Fraudsters’ methods continually evolve to counter new fraud protection measures and with personally identifiable information, they could steal a customer’s identity or create a synthetic identity. Once a fraudster captures this information, if they are able to access a customer account or open an account, it creates a nightmare scenario with significant repercussions for the business and the customer.
Formed in 1936, Nationwide’s corporate security department has had the same mission since its inception: “To help our company do business safely by filling a safety consultative role with the business leaders,” says Jay Beighley, Associate Vice President of Corporate Security.
After 20 years spent focusing on financial crimes investigations in the Secret Service, Phil Hopkins, Vice President of Global Security at Western Union (WU), found transitioning to the financial area of the private sector to be pretty painless.
Nearly one in six American organizations suffered from fraud in the last two years, according to the 13th Global Fraud Survey from EY – nearly double the rate measured in 2012. While mitigating external risks is all well and good, ensure that you look inside your enterprise as well – all the way to the cubicle.
Three-million offensesagainst UK retailers in 2014 racked up direct costs of £603 million ($913 million U.S.) in 2014 – while the number of in-store thefts fell by four percent, the value per incident climbed 36 percent.
According to Royce Jeffries, the VP of Security Risk Management for Cornhusker Bank, the area had been affected by “lane gang crimes” – thieves break into vehicles or homes to take wallets and checkbooks. Then they drive to the bank with a check and the account holder’s ID, go to the furthest drive-through lane, often in disguise, and try to cash checks.
Led by CEO Al Grasso, The MITRE Corporation is paving the way to practical solutions for critical challenges in the U.S. while helping to foster talent, innovation and security for future generations. Learn more about this organization’s methods and mentorship in the October issue. Other topics in the October issue include profiles on the Port of Los Angeles and Seattle Children’s Hospital, 4K video surveillance tips and technology, security career advice and more.