Easy Prey5 Jun 2024

The Difference Between Fraud and Scams with Uri Rivner

Moving money has never been easier. We no longer need to go into a bank, fill out a slip, and hand it to a teller to receive our money. We can now transfer money instantly. Scammers are taking advantage of unfamiliar technology to either hack in and take our money or to deceive you into sending it to them yourself. Deciding if the bank is responsible for the loss is becoming more and more of a conversation.

Today's guest is Uri Rivner. Uri has been fighting financial crime for 20 years working closely with the world's largest banks on developing strategies against online fraud and scams. Prior to founding Refine Intelligence, Uri was co-founder and Chief Cyber Officer at BioCatch, the global leader in behavioral biometrics for fraud detection. Earlier, Uri served as Head of New Technologies at RSA. Innovations Uri spearheaded, such as risk-based authentication, are now saving the industry billions of dollars each year in fraud.

Show Notes:

[1:19] - Uri shares his background in fighting fraud for the last 20 years.
[3:43] - The companies Uri has worked for, founded, and co-founded work with banks and financial institutions to help protect against fraud.
[5:10] - In a fraud situation, people are tricked through social engineering to hand over their information, but the fraudsters move the money.
[6:41] - Fraud is unauthorized. A scam is an authorized payment.
[7:39] - Uri describes some of the history of frauds changing over to scams.
[10:42] - Although there's a difference between fraud and scams, the lines can be blurred.
[14:10] - Remote access malware became a real problem.
[17:13] - What are the differences between how the banks handle fraud and how they handle scams?
[19:08] - Banks can look at data and account action to determine if a criminal moved money or if the victim did it for them.
[20:36] - It is much more difficult for banks to detect scams.
[23:29] - If banks see something unusual, they typically reach out to the customer to hear the reason. This doesn't always work due to social engineering.
[28:13] - Engaging customers is tricky because people don't typically answer the phone or criminals are coaching the victim through what to say.
[30:17] - This year, in the UK, banks will be held liable.
[33:17] - By design, banks are supposed to know their customers. But that's not the case these days.
[36:48] - For banks, it is harder now to connect with customers to find out exactly what happened.
[39:31] - Uri explains what happened with the US introduction of instant money transfers through Zelle.
[41:50] - There is an increase in Zelle scams, but banks were able to offer some support and reimbursement.
[43:59] - Scams are the most effective tools criminals have.
[46:45] - Uri describes what we can look out for and how to best prepare ourselves to prevent scams.
[49:19] - When money is moved from a bank account, it is the end of a chain of events that led to it. What is the responsibility of the platform that transferred it?

Thanks for joining us on Easy Prey. Be sure to subscribe to our podcast on iTunes and leave a nice review.

Links and Resources:

Denne episoden er hentet fra en åpen RSS-feed og er ikke publisert av Podme. Den kan derfor inneholde annonser.

Episoder(329)

Job Recruiter Scams

Job hunting is hard enough without having to stop and ask whether the recruiter in your inbox is even real. My guest today, Jay Jones, ran into that problem firsthand after being laid off in December ...

24 Jun 35min

Bail Bonds Scams

Getting a call that someone you love has been arrested is scary enough. Getting that call from someone who sounds official, knows just enough to seem credible, and says you have to send money right aw...

17 Jun 36min

Confessions of a Fraudster

Technology keeps changing, but many of the most effective scams still come down to something very human: trust. My guest today is Tony Sales, co-founder of We Fight Fincrime and Underworld TV. Tony ha...

10 Jun 54min

Personal Safety

Scams and safety threats don't always announce themselves. Sometimes they start quietly, with a moment of distraction, a strange feeling you ignore, or a situation that shifts just enough to test whet...

3 Jun 43min

Data For Sale

Everyday conveniences ask for tiny pieces of information all the time like a phone number at checkout, a zip code at the register, an email address for a receipt, or a loyalty account for a small disc...

27 Mai 43min

Exploiting Psychology

Scams are often explained as a failure of judgment, but the truth is far more human. People are not fooled because they are foolish. They are manipulated at the exact moment emotion overrides logic, w...

20 Mai 45min

Investment Traps

Investment losses can be confusing because they do not always tell the whole story. Sometimes money is lost because the market has changed. Other times, an investor was sold something they did not und...

13 Mai 47min

Elder Exploitation

Aging parents often rely on the people closest to them for help, but what happens when that help becomes a way to take control? For Charles Wallace, the warning signs started small. His mother's fridg...

6 Mai 39min