Giant Oak CEO Speaks at the ABA's Virtual Risk & Compliance Conference

ARLINGTON, Va. – Gary M. Shiffman, Ph.D., founder and CEO of Giant Oak, recently spoke at the American Bankers Association’s Virtual Risk and Compliance conference in front of risk and compliance professionals. As cybercrimes have quadrupled during the pandemic, Shiffman’s speech addressed the topic of how to engage in the fight against these multiplying cyber threats. 

The American Bankers Association (ABA) represents banks of all sizes. The conference shared the latest resources, analyses, and expert insights for helping banks recalibrate for the future of managing risk and compliance. ABA is a nationally-recognized source for late-breaking consumer compliance and risk information.

“It was an honor to speak at ABA’s Virtual Risk and Compliance Conference and to touch on a topic that is crucial in our day and age,” said Shiffman.

“Cybercriminals are capitalizing on the anxieties triggered by the pandemic, using malware like viruses, ransomware, and spyware to steal data on personal, business, and government computers. Risk and compliance professionals – not just security professionals – have the ability to combat these cyber threats if they have access to the right tools and have an understanding of human behavior. We can use technology to filter through data but we need humans to apply proper judgment.”

In his speech, Shiffman discussed the importance of new machine learning (ML) and artificial intelligence (AI) technologies in screening for and proactively mitigating cybercrime. Giant Oak’s search tool, Giant Oak Search Technology (GOST®), is the only domain-specific search tool enabling large-scale, high-speed screening and continuous evaluation. It has been successfully used in know-your-customer (KYC), customer due diligence (CDD), enhanced due diligence (EDD), anti-money laundering (AML), counter-threat finance, fraud and corruption investigations, counter-terrorism, and counter-trafficking applications.