Banking on Fraudology E56 - WTF, Seriously — Why the U.S. is Falling Behind in the Fight Against Fraud - with Matt O’Neill

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Jun 25, 2025

In this engaging discussion, Matt O'Neill, a 25-year veteran of the U.S. Secret Service and cybercrime expert, reveals America’s shortcomings in combating fraud. He emphasizes the urgent need for better information sharing and collaboration between law enforcement and financial institutions. O'Neill critiques outdated systems like 314A and 314B while highlighting how other countries are innovating faster in fraud prevention. He advocates for a national anti-scam center and calls for increased funding for training local law enforcement to tackle the growing threat of financial crime.

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ANECDOTE

Matt O'Neill's Start in Cybercrime

Matt O'Neill started in the Secret Service in 1998 focusing on electronic crimes, a niche avoided by many senior agents then.
He was drawn by the global scale cat-and-mouse chase of criminals, which fascinated him deeply from day one.

INSIGHT

Limitations of 314A and 314B

Sections 314A and 314B of the Patriot Act created a critical model for information sharing between law enforcement and banks.
However, these systems have become outdated and voluntary, limiting their effectiveness against modern, fast-moving fraud.

INSIGHT

US Falls Behind Internationally

The United States is behind other countries in fraud information sharing and response.
Other nations have more advanced coordination with financial institutions, law enforcement, and technology.

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Banking on Fraudology is part of the Fraudology Podcast Network.

In this eye-opening episode of Banking on Fraudology, host Hailey Windham sits down with Matt O'Neill, a 25-year veteran of the US Secret Service and former managing director of their global cyber investigative operations. O'Neill shares his sobering perspective on how the United States is falling behind in fraud prevention compared to other nations. Drawing from his extensive experience leading high-stakes global takedowns and coordinating multinational operations, O'Neill highlights the urgent need for modernization in information sharing and collaboration between law enforcement and financial institutions.

The discussion delves into the limitations of current systems like 314A and 314B, which were groundbreaking when introduced but have failed to keep pace with evolving criminal tactics. O'Neill argues for leveraging modern technology to enable real-time information sharing and close critical gaps that criminals exploit. He also emphasizes the need for cross-industry collaboration, pointing out how social media platforms and telecommunications companies inadvertently enable fraud at massive scales.

Perhaps most alarmingly, O'Neill reveals how other countries are innovating faster and treating fraud with greater urgency than the US. He advocates for the creation of a national anti-scam center and increased funding for training state and local law enforcement. The episode concludes with a powerful call to action for listeners to demand better from policymakers and industry leaders. Don't miss this opportunity to hear from one of the most respected voices in the field – listen now and join the fight for a safer financial future.

Matt O'Neill

Matt's Linkedin Post

About Hailey Windham:

As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.

Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.

Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/