May 28 2024 36 mins
How can we encourage intel sharing between the private and public sector, while meeting regulations and protecting privacy? In this episode, Simon discusses reciprocity in intel-sharing with Jim Hitchcock, VP of Fraud Prevention at American Bankers Association. There Jim serves as the association’s primary expert on fraud mitigation activities and programs. The two also discuss the resurgence of low tech scams and social engineering to beat automated defenses.
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Key Quotes:
“I just sat down with the US Secret Service…. What they were saying was they get a little frustrated in the sense of not understanding why, when they might call a financial institution and say, “Hey, there's fraudulent money coming your way”, they may freeze that money, send it back to the initial, the sending institution, but then things just kind of end there and they don't get any positive feedback. And all the secret service is trying to do is collect more of that information to try to identify a real person that they could go out and talk to and maybe arrest later on down the street.”
“Financial institutions also have concerns about the lack of law enforcement feedback. But law enforcement can't always give feedback, right? Because….if they're sitting on an individual that they might arrest, sometimes you just can't give that information back. They might have had grand jury documents out to obtain some of this information.So there's secrecy issues there.”
Timestamps:
(01:28) The challenges of intel sharing between the private sector and law enforcement
(08:43) Are there concerns of the government showing favoritism to certain companies?
(15:58) Is there equal reciprocity when sharing information?
(20:42) Pig-butchering compounds in SE Asia
(26:10) A rise in low-tech, in-person scams
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Links:
Jim Hitchcok on LinkedIn
Simon Horswell on LinkedIn
Onfido’s Identity Fraud Report
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