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With the expansion of credit card use and online transactions, credit card fraud is becoming an ever-growing issue for merchants, financial institutions and consumers. A Nilson report claimed that credit card fraud losses reached $11.27 billion in 2012, up 14.6 percent from the year prior. Credit card fraud is a continuous threat to our financial system. It also enables identify theft and creates significant problems for victims and their credit scores.
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Andrewprozes Andrewprozes Credit Card Fraud With the expansion of credit card use and online transactions, credit card fraud is becoming an ever-growing issue for merchants, financial institutions and consumers. A Nilson report claimed that credit card fraud losses reached $11.27 billion in 2012, up 14.6 percent from the year prior. Credit card fraud is a continuous threat to our financial system. It also enables identify theft and creates significant problems for victims and their credit scores. Andy is a member of the board of Ethoca, an innovative global collaboration-based technology services company addressing international credit card fraud. Ethoca’s network consists of card- issuing banks and online merchants working cooperatively through a single, automated, secure connection outside the payment networks stream to their mutual benefit. Ethoca’s direct-from- source card-issuer data is used by merchants to stop the fulfillment of goods and services tied to fraudulent accounts on orders they are actively processing. Ethoca Alerts significantly reduce the time it takes for merchants to be notified of confirmed fraud – from often three to six weeks to just minutes. Anti-Money Laundering Money laundering facilitates a broad range of illegal activity throughout the world, including terrorism, human trafficking, fraud and illegal drugs, and threatens the integrity of the entire global financial system. To make illegal sources of money appear legitimate, offenders launder their funds through intermediaries so as not to raise the suspicion of banks and other financial
Andrewprozes institutions. The International Monetary Fund estimates that 2 to 5 percent of worldwide GDP is laundered each year. International organizations, corporations and governments are working to combat money laundering and bring those responsible to justice, but there is much more that can be done. The United Nations took some initial steps at the end of the 1980s to address the growing money laundering problem. Following the creation of the Financial Action Task Force (FATF) in 1989, regional groupings – the European Union, Council of Europe, Organization of American States and other organizations – developed anti-money laundering standards for their member countries. The Caribbean, Asia, Europe and southern Africa have created regional anti-money laundering task-force-like organizations, and similar groupings are planned for western Africa and Latin America in the coming years. Through several investments, Andy has dedicated significant time and resources to help expand anti-money laundering practices internationally. He is currently chairman of the board of ACAMS, the largest international membership organization dedicated to enhancing the knowledge, skills and expertise of anti-money laundering and financial-crime detection and prevention professionals. The continued broad acceptance and integration of anti-money laundering laws and procedures is one of the more effective ways to disrupt and eliminate international fraudulent activity. Tapping the power of information and technology can help combat criminal activity and lead to rule of law and better and easier decision-making around the world. Effective anti-money laundering and fraud detection programs, based on international cooperation and transparency of information, are crucial tools in the fight against terrorism, human trafficking and drug cartels and can help promote a strong civil society, economic stability and the rule of law. Throughout Andy’s life, and specifically over the past decade, he has helped build companies that are taking firm and innovative steps to improve the integrity of information and promote the rule of law around the globe. Freedom House – the nonpartisan NGO that engages in research and advocacy on democracy, political freedom, and human rights – recently released its newest overview of the state of freedom on the Internet around the world. I’m a Board member at Freedom House, so this is something I’m quite focused on, and the topic is also important to me in the context of my work more broadly. It’s vital that the Net remains free, and it’s something that all of us ought to be mindful and even vigilant about.
