Who is calling me?

Criminals are calling bank customers. A lot. And those calls often are successfully cloaked as originating from banks themselves. Increasingly, these calls are originating from vast operation centers, often overseas, where the objective is to fool bank customers to hand over personal data and information.

There are some steps banks, their customers, federal agencies and even Congress can take to address this growing problem. Joining ABA's Paul Benda to discuss these issues on this edition of the ABA Fraudcast are Mike Rudolph, chief technology officer at YouMail, and Jonathan Thessin, VP and senior counsel at ABA, whose portfolio focuses on the telecom ecosystem, FCC, including the Telephone Consumer Protection Act and all efforts to assist banks and bank customers confronted with this threat.

Highlights:

• 2:00 — Technology as part of a protective ecosystem used by many banks, to short-circuit threats to customers.
• 13:00 — Defining the "robocall mitigation obligation."
• 16:00 — The challenge of vetting a telecom company.
• 18:00 — The difference between an imposter call and spoofed call.
• 28:00 — How the telecom ecosystem works.
• 29:00 —  Protecting lawful bank calls, while addressing the problem of calls from bad-actors impersonating banks. And what is the extent of ABA's advocacy on these issues?
• 31:00 — Urging the FCC to take an important final step.
• 32:53 — What can Congress do.
• 36:25 — Shout out to Fraudcast episode 1, where bank CEO Dan Robb describes a mass call spoofing campaign with thousands of calls targeting customers of his bank.
• 37:05 — How YouMail can shut down bad actors involved in call spoofing scams.
• 42:00 — Thessin on how do bad guys place hundreds of thousands of phone calls very cheaply.
• 50:00 — Looking into steps banks can take, such as branding tools for caller ID displays.

Also referenced is STIR/SHAKEN, the acronym for the framework allowing verification that a call is in fact from the number displayed on caller ID. Learn more from the FCC site.

The ABA Fraudcast will be published every three weeks, here and wherever you listen to and subscribe to your favorite podcasts, such as Apple and Spotify. Please follow!

ABA offers resources to help banks prevent, identify, measure and report fraud, and to serve and protect consumers and their financial data.​ 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 other increasing threats.

If the player above is not visible, listen to this episode here.

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