Anti-Money Laundering (AML) , Cybercrime , Cybercrime as-a-service

Strategies to Fight New Fraud and Money Laundering Schemes

Lisa Wyver and Gerard McDonnell of SAS on Detecting and Preventing New Scams
Lisa Wyver, principal solutions architect, SAS, and Gerard McDonnell, regional solution director, banking and insurance fraud, customer experience practice - emerging markets and Asia-Pacific, SAS

With the rampant surge of fraudulent schemes hitting the world at the moment - including the creation of fake cryptocurrencies, bank websites and investment scams - a more dynamic and holistic approach to detection and prevention is mission-critical for banks and regulators.

Lisa Wyver and Gerard McDonnell looked at the source of these scams, highlighted the relationship between fraud attacks and subsequent money laundering schemes, and explained how "joining the dots" between them dramatically improves the fraud detection rate for banks and identifies money launderers with unprecedented accuracy.

In a video interview with Information Security Media Group, Wyver and McDonnell discussed:

  • New fraud schemes and how they work;
  • Why fraud and anti-money laundering departments often work in silos and the problems this separation creates;
  • How financial institutions can better join the dots for more effective scam detection.

Wyver provides fraud expertise to drive the enhancement, presales and business implementation of the SAS banking fraud solution globally with both current and potential customers. Prior to joining SAS in 2016, she spent over six years at HSBC, where she held a variety of roles in fraud analytics.

McDonnell has over 25 years of experience providing software solutions for fraud and security clients, particularly in the finance sector and governments in many areas around the world. Prior to joining SAS, he held various regional management roles for security technology companies such as Oracle, Sun Microsystems, Cross Match Technologies and Novell.

About the Author

Anna Delaney

Anna Delaney

Director, Productions, ISMG

An experienced broadcast journalist, Delaney conducts interviews with senior cybersecurity leaders around the world. Previously, she was editor-in-chief of the website for The European Information Security Summit, or TEISS. Earlier, she worked at Levant TV and Resonance FM and served as a researcher at the BBC and ITV in their documentary and factual TV departments.

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