Guest: Cem Dilmegani, Principal Analyst at AIMultiple [@aimultiple]

On LinkedIn | https://www.linkedin.com/in/cem-dilmegani/

On Twitter | http://twitter.com/dilmegani

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Host: Sean Martin, Co-Founder at ITSPmagazine [@ITSPmagazine] and Host of Redefining CyberSecurity Podcast [@RedefiningCyber]

On ITSPmagazine | https://www.itspmagazine.com/itspmagazine-podcast-radio-hosts/sean-martin ____________________________

This Episode’s Sponsors

Imperva | https://itspm.ag/imperva277117988

Edgescan | https://itspm.ag/itspegweb

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Episode Notes

In this podcast episode, Cem Dilmegani and Sean Martin discuss the various types of fraud that exist and how machine learning can be utilized by both fraudsters and companies to outsmart each other.

The conversation delves into the world of fraud and its impact across various domains, from financial systems to advertising and even healthcare. The discussion highlights how fraudsters are using sophisticated techniques, such as machine learning and automation, to bypass rules-based systems and carry out illicit transactions or manipulate user behavior.

The conversation shifts to the financial services industry, where Cem explains how illicit actors might use automation to transfer funds through smaller transactions to avoid detection or bypass sanctions. They also discuss the challenges faced by banks in identifying fraudulent transactions and the complexities involved when dealing with nation-state actors.

Sean brings up the concept of open-source intelligence (OSINT) in the cybersecurity world and wonders if there's a similar database for fraud rules and vulnerabilities in the financial world. Cem explains that while OSINT might not be as powerful in the world of fraud, fraudsters can still find ways to exploit systems and bypass controls.

Throughout the conversation, intriguing use cases are presented, such as ad fraud in the B2B tech industry, where competitors employ machine-generated clicks and utilize bots to drain marketing budgets, or the concept of "feature fraud," where malicious actors manipulate user feedback to drive companies in the wrong direction.

The episode also delves into the challenges faced by the healthcare industry, including insurance fraud, where patients are overcharged for services or billed for therapies they never received. In the financial services realm, fraudsters resort to account takeovers, complex transaction models, and even shell entities to bypass security measures.

The discussion also highlights the ever-evolving world of fraud, emphasizing the need for businesses and industries to leverage advanced technologies, like AI and machine learning, to stay ahead of the curve and protect themselves from these sophisticated threats. This episode is a must-listen for anyone interested in understanding the simple complexities of fraud and the countermeasures that can be employed to mitigate its impact.

Tune in now and stay ahead of the curve!

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Resources

Cloud Security Podcast: https://www.cloudsecuritypodcast.tv

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