On the latest episode of the ABA Fraudcast — a crossover episode with the ABA Banking Journal Podcast — ABA's Rob Nichols and Paul Benda provide several updates on ABA's work to reduce the incidence and cost of fraud for bank customers. Among other topics, they highlight:

• Their recent participation in the United Nations and Interpol Global Fraud Summit. "O

Paul Benda's guest on this episode of the ABA Fraudcast describes how social media platforms are capable of stopping use of their sites to host large-scale scams but do not do so because of weak incentives, limited liability and, as recent reporting has revealed, a reluctance to disable an enormously successful business.

"This is an incredibly lucrative industry," says Katie Paul, from the Tech Transparency Project. Social media platforms are "completely capable" of addressing these issues, she adds, and describes how the banking industry can take steps to protect itself and its customers.

More information from ABA for banks about the recently introduced SCAM Act is here and here. ABA offers resources to help banks prevent, identify, measure and report fraud, and to serve and protect consumers and their financial data..

Follow the ABA Fraudcast on Apple Podcasts, Spotify or other podcast apps. If the player above is not visible, listen to this episode here.

Host of the ABA Fraudcast is Paul Benda, EVP, risk, fraud and cybersecurity at American Bankers Association.

Generative AI is making identity fraud and social engineering easier, cheaper and more scalable — especially through deepfakes, synthetic identities and other emerging AI-agent risks — so traditional ID verification is increasingly unreliable.

Discussing these challenges for banks on this episode of the ABA Fraudcast with Paul Benda of the American Bankers Association are Jeremy Grant of the Better Identity Coalition and John Carlson, senior vice president for cybersecurity regulation and resilience at the American Bankers Association.

Two recent papers are referenced in this episode: Mitigating AI-Powered Attacks Against Identity and Authentication, intended for financial institutions, cybersecurity and fraud professionals, AI service providers, telecommunications companies and policymakers at regulatory agencies and in legislative bodies who are responsible for safeguarding identity systems and mitigating the risks posed by Gen AI; and Recommendations for Policymakers: Mitigating AI-Powered Attacks Against Identity and Authentication, both authored by Financial Services Sector Coordinating Council's Artificial Intelligence and Identity and Authentication Workstream (AI-IA), which was co-chaired by the American Bankers Association and Better Identity Coalition.

For ABA's fraud prevention resources go to aba.com/protectyourmoney. ABA's scam prevention campaigns #BanksNeverAskThat and #PracticeSafeChecks are newly updated as well. The ABA Foundation's Protecting Older Americans page includes useful resources to assist the fight against elder financial exploitation and additional increasing threats.

ABA Fraudcast host is Paul Benda, EVP, risk, fraud and cybersecurity at American Bankers Association.