Unmasking the Invisible Threat: Key Takeaways from the Fraud Leaders’ Summit - Miami
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One of the most engaging sessions Brandie participated in was a panel discussion on Synthetic Identity Fraud. She highlighted a powerful takeaway: this isn't just a "big bank" problem. The widespread accessibility of advanced technology means that anyone, anywhere, can become a sophisticated bad actor. This democratisation of tools is a major reason synthetic fraud is impacting organisations of all sizes and types.
So, what’s the path forward? Key takeaways that are crucial for anyone focused on payments fraud:
Generative AI for Good
Rather than simply increasing headcount, Brandie emphasised the importance of empowering fraud-fighting teams with generative AI. She explained that when human expertise is supported by intelligent tools capable of analysing large volumes of data and flagging anomalies, both efficiency and effectiveness improve dramatically.
No Silver Bullet – Embrace the Layers
Brandie noted the panel’s consensus that there is no single magic solution to stopping fraudsters. A layered approach is essential. This means thinking beyond tools like IP detection or multi-factor authentication. She stressed the importance of combining generative AI with contextual data, establishing robust processes to identify inconsistencies, and conducting regular audits to uncover emerging patterns. “Fraudsters often spend two to three months building what looks like normal activity before striking,” she said.
Collaboration is King
Fraud prevention, Brandie said, cannot be done in silos, emphasising that operations teams, fraud analysts, and BSA/AML departments must work closely together. Each team brings unique insight essential to developing a comprehensive fraud strategy.
Don’t Wait for Regulation
Brandie warned against waiting for regulators to lead the charge. While well-intentioned, regulatory bodies often struggle to keep pace with the rapid technological changes driven by fintechs. She pointed out that many fintechs are on the front lines of fraud innovation and urged organisations to be proactive—exceeding minimum CIP requirements and avoiding reliance on reactive regulatory responses.
The Power of Shared Data
One of the most complex yet impactful topics discussed! While many providers and vendors are willing to share data for the sake of fraud prevention, end-user privacy concerns pose a major hurdle. Still, the message was clear: greater aggregated intelligence, especially through consortium data, leads to more effective risk scoring and fraud detection. The challenge, she said, lies in determining how and when such data can be responsibly and securely shared.
Brandie concluded that the summit reinforced a critical truth: the fight against fraud is ongoing and constantly evolving. She underscored the need to embrace innovative technologies like generative AI, foster strong collaboration, stay ahead of regulatory requirements, and bravely address the complexities of data sharing.
Leaving feeling energised and optimistic about the collective intelligence and commitment within the industry, Brandie stated we must continue working together to unmask these invisible threats and protect the integrity of our payment systems.
