud Fusion Centers are being utilized across the industry to stay ahead of Fraudsters.  Join Adam Barrett and learn how to join a Fraud Fusion Center and become more proactive against fraud. 

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Key Takeaways:

  • [00:56] The concept of a Fraud Fusion Center is a collaboration among professional fraud fighters. Anyone that has been doing this for a while forms a network of trusted advisors and we all go to each other anytime we come across some new or complex case. 
  • [02:50] Scams have always been around but the emergence of AI has made them far more sophisticated than we have ever seen before. 
  • [05:55] Person-to-person payment apps like Zelle, Venmo, and CashApp are not protected like debit and credit cards. 
  • [08:30] Every single time that new technology comes out that makes our lives better, fraudsters will find a way to exploit it. The current state of cyber fraud points credit unions in a lose-lose situation. 
  • [20:04] By identifying the information at one credit union and getting it out to others they are getting ahead of these threats. 
  • [22:19] Fraud Fusion Centers are critical. Formalize it and make it happen.

Presented By

Adam Barrett
Adam Barrett

DefenseStorm Senior Product Manager | DefenseStorm

Adam is the DefenseStorm Fraud Geek with an extreme passion for protecting financial institutions and the people who trust them to provide a safe banking experience. He is currently the Senior Product Manager for the DefenseStorm fraud product, Fraud Detection. With 25 years of experience in banking operations, fraud and risk, you would think he's seen it all, however, the constantly evolving schemes keep him motivated to stay in the fight. When not at work, he enjoys traveling, paddle boarding, gardening, and cooking.