Business Email Compromise (BEC) , Fraud Management & Cybercrime , Next-Generation Technologies & Secure Development

Finding the Balance to Tackle Business ID Theft

Fraud Experts Discuss the Need for Controls and Awareness
Andrew La Marca and Ralph Gagliardi

Research by Dun & Bradstreet says business identity fraud jumped 254% in 2020r. Tools can help prevent this fraud but may create greater friction, say Andrew La Marca, senior director at Dun & Bradstreet, and Ralph Gagliardi, agent in charge, High Tech Crimes Unit, Colorado Bureau of Investigation.

See Also: Safeguarding against GenAI Cyberthreats with Zero Trust

"On the friction side, we have one-time passwords, knowledge-based authentication or even document authentication," La Marca says. "This is not saying that everything is perfect, but it can go a long way to slowing the bad actors down. As we keep training our employees, we need to put in the right kind of control."

"Of course, we need to put frictions in place, but it is truly about balance," Gagliardi adds. "In order to conduct business, you can't have it wide open but have some controls. We need awareness not only among victims but also among credit issuers or folks who work on the other side."

In this video interview with Information Security Media Group, the two also discuss:

  • The kinds of business ID theft that enterprises face;
  • Why fraudsters are focusing on business ID theft;
  • Tools to leverage to mitigate such risks.

La Marca has more than 13 years of experience as an anti-fraud professional at Capital One, Ally Financial and Dun & Bradstreet.

At the Colorado Bureau of Investigation, Gagliardi oversees the High Tech Crimes Unit, which encompasses crimes of identity theft, fraud and cybercrime. He has worked in law enforcement for 32 years and is a subject matter expert in complex fraud and organized crime investigations.

About the Author

Suparna Goswami

Suparna Goswami

Associate Editor, ISMG

Goswami has more than 10 years of experience in the field of journalism. She has covered a variety of beats including global macro economy, fintech, startups and other business trends. Before joining ISMG, she contributed for Forbes Asia, where she wrote about the Indian startup ecosystem. She has also worked with UK-based International Finance Magazine and leading Indian newspapers, such as DNA and Times of India.

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