Doug Clare

There’s one fraud pattern that’s highly predictable: when the economy goes down, fraud goes up. When it comes to fraud and COVID-19, the Great Recession of 2008 provides some important lessons that can help banks and consumers protect themselves against the increased risk. A Resurgence of Specific Fraud Types In 2008, many banks experienced sharp increases in fr…

The market for cyber insurance continues to gain momentum. A 2019 Allianz survey of risk management experts across 86 countries ranked cyber incidents as the biggest single point of risk for an organization, thus highlighting the need for an effective insurance policy to transfer risk from potentially damaging effects of a cyber-attack.  It seems daily, a new hig…

By now, you probably don’t give a second thought to unlocking your smartphone with biometrics such as a fingerprint or facial scan — even though the latter wowed the world when it debuted in 2017. As consumers, most of us still consider facial recognition the current state of the art for authentication. But soon your voice and the rest of your fingers will be involved…

 The explosive supply chain disruption that wreaked havoc in the early weeks of the pandemic has settled down to a gentle roar: companies now are looking at how to turn their short-term coping strategies into long-term, proactive resilience. Many organizations along the supply chain are looking to expand their sourcing options —while doing so can reduce business…

In my last post I wrote about the fraud and financial crime problems the USA is likely to encounter as real-time payments increase in both value and volume. The answers are neither fast nor easy, but there are things that all participants can do. What Banks Can Do In countries such as the UK, real-time payment schemes have been ubiquitous for many years. Banks h…

The Clearing House Association announced in January 2020 that on February 1st the limit for a single transaction using its RTP scheme will increase from its current $25,000 to $100,000. US payment schemes operate in a uniquely competitive environment.  The Clearing House Association’s RTP  - as well as The Automated Clearing House - offer same day…

“It’s like déjà vu all over again,” is one of my favorite Yogi Berra-isms, and as I look across the domain spaces served by FICO to write my 2020 predictions, it’s definitely déjà vu all over again. Specifically: Cybersecurity risk awareness is on another expansion wave, as a best-practice component of third-party risk management (TPRM). At long last, frau…

In their natural habitat, elephants rule because they’re smart, strong and fast. But they don’t dance. In today’s digital transformation, real-time payments environment, big banks are the elephants ­– large and formidable, but not especially known for being nimble. But can elephants, in fact, dance? Modern business history contains numerous examples of large organi…

Streamlining fraud detection and anti-money laundering (AML) processes is essential in fighting financial crime faster and more effectively. We heard this message loud and clear at Finovate in New York City this week, as we have from banks and financial institutions worldwide. This post is the first in a series exploring important new themes that are emerging in the r…

A growing percentage of cybersecurity incidents against businesses are the result of initial compromises against third parties, allowing malicious actors to gain access through a trusted relationship, move laterally and escalate privileges, and ultimately attain their target. This risk is highlighted in a new report by the U.S. Chamber of Commerce and underscores t…

As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. These steps can help businesses in the US and other countries not only meet regu…

It’s a great question, and needs to be asked. Cyber scores and ratings have been around for some time now, gaining steady momentum over the last five years. That said, the market for security risk assessment scores and ratings remains nascent, with a double-digit CAGR that will likely continue into the foreseeable future. With new data protection and privac…