Fraud

Case Study: Fighting Fraud As It Shifts

Bankers Trust's Jodi Selby on Protecting New Banking Channels

Perhaps the biggest challenge financial institutions face when combatting fraudsters is that new security technologies generally push fraud to new places, says Jodi Selby, vice president of the financial intelligence department at Bankers Trust, a $4 billion commercial bank based in Des Moines, Iowa.

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"My chief information officer will say, 'You can build a 50-foot wall, but the criminals have a 51-foot ladder,'" Selby says. To stay ahead of fraudsters, Selby's team tries to anticipate their next moves and find the best technology to help mitigate those threats. "As a financial institution our size, for years we've monitored fraud in a lot of different spaces," she says. The challenge, she adds, is how to "really manage that effectively."

In a video interview at Information Security Media Group's 2015 Fraud and Data Breach Prevention and Response Summit Dallas, Selby offers a case study on how to best respond to such evolving fraud schemes as business email compromise, account takeover and debit and credit card fraud.

"It's not like [criminals] are going to say, 'We've had a great run, and we're done.' They will find another way to steal money," Selby says.

In this interview, Selby also discusses how:

  • Bankers Trust is managing the shift to EMV;
  • Financial institutions must balance offering mobile payment options, such as Apple Pay, to meet customer demand while minimizing new avenues for fraud; and
  • Her efforts to educate others on fraud prevention.

Selby, who joined Bankers Trust in 2000, manages the bank's financial intelligence department, which is responsible for information security, physical security, fraud investigations and anti-money laundering compliance strategies. A professional in the financial services industry for nearly 25 years, Selby holds certifications as a Certified Community Bank Security Professional, Certified Anti-Money Laundering Specialist and Certified Financial Services Security Professional.


About the Author

Tom Field

Tom Field

Vice President - Editorial, ISMG

Field is an award-winning journalist with over 30 years experience in newspapers, magazines, books, events and electronic media. A veteran community journalist with extensive business/technology and international reporting experience, Field joined ISMG in 2007 and currently oversees the editorial operations for all of ISMG's global media properties. An accomplished public speaker, Field has developed and moderated scores of podcasts, webcasts, roundtables and conferences, and he has appeared at RSA Conference and on various C-SPAN, The History Channel and Travel Channel television programs.




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