We continue our Expert Intel series, where we ask Mabrey Bank financial experts about one of their areas of experience. In this month’s Q&A, we talk to our Director of BSA, Fraud and Security, Jeff Snow, about the ever-changing world of fraud and how Mabrey is helping its customers adapt to stay vigilant and protected.
To see the previous installment in our Expert Intel series, click the links below.
Building Long-Time Client Partnerships – John Pixley
The New Age of Digital Banking – Laura Zigler
Creating and Sustaining Culture – Kendall Mullen
Investing in Rural Land – Mark Mabrey
Navigating Commercial Real Estate – Chris Odom
Engaging our Communities – Lisa McLarty
A Comprehensive Banking Experience – Kevin Short
What is your role at Mabrey Bank and your area of expertise?
I serve as the Director of BSA, Fraud & Security, protecting the bank and its customers from fraud, scams and any other financial crimes.
How are fraud awareness and prevention different today than it was 5, 10 or 20 years ago?
Fraud detection and prevention used to be tasks handled by several departments in the bank. Now, most banks, including Mabrey, employ dedicated fraud teams who specialize in financial crimes. Awareness, education, and outreach are always having to evolve to keep up with current fraud trends.
What should be front of mind for customers and businesses when it comes to financial fraud?
No one is immune to financial fraud, from consumers to small businesses and large corporations. Make sure you are taking advantage of all fraud prevention products and services offered by your financial institution. It’s important to talk to your family members, especially elderly relatives, about fraud and how to prevent it.
What common misconceptions about fraud do you see when talking with customers?
Many customers believe they will not be a victim of fraud because they, “don’t have a lot of money.” Information can be just as valuable as money and often, criminals are after your information. Social security numbers, dates of birth and other personal identifying information can be used to open fraudulent bank accounts that are used to facilitate fraud schemes.
What are some of the latest fraud trends you are seeing right now in banking?
Romance scams and investment scams are prevalent now and specifically target the elderly in most cases. Scammers are effective in building a rapport with their victims and convince them to “invest” or send money to an online acquaintance they have never met. Advertisements for fake job opportunities are also common and can trick jobseekers into providing personal information for what they believe to be a job application process.
How does Mabrey Bank’s approach to fraud differ from other banks?
It’s important to us to educate our customers and businesses about fraud. The more aware you are, the less likely you will be to fall victim to fraud. Mabrey also offers products and preventative procedures specifically designed to catch fraud before it impacts our customers.
When fraud does occur, Mabrey Bank is extremely aggressive in its recovery efforts. We fight to get every penny back for our customers who are victims to scams.
What should customers and businesses be preparing for in the fight against fraud over the next 5 years?
Fraud will continue to evolve and likely become more sophisticated. Artificial Intelligence will make it increasingly more difficult to distinguish between what is legitimate and what is a scam. A recent poll found that 40% of adults in the U.S. are contacted every day by some sort of scam attempt. That number is only increasing, and fraud messages are getting tougher to recognize. Consumers must protect confidential information, and businesses should treat fraud as an operational risk, not just an IT issue.