First-party Fraud and Infrastructure for Fraud Prevention with Alex Faivusovich

Banking on Fraudology is presented by Unit21.

Unit21’s Risk and Compliance Infrastructure empowers your team to proactively combat financial crime and make informed decisions throughout the customer lifecycle.

Learn more about our sponsor, Unit21:

- See Unit21 in action https://www.unit21.ai/podcast

- Follow Unit21 on LinkedIn https://www.linkedin.com/company/unit21/

- Watch Unit21 Virtual Summit Hailey session replay https://hubs.li/Q02LbZmC0

-Request your copy : State of Fraud & AML Report

Welcome to a new episode of Banking on Fraudology. Join Hailey Windham as she dives deep into the world of first-party fraud with Alex Faivusovich, the head of fraud risk at Unit 21. With over 15 years of experience in fraud prevention, Alex shares his expert insights on the growing issue of first-party fraud, especially among young individuals, and highlights its long-term consequences.

In this episode, we unravel the complexities of first-party fraud, from romance scams to refund abuse, and discuss how the pandemic has exacerbated these activities. Alex emphasizes the importance of educating youth and financial institutions on recognizing and preventing fraud. He also talks about the shift from transaction-level fraud detection to understanding customer lifecycles and behaviors, advocating for better data orchestration and informed decision-making.

Together, they explore the frustration around the lack of legal consequences for fraudsters and the need for more efficient Know Your Customer (KYC) processes. We also touch on the ethical challenges of creating a global consortium to track fraudsters. Join us as we venture into the intricate world of first-party fraud and uncover strategies to protect both customers and financial institutions.

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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/

Connect with Alex: https://www.linkedin.com/in/stopfraud/