FiVerity, Inc., a leading provider of cyber fraud detection and threat intelligence, announced today that it is launching a new, cyber fraud-focused webinar series specifically designed for executives and operational leaders at banks, credit unions, and credit card processors. The Cyber Fraud Intelligence Series will help attendees to understand and adapt to emerging, identity-based and fraud-driven cyber threats. Each of the series’ sessions will feature industry experts and leaders who are at the forefront in the battle against cyber fraud.
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Cyber Fraud Intelligence Webinar Series – sponsored by FiVerity (Photo: Business Wire)
The first session will feature an interview with Carole House, a cyber security and emerging technology policy expert formerly with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This inaugural session of this new series is scheduled for Tuesday, April 27th at 2 PM (ET).
Cyber Fraud on the Rise: Industry and Government Collaborate to Educate Market on Rising Threat
One of the biggest operational risks facing financial institutions today is the rise of synthetic identity fraud (SIF). The Federal Reserve has reported that traditional fraud detection models failed to flag as much as 85 percent of potential (SIF) applicants. To combat the growing problem, earlier this month the Federal Reserve announced an industry-standard definition for synthetic identity fraud (SIF), developed by a focus group of fraud experts in response to the widespread issue.
“Industry and government have to collaborate to bring greater awareness and help better educate the industry on the rise of sophisticated cyber fraud. As a top provider of machine learning-based cyber fraud solutions, we’re able to bring together the best and most knowledgeable people from industry, government regulators, and law enforcement to address this tough issue,” said Greg Woolf, founder and CEO of FiVerity. “These cyber fraud schemes were rising steadily before the COVID-19 pandemic, which has only made the situation worse. Now is the time for industry leaders to gain a clearer picture of what they’re up against, and to arm themselves with more effective defenses. Our webinar series will highlight a path they can take to achieve those goals.”
FiVerity is partnering with the renowned financial services strategic consulting firm, Sievewright & Associates to produce the online sessions. Mark Sievewright, the company’s founder and CEO, will host the first session of the series. Sievewright is a financial services industry veteran, recognized thought leader, credit union expert. In his more than 30 years of experience, Sievewright has held senior positions at HSBC, MasterCard International, Payment Systems Inc., TowerGroup, and Fiserv where he served as president of the company’s Credit Union Solutions division. In addition, Sievewright has joined FiVerity’s Advisory Board.
“There’s a virtual gold rush to digital going on right now among banks, credit unions, and other retail credit providers,” said Mark Sievewright. “They’re re-imagining how they do business with always-connected members. Being among the first to get it right pays huge dividends, so the competitive pressure is intense. But underestimating these cyber fraud threats can be an Achilles heel for any of these firms. The Cyber Fraud Intelligence Series launching this month with FinCEN provides new and compelling information that will help these organizations to avoid the operational and reputational problems these threats can cause.”
About FiVerity
FiVerity, Inc., is a groundbreaking cyber fraud detection company, utilizing machine learning and secure identity management to prevent sophisticated forms of cyber fraud. The company’s SynthID® platform is focused on thwarting cyber fraud threats at financial institutions in real time, including synthetic identity fraud (SIF), one of the fastest-growing financial crimes. FiVerity delivers actionable, proactive threat intelligence to banks, credit unions, and credit card providers helping strengthen and scale their consumer lending, customer onboarding and payments processes.
For more information, visit http://www.fiverity.com/.
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