“I love it when a plan comes together.” — Colonel John “Hannibal” Smith in the movie A-Team.
As we kicked off Day 1 of our Bankrupting Fraud Virtual Summit, I was reminded of this famous quote. Our own Arkose A-Team has been working incredibly hard over the past few months to bring together industry experts and deliver a world-class virtual summit.
With all hands on the deck, Day 1 of the summit began with 2500+ industry experts joining us and was met with incredibly positive engagement and response from our audience. The day began with Geoff White, award-winning investigative journalist, and author, sharing real-world stories and an inside view of the world of cybercrime based on his own experiences gained through extensive reporting in this space. He also shared insights and highlights from his popular podcast, The Lazarus Heist.
The Deep Dives
In the attack deep dive on ‘New Account Fraud and Bonus Abuse’, Mike Daley of Arkose Labs discussed how fraudsters utilize automation at scale to open new accounts in order to take advantage of promotional or bonus offers meant to attract new customers. He also discussed fraudsters’ modus operandi to pull off and monetize these new account attacks as well as the ways to stop them.
Tracy Kobeda Brown of MRC and Lizzie Clitheroe of Arkose Labs analyzed attack trends across user points in ‘The State of Fraud 2021: A Data Deep Dive’. They used data from the Arkose Labs Global Network and Merchant Risk Council’s 2021 Fraud Survey to deduce deep-dive insights into the attack trends.
The highlight of the day was the keynote address on Fighting Global Cybercrime by Neil Walsh, Chief of Cybercrime, Anti Money Laundering at the United Nations. He stressed that no cyberattack is ever committed alone. It requires a coordinated effort involving different parties across the globe to successfully execute an attack. Neil also discussed the worldwide interconnected cybercrime ecosystem, how it works and what businesses can do to fight back.
In this session, our CEO Kevin Gosschalk presented a masterclass on how fraudsters make money from the business of cybercrime and why the best way to counter this threat is to bankrupt the economic gains associated with an attack.
The first-panel discussion on ‘Navigating the Convergence of Fraud, Identity & Infosec’ saw speakers Mike Cook (Socure), Brian Mullins (Chime), Ashish Jain (Arkose Labs), and Joe Hsy (Arkose Labs) discuss approaches for improving businesses’ risk posture and helping user experience. They talked about consolidation of technologies and data insights across fraud prevention, consumer identity management, and website security.
The key issues in user security, fraud, and safety in the age of digital-first and mobile-only businesses catering for a growing generation of digital-native consumers were discussed in the panel ‘Fraud and Account Security in the Digital Native Era’. The speakers including Mike Daley (Arkose Labs), Sanjay Nandrajog (Honest), Anuj Bhansali (PhonePe), and Javed Khan (OYO) discussed account security, evolving privacy mandates, and UX demands across payments, entertainment, travel, and finance.
As attacks across digital touchpoints constantly evolve and become more innovative, Bernard McManus (Sony), Gaurishankar Gopalakrishnan (Mission Lane), Lizzie Clitheroe (Arkose Labs), and Patrice Boffa (Arkose Labs) discussed ‘The Future of Fraud: Diversification of Attack Types’ and looked at some of the latest fraud trends. The panelists brainstormed on how businesses can best defend themselves and their consumers in the wake of these evolving fraud trends.
Rob Rendell (Feedzai), Krithika Ramadoss (Bill.com), Thomas Pernot (Square Enix), David Senecal (Arkose Labs), and Joe Hsy (Arkose Labs) came together to discuss how AI is just as vital for fraudsters launching attacks as it is for businesses looking to stop it. In this panel entitled ‘Machine vs The Machine: The Evolving Role of AI in Fraud’, they discussed how fraudsters use AI and ML and how businesses can best deploy this technology in their own fight against cybercrime.
In the session ‘Overcoming the Business-IT Security Divide’, Mark Schwartz from AWS observed that often, lines of business units and IT and security departments work in separate silos, but with coordinated attacks on digital businesses becoming more frequent and severe, it is critical that businesses and security work in concert.
Interactive Industry Roundtables
In addition to these informative sessions and panel discussions, participants engaged in industry roundtables for interactive discussions with peers from across banking, fintech, retail, media, gaming, and technology. For the roundtables, participants were divided into separate Zoom breakout rooms to explore top security and fraud trends for the respective industries.
To fight a technically superior opponent, collaboration is key. Through our virtual summit, it is our endeavor to bring together industry experts who can help businesses gain insights and prepare to fight the specific attack types hitting their industries. There is a lot more coming up on Day 2 of the summit. See you on the other side of the night break.