▶ Development of a fraud strategy, to include the level of support and advocacy the bank will provide to victim customers. ▶ A systematic approach to the consolidation of fraud methods in real-time to respond to threats more quickly. The recounted Fraud Odyssey highlights the challenges faced by individuals and financial institutions in the evolving fraud landscape. The story of a WWII vet falling victim to financial exploitation exposes system gaps and the growing sophistication of criminals. It underscores the urgency for banks to adapt, invest in technology, use AI and establish robust fraud strategies. Creating a supportive environment for victims is crucial. This case is a reminder to address moral decline and fortify defenses against fraud, urging banks to adopt proactive solutions in combating modern-era challenges. Victim Perspective Gary Shildhorn, a Philadelphia attorney, testified before the Senate Special Committee on Aging on Nov. 16, 2023, after he was the attempted victim of a scam. Sen. Mike Braun, R-Ind., is the ranking member of the committee. Shildhorn concluded his testimony by saying, “I understand that there are economic benefits to a monetary transfer system, like cryptocurrency, that avoids the regulated bank industry. It is also manifestly apparent that this technology, along with AI technology and burner phones, provides a riskless avenue for fraudsters to prey on us. I doubt that the commercial benefits of cryptocurrency could ever outweigh the economic and social harm it causes. A fundamental foundation of our system is that if you are harmed, a remedy is available through the courts or law enforcement. Unfortunately, that is not the case here.” HB Digital Extra Check out the digital version of this story for links to learn more about the changing fraud landscape, law enforcement challenges, a one-hour fraud mitigation webinar and more. Jim Rechel President and Owner The Rechel Group Inc. JimRechel@RechelGroup.com Jim is president of The Rechel Group, a leading risk consulting business specializing in fraud risk analysis, fraud prevention, detection and investigation services. He has served as conference emcee for the IBA Security & Technology Conference for 20+ years and is a regular presenter at other IBA conferences and events. IBA ‘HIGH FIVE’ AWARDS Congratulations to Laurie Rees, who was honored with the Indiana Bankers Association High Five Award in February 2024. Rees serves as the Association’s vice president of education and training. The High Five Awards support professional development by inviting Association members and staff to submit names of IBA employees who perform outstanding acts of service. Nominations are read at monthly staff meetings, and a drawing determines the winner. To nominate an IBA employee for the High Five Award, call (317) 387-9380 or email HB@indiana.bank. MARCH/APRIL 2024 35
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