Converging Against the Fraud IndustryBAE's Sweeney on How Organizations Are Changing Anti-Fraud Tactics
Fraudsters consistently work across different channels to defraud banking institutions. And now banks are getting smarter about converging those channels to fight fraud, says Bill Sweeney, U.S. financial services evangelist at BAE Systems Applied Intelligence.
"Now the banks are saying, 'We have to break down those information siloes.' ... Some of the banks ... are actually creating fusion centers. These fusion centers, like many things that require organizational change, start with organization, not with technology. What they're doing is they're just co-locating people to try to break down the silo, try to get them to converse more, just so that by osmosis more information is exchanged," Sweeney says.
In this video interview at Information Security Media Group's recent 2015 Fraud Summit in San Francisco, Sweeney discusses:
- The forces behind anti-fraud convergence;
- The tools and skills necessary to fight today's fraud threats;
- How banking institutions are breaking down their own silos to fight fraud.
Sweeney is the U.S. financial services evangelist of BAE Systems Applied Intelligence and is entrusted with cultivating innovative technology solutions in cybersecurity, fraud prevention and regulatory compliance worldwide. For more than 20 years, Sweeney has leveraged emerging and state-of-the-art software and services to empower and transform investment operations as well as control risks. He has served as chief information officer and chief technology officer for a number of major banks, hedge funds and Wall Street firms.