New Faces of Fraud: Survey AnalysisCyxtera's Mike Lopez on Emerging Technology's Role in Preventing Fraud
Fraud incidents and losses have remained steady or increased in the past year, according to ISMG's latest Faces of Fraud Survey. And the biggest fault of banking institutions' current anti-fraud controls: They rely too much on manual processes. Mike Lopez of survey sponsor Cyxtera Technologies analyzes the results and how to use them.
"Attacks are evolving at an extremely high rate of speed," says Lopez, VP, Security and Fraud, Cyxtera Technologies. "Cyber criminals are constantly changing their tactics, looking for new angles, looking for other vectors by which they can penetrate your counter measures."
The biggest problem for banks? "[They] are still relying heavily on manual processes, which can obviously hinder their ability to pivot quickly and offset, or counter, the rate of speed at which cyber criminals are launching their attacks. You can't assume that what was done yesterday will work for today."
In an interview about the new Faces of Fraud Survey, Lopez discusses:
- Which results surprised him;
- The impact of high-profile breaches on current fraud trends;
- The role of analytics, machine learning and biometrics in improving anti-fraud defenses in 2019.
With more than 15 years of banking industry experience, Lopez directs Cyxtera's secure access and anti-fraud operations, and oversees the delivery and implementation of its related products and services around the world. Using his knowledge of current fraud trends and past banking experience, he provides prospective and current clients with answers to their most pressing fraud protection questions, and offers guidance for implementing effective measures to mitigate attacks. Lopez also established and maintains Cyxtera's comprehensive risk management and business continuity programs for its SaaS solutions. Previously, he served as the Chief Information Officer for Marquis Bank, and as a Bank Secrecy Act/Anti-Money Laundering Officer for Ocean Bank, both community banks based in Florida.