CATO: Who is Identifying the Fraud?
Back office and CSR personnel are often the most critical line of defense in identifying CATO.
This discussion explores how to create a layered detection program through people, process, and technology automation.
Corporate Account Takeover (CATO) is an increasing issue within community banks due to failure to actively identify instances of fraud. Standard detection methods are not always effective, as most instances of CATO appear as legitimate transactions.
Back office and CSR personnel are often the most critical line of defense in identifying CATO by recognizing unusual activity on the corporate customer’s account. Unfortunately many instances of CATO are first identified by corporate customers or other outside sources.
- Anatomy of a CATO attack
- Key steps in most fraud
- Common signs of fraud
- Employee detection methods
- Customer detection methods
- Automated detection methods
- Improve incident response procedures
- Layering detection methods through people, process and technology
By increasing the effectiveness of manual anomaly detection, along with augmenting automated detection in corporate customer activity, banks and their customers will be less prone to becoming victims. This discussion explores how to create a layered detection program through people, process and technology automation to further decrease the probability of experiencing financial and reputational loss due to CATO.
This presentation will address both management roles and operational roles in the bank, including the following:
- Information Security Officer
- Security Officer
- Operations Managers
- IT Managers
- Back Office Personnel
- Customer Service Representatives
Chad Knutson, CISSP, CISA, CRISC, is the co-founder of Secure Banking Solutions (SBS) where he serves as Senior Information Security Consultant and VP of Research and Development. He is also VP of the SBS Institute. SBS works with more than 500 banks in the U.S. on information security services such as the development of information security programs, policies and risk assessments, IT audits, penetration testing, vulnerability assessments and more.
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