Insights

Strengthening Alliances & Combating Fraud with Bank of America, The Knoble and Sinch

Oct 17, 2024

The 2024 Somos Summit brought together telecom industry experts and cross-industry thought leaders to delve into the latest technologies and strategies that will help to craft a more secure & interconnected world. Through insightful sessions and engaging discussions, this event inspired meaningful change and fostered collaboration across industries.

One of the strongest and most necessary relationships that the telecom industry maintains is with the financial sector. Together, these industries have a vested interest in ensuring that trusted communication channels are used effectively to prevent scams and protect consumers.

This session, "One Year Later: Strengthening Alliances & Combating Fraud with the Financial Industry," was moderated by Somos’ VP of Product Management, Jaime Zetterstrom and featured experts Stacy Graham, Trust & Assurance Policy Director at Sinch, Ian Mitchell, Founder of The Knoble and Guy Pearson, Senior Vice President at  Bank of America.

Jaime began the session by reflecting on last year's Summit, where financial institutions voiced the urgent need for telecom's help in combating fraud. She highlighted the progress that has been made over the past year and framed the discussion around the ongoing collaboration between telecom, financial institutions and other industries to combat fraud; noting that the shared goal of protecting consumers and restoring trust in communications has driven these partnerships forward.

Stacy Graham emphasized the critical role of collaboration in fighting fraud, stating how cross-industry partnerships have expanded significantly over the past year. She highlighted how telecom providers, banks and public-private entities like the National Cyber-Forensics & Training Alliance (NCFTA) have come together to tackle widespread fraud issues, such as text message campaigns targeting financial institutions. Stacy spoke about how partnerships between telecom providers and banks have led to identifying and sharing crucial information about scams, allowing for faster responses and more effective actions against fraudsters.

Guy Pearson shared his journey from military intelligence to cybersecurity in the banking industry, underscoring how important it is for different sectors to work together. He recounted a recent collaboration where telecom providers and banks traced a large-scale text message scam impersonating multiple banks. Through coordinated efforts, they gathered evidence, reached out to law enforcement and began to disrupt the activities of fraud rings. Guy highlighted the importance of leveraging safe havens like the NCFTA for sharing intelligence in a secure manner, making it possible to trace fraud back to its source and take action.

Ian Mitchell discussed the broader impact of scams beyond financial losses, including their role in funding human trafficking and other serious crimes. He emphasized that the financial and telecom industries' efforts to combat fraud are not just about protecting money but about preventing the exploitation of vulnerable individuals. Ian shared that in the past year, collaboration between banks has allowed for significant advancements in identifying and reporting cases of child sexual exploitation. He called for the telecom and financial industries to continue breaking down silos and sharing information to better track and disrupt criminal networks.

The panelists acknowledged that while progress has been made, challenges remain. Stacy highlighted regulatory hurdles that limit data sharing between telecom providers, which can hamper efforts to coordinate responses to fraud. Ian noted that while there is a growing recognition of the need to fight scams, there is often a lack of regulatory frameworks that enable deeper collaboration between industries. Guy expressed optimism but emphasized that the work is far from over, urging the industry to build on recent successes and continue to innovate.

Looking ahead, the panelists identified key opportunities for the next 12 months. They called for expanding collaboration to include more industries, such as shipping companies and health insurers, which are also affected by fraud. Stacy emphasized the need for clearer regulatory guidelines to allow telecom companies to share information without fear of legal repercussions. Ian highlighted the importance of creating frameworks that enable proactive data sharing across industries, allowing them to get ahead of fraudulent activities rather than just responding after the fact.

The session concluded with a call to action for everyone in the room. The panelists encouraged participants to get involved, join industry groups and contribute to building a safer communication ecosystem. They stressed that by working together, the telecom and financial industries can make significant strides in protecting consumers, disrupting criminal activities and restoring trust in communication channels.

Key Takeaways:

• Collaboration is Key to Combating Fraud: Cross-industry partnerships between telecom and financial institutions have made significant progress, but continued collaboration is needed to tackle evolving threats.

• Regulatory Challenges Need to Be Addressed: Clearer frameworks for data sharing and collaboration are essential for enabling more effective joint responses to fraud.

• Expanding the Alliance is Crucial: Including more industries in the fight against fraud, such as shipping companies and smaller financial institutions, will strengthen efforts to protect consumers and maintain trust in communication channels.

To learn more about the 2024 Somos Summit and to gain access to on-demand recordings, visit www.somos.com/summit