Fighting fraud: an inside-out approach

posted by Liz Little (Retired) on Wednesday, July 29, 2020 in SHAZAM Blog

Fraud continues to be a major risk and a serious pain point for financial institutions. It’s a dark, relentless and multibillion-dollar industry in the U.S., threatening your cardholders and you. 

While the technologies to fight fraud are improving, so are the fraudsters. Today’s fraudsters aren’t amateur hackers. Fraud is being carried out by organized criminal groups, domestic and foreign.

Fighting fraud is an ongoing battle, and it’s one we must fight on several fronts. SHAZAM advocates a more holistic and layered approach, starting inside and working out into the community. If we do this together, we’ll be miles — and dollars — ahead. 

Top 4 ways to holistically fight fraud

Look inside your own walls

  • Review and tune your daily limit settings regularly
  • Use artificial intelligence to help your financial institution detect and block fraud

Empower cardholders

  • Tell cardholders how to spot a skimmer situation at the ATM or fuel pump
  • Allow cardholders to set their own alerts or blocks
  • Remind your accountholders of best practices when you send out a new card, include clear activation instructions

Building community networks against fraud

  • Create a community of fraud fighters
  • Host a community fraud forum
  • Tap into your state and national associations

Along with SHAZAM, engage and advocate for overarching security changes with policymakers at the state and federal levels

  • Advocate for changes that will lead to an overarching set of security standards
  • SHAZAM has consulted with state lawmakers nationwide to help craft legislation with stiff penalties for crimes like skimming and card cloning


  1. advocacy
  2. fraud
  3. social media

SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney. 


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