Date of Event: November 12–13, 2024
Event: Global Anti-Scam Summit Americas 2024
This panel discussion explored the critical role of collaboration and intelligence sharing in combating fraud and scams. Moderated by Linda Betz of FS-ISAC, the session featured leading experts who shared insights on fostering partnerships to enhance fraud prevention and response strategies.
Key Themes and Insights
Linda Betz began by outlining FS-ISAC's commitment to fostering intelligence sharing among its 5,000 global members. She emphasized the network's legal framework as a foundation for secure threat intelligence exchange.
Frank Badalamenti (PwC) highlighted the value of shared data across financial institutions, noting the importance of early detection and reduced reliance on reactive measures. He proposed creating an overarching, cross-industry network for greater impact.
Kristin Connors (Meta) emphasized the need for partnerships to address gaps in fraud detection. Meta’s Fraud Intelligence Reciprocal Exchange (FIRE) program has removed 20,000 fraudulent accounts based on intelligence from UK and Australian banks. She stressed the importance of scaling such collaborations.
Greg Williamson (Bank Policy Institute) praised existing intelligence-sharing initiatives, such as FS-ISAC’s fraud workshops and Early Warning Systems (EWS), but called for greater participation and actionable contributions from all stakeholders.
Challenges and Opportunities
Panelists acknowledged that legal concerns, fragmented responsibilities within organizations, and a lack of regulatory clarity hinder intelligence sharing. They advocated for:
Standardization: Defining common data models and identifiers to streamline collaboration.
Safe Harbor Protections: Encouraging data sharing by protecting contributors from legal repercussions.
Cross-Industry Collaboration: Expanding efforts to include tech platforms, telcos, and law enforcement.
Kristin highlighted Meta's ongoing discussions with U.S. partners to expand the FIRE program. Greg called for government leadership and the establishment of a cross-sector task force to address scams holistically.
Looking Ahead
The panel concluded with a call for regulatory support, scalable solutions, and incentives to encourage participation. Panelists agreed that fostering trust and collaboration is essential to creating a safer ecosystem for consumers and institutions alike.
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