The Fraudian Slip Podcast: Mitek Systems & SentiLink – Is the Suspected Fraud Decline Real?

Show Transcript

Welcome to the Fraudian Slip, the Identity Theft Resource Center’s (ITRC) podcast, where we talk about all things identity theft, fraud and scams that impact people and businesses. This month’s episode focuses on whether or not the suspected fraud decline is real and if anti-fraud tools are working.  

After all the Memorial Day cookouts, proms and graduation ceremonies of the past week, you might have missed some news about cybercrimes, including identity theft, fraud and scams. Just before the long holiday weekend, the Federal Bureau of Investigation (FBI) released a report that noted the number of reported fraud and cybercrime victims experiencing financial losses had dropped. That’s in keeping with a report from the Federal Trade Commission (FTC) and the ITRC’s own victim impact report due out in a few weeks. The ITRC recently spoke on these reports. To learn more, click here.  

Is the suspected fraud decline real? Are there really fewer victims, or just fewer reports? Here to explore that question are three experts in the field of identity fraud who keep tabs on what’s happening in the cybercrime markets: Kerry Cantley from Mitek Systems, Jason Kratovil from Sentilink and an ITRC Board member, and the ITRC’s CEO, Eva Velasquez. 

We talked with Kerry Cantley, Jason Kratovil & Eva Velasquez about the following: 

• Let’s get the preliminaries out of the way first. What does your organization do when it comes to fraud, scams and identity issues? 
• All major reports – ITRC, FTC, FBI IC3 – point to a two-year downturn in victims of identity theft, fraud and scams. Is that real or imaginary? 
• Why do you think we’re seeing these trends now? 
• What role, if any, do you think “victim fatigue” – the never-ending stream of phishing emails, texts, spam calls, data breach notices and the media coverage of these items – plays in scam and fraud victims just not reporting what happened to them? 
• We intuitively know that fraud and scams are accelerating, thanks, in part, to the fact that identity criminals pretty much operate with impunity in parts of the world, data breaches are near an all-time high, but also because of artificial intelligence. What do we as defenders need to do to counter the advantages the bad guys have? 
• What can individuals do to help avoid scams and fraud? 
• What do companies need to do to protect their customers? 

Contact the ITRC 

Thank you to our guests for joining us to discuss whether or not the suspected fraud decline is real. If you think you have been the victim of an identity crime or want to avoid becoming a victim, you can speak with an expert advisor on the phone or via text (888.400.5530), chat live on the web or send us an email during our normal business hours (6 a.m.-5 p.m. PT Monday-Friday). Just visit www.idtheftcenter.org to get started. 

Please hit the like button for this episode and subscribe wherever you listen to podcasts. Join us next week for our sister podcast, the Weekly Breach Breakdown. Until then, thanks for listening.