Fraud Management & Cybercrime , Fraud Risk Management
The Do's and Don'ts of a Fraud Fusion Center
A Former Chief Fraud Director Discusses the Essential StepsThe key element for successful fraud fusion centers in banking is for fraud and security teams to work together using a simple methodology to prevent, detect and resolve fraud, says technology adviser Ben Wallach, the former executive vice president and chief fraud director at BB&T, a U.S. bank holding company based in Charlotte, North Carolina.
“You can apply this methodology across fraud, across security, across money laundering. It is a very easy paradigm to implement,” Wallach says (see: Analyzing the Role of Fraud Fusion Centers).
In this video interview with Information Security Media Group, Wallach also discusses:
- How fraud and security teams can collaborate;
- Areas in which collaboration may not be possible;
- How banks can begin the process of forming a fusion center.
Wallach, an independent technology adviser, is the former executive vice president and chief fraud director at BB&T, a bank holding company. He has more than 25 years of experience in fraud and security. Earlier, he worked at Regions Financial Corp., Wells Fargo, PNC and Citi.