Fraud Red Team

How did fraudsters manage to hijack one-time passcodes at one financial services company? In this Nexi Talks: Fraud Prevention episode, Jerry Tylman reveals the surprising exploit that caught Zelle off guard. Discover the unexpected twist and how his team cracked the case. Tune in for the full story! https://lnkd.in/dujFvJwd #NexiTalks #FraudPrevention #Podcast #PaymentFraud #Fraud #Payments

How do banks stay ahead of fraudsters?  In our first Nexi Talks: Fraud Prevention episode, we’re joined by Jerry Tylman, Partner at Greenway Solutions and Founder of Fraud Red Team. Jerry reveals the cat-and-mouse game between banks and fraudsters—from credit card hacks to account takeovers.  Tune in to hear how banks can go beyond just reacting to fraud and what it takes to outsmart bad actors. This episode is packed with insights you won’t want to miss! https://lnkd.in/dujFvJwd #NexiTalks #FraudPrevention #Podcast #PaymentFraud #Fraud #Payments

A huge thank you to the Nexi Group Team for having our co-founder, Jerry Tylman, as a guest on the very first episode of Nexi Talks!    In Episode 1, Jerry joins Sean Neary to dive into the ever-evolving world of fraud prevention and share insights into staying ahead of the curve.    If you’re interested in the latest strategies and insights into preventing financial fraud, make sure to tune in to this episode. Don’t miss out – listen here: https://lnkd.in/dujFvJwd #FraudPrevention #NexiTalks #WeAreNexi #Finance #Podcast

What a whirlwind of a month it’s been for Greenway Solutions and Fraud Red Team! I recently had the pleasure of joining my old colleague, Sean Neary, on the very first episode of Nexi Talks, a new podcast series by Nexi Group. We touched on some of the biggest challenges organizations are facing today and shared insights on how to stay one step ahead in such a fast-changing environment. If you're interested, give it a listen, and let me know what you think! https://lnkd.in/dujFvJwd

Patrick Shaw and I recently had the pleasure of joining Kristen Kelly and Jennifer Saarbach from The Wall Street Skinny podcast for an insightful discussion on red team testing! Here’s a short clip on the magnitude and persistence of Fraud Inc. and how we help banks proactively identify where the fraud is going next. To learn more about Fraud Red Team, visit our site: https://lnkd.in/e3WcuQmt

"How does your Bank proactively assess fraud risk in new products, process changes and new anti-fraud controls?" This was one of eight questions that I asked Jeff Kearney, Chief Fraud and Security Officer at Ally Bank during our session at this week's Datos Conference.  Our panel was hosted by Jim Mortensen from Datos Insights who recently published a paper on this titled, "Upping your Game: Leveraging Red Team Testing and Benchmarking".  Jeff explained that proactive fraud risk assessment requires a combination of threat analysis, internal testing, and external red team testing. For red team tests, the Bank uses real, funded accounts and a range of test scenarios to evaluate systems, processes, human control elements, and sometimes to gain insights from controls implemented by peer banks.   A big thanks to Jeff for sharing his insights and to the entire Datos Insights team for hosting a great conference! If anyone is interested in receiving a complimentary copy of Jim's paper, please visit our website: https://lnkd.in/eeJ486SR #FinCrimeForum

I'm excited to announce that I'll be speaking at the Datos Insights Financial Crime and Cybersecurity Forum on Wednesday, August 28th at 1:20 pm. I'll be joined by Jeff Kearney, Chief Fraud and Security Officer at Ally Bank, to discuss how fraud red team testing is being used to anticipate, discover and mitigate fraud. Jeff will provide the bank's point of view on the value that proactive fraud control testing has provided Ally.  Hope to see you there!  #DatosForum #FraudPrevention #CyberSecurity

Excited to share that Greenway Solutions was featured on the most recent episode of The Wall Street Skinny podcast!    The episode is titled "How to Rob a Bank: Inside Financial Fraud Red Teams". It’s a great conversation where we deep dive into the inner workings of financial fraud and our work with Fraud Red Team to help financial institutions identify their fraud control vulnerabilities ahead of the fraudsters.    A huge thank you to the amazing hosts, Jennifer Saarbach and Kristen Kelly at The Wall Street Skinny for having us on and providing a platform to share our story. We truly enjoyed the engaging conversation and the chance to highlight the importance of our work.   If you have a few minutes, please give it a listen, and tell us what you think. You can find the episode on Spotify, Apple Music, or listen to it on The Wall Street Skinny website: The Wall Street Skinny: https://lnkd.in/eE5cDSn3 Apple Music: https://lnkd.in/eC6k_X45 Spotify: https://lnkd.in/esi6z4FJ

Where is the fraud going next? I like this question and I was asked to opine on it last week at the Featurespace User Conference. My answer is that fraud will continue to focus on Customers, it will seek out system Changes, it will probe and attempt to bypass new Controls, and it will be channeled to weaker F.I.s by what Competitors are doing. Here is the rundown on eleven probable paths: Customers - will continue to be victimized by Scams until the Scam Kill Chain is vastly improved Customers - banks will see a shift to First Party Fraud as IDV controls and Doc V controls continue to improve Customers - will be victimized by AI driven voice/video presentation attacks (e.g., Deepfake version of BEC) Change - fraudsters will always attack new products and access channels, they are also adept at finding weaknesses in system / platform upgrades Controls - trust but verify your black box vendor controls (they all have gaps); accept that anything that has become ubiquitous is under attack (e.g., SMS OTP); any control suffering from tech debt will eventually be uncovered and exploited (e.g., Check Fraud Controls); any control that has some element of manual fallback processing is ripe for exploitation (e.g., PW reset); and any control that spans two or more channels is subject to exploitable race conditions. Competitors - be mindful of the security and product enhancements that your competitors are making as they might be shifting the fraud to you (e.g., Branch IDV for non-customer check cashing, account linkage controls for API P2P connections). I'm sure that there are lots of other places that fraud is going next. Feel free to add to this list. Thanks!

Customers aren't stupid, they're human! That's why they fall for scams. Scams are the intersection of Psychology and Technology. Psychological factors such as curiosity, scarcity, authority, greed, urgency, reciprocity and social proof are used to entice people to engage, and they work because we are human. Yesterday, at Prove's Improve 2024 Conference I presented a new Greenway Solutions / Fraud Red Team service called Friendly Scamming. Friendly Scamming sends scam messages to customers and anyone who clicks is served scam education content, not a phishing site. It's learning by doing, the customer touches a warm stove, not a hot stove!  To learn more about our new approach to scam education, check out our white paper on Friendly Scamming. https://lnkd.in/eEhuYrAY