Keeping up with Financial Crime by Shifting Strategy with Dave Richardson


To better understand the pace of change in financial crime activities in recent months as well as the strategies and solutions we expect to see in the next few months, we sat down with Dave Richardson from FNBO to get his views ahead of the IDENTITY.i Virtual Summit.


CGG: As a Senior Manager of Fraud and ATM Operations, what are your observations on the after effects on COVID-19 Pandemic on fraudulent activities? 

DR: In my opinion, COVID-19 and the subsequent economic impact has opened the door to increased fraud in the form of scams. Economic desperation and anxiety surrounding the pandemic and uncertainty of the future causes people to look for any signs of hope and relief they can. Scammers have improved their tactics and communication efforts to appear more legitimate and realistic. Take into account the rapid move transition to work from home and encouraging customers to perform transactions online and the risks have exponentially increased. The third major component of this risk is the amount of personal information exposed through various compromises over the past few years. This information can then be used online to open accounts and perpetrate more fraud while avoiding the risk of detection an interpersonal interaction would help avoid.  I see this trend continuing over the next year or longer.


CGG: How has the pace of Financial Crime management changed in the last few months? What are your predictions for the next 12-24 months given the acceleration of innovation in response to current market conditions?

DR: The pace of Financial Crime management has accelerated and continues to accelerate. One of the major factors is customer expectations regarding money movement is rapidly changing to a more expedited, online capability. Add the increasing push to move onto online channels and financial institutions are faced with a double-edged risk profile to manage. Over the next 12  - 24 months financial institutions will begin to challenge the way they do business and manage risk, relying more on service providers to manage tools, adapt the strategy, or supply broad solutions to cover the risks across the institution. This innovation will allow for improved efficiency with the expectation of lowering costs of risk management while providing an improved customer experience. Therefore, service providers will also be under significant pressure to deliver quality services at an acceptable cost.


CGG: In your session you will be talking about moving forward from simply meeting compliance requirements to achieving operational excellence in fraud prevention. What does this strategic shift do for the way Fraud/Financial crime is managed? And why is this approach not more widely adopted/implemented?

DR: Fraud Prevention used to be a 'back-office' role reserved to help financial institutions manage their risk and losses. A vast part of the risk and fraud operations team was managing the compliance requirements around bank secrecy and money laundering, remaining that way today. However, the fraud teams should also consider their role expanded to provide a customer service element, one that helps protect customers from losses they sustain due to their own actions. With the expanded proliferation of scams it is the responsibility of banks and financial institutions to help customers manage the risks they are unaware of and help them navigate through the myriad of threats against their money as the world transitions to a new economic normal. The evolution to online channels has been accelerating faster than any other economic change and will continue to do so. As a result, customers and regulators are relying on institutions to manage the risks on behalf of the consumer. All of this culminates into risk mitigation as a service and should be treated as one more customer service tool an institution can provide.


CGG: Why would you recommend delegates attend IDENTITY.i and what are you most looking forward to at the Virtual Summit?

DR: IDENTITY.i provides attendees with a global view of risk and how to manage it. The summit brings together thought leaders from a variety of countries and organizations who will offer insights as to how manage and improve risk mitigation methods to offset threats while meeting customer demands. I look forward to hearing from some of the most experienced and brightest minds in the industry to learn new methods of fighting fraud and improving the customer experience. The international component to this summit provides a unique perspective and broad scope to help build a better program for all in attendance.


To learn more from Dave and other experts at IDENTITY.i, register here to attend the Virtual Summit.

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About Dave:

Dave Richardson is the current Senior Manager responsible for Fraud Deposit Products for First National Bank Omaha. He has served various roles in his 21 years at First National Bank, including Credit Card Fraud Prevention and ATM Operations.He is currently responsible for maintaining and managing the bank’s non-card fraud prevention and risk mitigation strategies across the institution. His primary responsibilities address controlling fraud risk while enhancing the customer experience in online channels while partnering with the bank’s digital strategy teams. Dave serves on the bank’s Model Governance Committee and Electronic Banking Risk Management Advisory Group. Dave also spent 20 years in the Air National Guard while earning his Bachelor’s in Psychology and his MBA

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