What it Takes to Fight Fraud

Currently the VP of corporate security at Discover Financial Services, McCoy previously spent 29 years as a special agent with the Federal Bureau Investigation. While in the FBI, he worked a variety of criminal matters -- bank robbery, extortion, organized crime, and white-collar investigations. Since joining Discover 10 years ago, McCoy has found that his role has evolved. Instead of just dealing with street criminals and combating fraud locally, he now is investigating high-profile international crime groups that represent technology savvy criminals who are sometimes situated half a world away. Because fraudsters are constantly creating more diverse and complex schemes using advanced technology, reacting to fraud is no longer acceptable, McCoy says. The role of a fraud investigator has evolved to be proactive. One must understand the nature of fraud, predict where the attacks are expected. Which technologies are likely to be in use? What are the vulnerabilities, and how can we be safe? "Just as technology is impacting our daily lives," McCoy says, "It has impacted fraud." Posted in: Deposit Account Fraud