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Banking on Fraudology E56 - WTF, Seriously — Why the U.S. is Falling Behind in the Fight Against Fraud - with Matt O’Neill
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Banking on Fraudology is part of the Fraudology Podcast Network.
In this eye-opening episode of Banking on Fraudology, host Hailey Windham sits down with Matt O'Neill, a 25-year veteran of the US Secret Service and former managing director of their global cyber investigative operations. O'Neill shares his sobering perspective on how the United States is falling behind in fraud prevention compared to other nations. Drawing from his extensive experience leading high-stakes global takedowns and coordinating multinational operations, O'Neill highlights the urgent need for modernization in information sharing and collaboration between law enforcement and financial institutions.
The discussion delves into the limitations of current systems like 314A and 314B, which were groundbreaking when introduced but have failed to keep pace with evolving criminal tactics. O'Neill argues for leveraging modern technology to enable real-time information sharing and close critical gaps that criminals exploit. He also emphasizes the need for cross-industry collaboration, pointing out how social media platforms and telecommunications companies inadvertently enable fraud at massive scales.
Perhaps most alarmingly, O'Neill reveals how other countries are innovating faster and treating fraud with greater urgency than the US. He advocates for the creation of a national anti-scam center and increased funding for training state and local law enforcement. The episode concludes with a powerful call to action for listeners to demand better from policymakers and industry leaders. Don't miss this opportunity to hear from one of the most respected voices in the field – listen now and join the fight for a safer financial future.
Matt O'Neill
About Hailey Windham:
As a 2023 CU Rockstar Recipient, Hailey Windham, CFCS (Certified Financial Crimes Specialist) demonstrated unbounding passion for educating her community, organization and credit union membership on scams in the market and best practices to avoid them. She has implemented several programs within her previous organizations that aim at holistically learning about how to prevent and detect fraud targeted at membership and employees.
Windham’s initiatives to build strong relationships and partnerships throughout the credit union community and industry experts have led to countless success stories. Her applied knowledge of payments system programs combined with her experience in fraud investigations offers practical concepts that are transferable, no matter the organization’s size.
Connect with Hailey on LinkedIn: https://www.linkedin.com/in/hailey-windham/
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