Giant Oak CEO Speaks at the American Bankers Association Virtual Financial Fraud Prevention, Strategy, and Investigation Symposium

As cybercrime multiplies during the pandemic, Gary M. Shiffman, Ph.D., explains how to fight COVID-19 fraud using big data and artificial intelligence

ARLINGTON, Va. – Gary M. Shiffman, Ph.D., founder and CEO of Giant Oak, spoke [this week] at the American Bankers Association Virtual Financial Fraud Prevention, Strategy, and Investigation Symposium in front of ABA members facing an ever-changing landscape of sophisticated fraud schemes. Shiffman explained how financial institutions could apply machine learning (ML) and artificial intelligence (AI) to combat financial fraud in an increasingly digital world.

The American Bankers Association (ABA) represents banks of all sizes. The symposium discussed risks and prevention methods used to thwart identity theft, account takeover, cybercriminals on social media, and risks associated with faster/real-time payment and P2P services. ABA is a nationally-recognized source for late-breaking consumer compliance and risk information.

“It was an honor to speak at this week's ABA symposium about the types of COVID-19 fraud we are seeing and how to prevent them,” said Shiffman. “Cybercriminals, for example, are increasingly relying on money mules to move stolen money through payment systems. In order to deter and identify money mule schemes, we need to use behavioral science, AI, and ML that will enable better collaboration between banks.”

One example of advanced AI technology is Giant Oak’s GOST® search technology. Using GOST, professionals are empowered to quickly and efficiently sort and identify illicit activities using dynamically sourced publicly available electronic information (PAEI).