2 minute read
By Courtney Mamuscia
Posted in Customer Engagement
Our recent webinar, “Convergence of Fraud, Physical Security and AI to Increase ROI,” tackled the growth of convergence, the integration of physical and virtual security to protect organizations from malicious attacks.
The explosion of connectivity in today’s world has left organizations facing ever-increasing risks—not just from cyber attacks, but also physical security vulnerabilities—unless they make some changes.
While banks stopped about $16.9 billion in fraud attempts in 2016, banks lost a reported $16.8 billion in 2017—and fraud costs have only continued to rise in recent years as fraudsters become more sophisticated in their attacks.
Cyber and physical security can no longer operate in silos as they traditionally have been; convergence and unified solutions are a necessity as fraud costs continue to spiral out of control.
Our webinar speakers included Alex Johnson, Senior Director, Analytics and Strategy, Verint; Sam Piccolotti, Vice President Business Development, ToolCASE; Renee Wilson, Director of Risk Management, ToolCASE; and Jonathan Kirby, Vice President, Security and Investigations, Redstone Federal Credit Union. They discussed industry fraud challenges, benefits of data aggregation, AI and more.
According to Sam, card fraud accounts for anywhere from 60-70% of all fraud for financial institutions today, causing a major strain on their financial resources. But by combining the talents of physical security and AI, and remaining vigilant, financial institutions can see a benefit to their bottom line.
Key highlights from the webinar:
As the banking industry continues to evolve into an increasingly mobile/online-based market, it’s more important than ever to take concrete steps to prevent potential financial losses and reputational damage associated with payments fraud crime.
If you missed the webinar, not to worry—we’ve got you covered! You can watch it in its entirety on-demand and share the insights with your colleagues here. You’ll also get a sneak peek at a demo of Verint and ToolCASE.
Check it out!
Did you like this story?
Subscribe for more Customer Engagement insights