How to achieve an agile and intelligent response to modern fraud?
Season 6 Episode 05
Transcript
Juan José Ríos (Host – Plus TI):
Secure Financial World, your space to stay at the forefront of cybersecurity, fraud prevention, AML, fintech, and risk management. Discover the latest threats, innovations, and key tools to build a more secure financial future. Join the conversation and turn challenges into opportunities.
Welcome to Mundo Financiero Seguro, the Plus TI podcast. I'm your host, Juan José Ríos, and today we're going to discuss how to build an anti-fraud ecosystem capable not only of reacting, but also of anticipating. We'll ask ourselves a big question: how can we get technology and human talent to work together, side by side?
On this occasion, we are joined by Gina Guzmán, Head of Fraud Intelligence and Analytics at Banco de Bogotá, a professional with extensive experience in various areas of the banking sector and in fraud management. We are also joined by José Ruiz, Product Manager for Transactional Security and Digital Fraud Prevention at Plus TI. Thank you both for joining us.
Gina Guzmán:
Thank you very much, Juan, for the invitation and for this space that allows us to build very important things.
José Ruiz:
Thank you, Juan. It's a pleasure to be here.
Juan José Ríos:
Gina, you have a long career in the financial sector, with experience ranging from branch service to leadership in fraud prevention. The first question is: how do you think a true anti-fraud culture can be fostered within an organization, both to address external threats and to prevent internal risks?
Gina Guzmán:
Talking about anti-fraud culture means aligning the entire organization under a single language and vision, so that anti-fraud is not just a process, but something that is breathed and lived on a daily basis within the financial institution.
To achieve this, the role of leaders is fundamental. They must communicate clear policies and guidelines that are cascaded down to all employees. Internal control is vital for defining these policies and ensuring compliance.
There is no single formula or magic recipe. Each organization has its own objectives, parameters, and purposes, but they all seek the same thing: to be more secure and provide confidence to their end customer, which is the most important thing.
It is also essential to establish clear lines of communication and well-defined processes, using understandable language. Often, those of us who work in fraud speak in technical terms that only we understand, but the anti-fraud culture must reach the end customer, who is an ordinary citizen.
That is why it is important to communicate clearly, monitor each situation, and, above all, anticipate problems. Preventive campaigns help with both internal and external fraud, promoting a more preventive and less reactive culture.
Juan José Ríos:
Thank you, Gina. I'll take away key concepts such as ethical leadership, robust internal controls, secure reporting channels, and consistent sanctions.
José, given the sophistication of today's threats and the expectations of financial consumers, how can we achieve effective synergy between human analysts and technology?
José Ruiz:
Financial consumers are looking for three things: immediacy, ease, and security. They want to carry out transactions smoothly, without unnecessary interruptions, and with the certainty that they are protected.
That is the great challenge facing fraud departments: detecting when the risk is real without affecting the customer experience. It is often thought that technology is the only answer, especially from the perspective of solution providers, but much of fraud prevention begins with human expertise.
Technology and people have different and complementary skills. Technology is excellent at scaling, analyzing millions of events in real time, and detecting patterns that may go unnoticed by humans. However, it is the analyst who provides the context and criteria for interpreting those patterns.
Technology identifies correlations, but meaning is provided by the analyst. Therefore, experts must guide technology, preventing it from amplifying errors and ensuring continuous feedback that allows fraud management to evolve in a sustainable manner.
Automation should not exist for its own sake, but rather to free analysts from operational tasks and allow them to focus on strategy. This is where solid criteria are developed to differentiate between legitimate transactions and fraud, achieving a balance that benefits both the business and the customer.
Juan José Ríos:
Gina, throughout your career you have witnessed significant changes in the dynamics of fraud. What do you consider to be the most significant development in recent years?
Gina Guzmán:
The most important development has been the shift from physical organized crime to completely digital crime. In Colombia—and similarly in other countries in the region—there have been two key moments.
The first was in 2020, during the pandemic. Lockdown created the perfect scenario for criminals to devise new strategies, exploiting people's fears. Fear is a great facilitator of fraud.
I place the second moment between 2023 and 2024, when criminals reinvested their profits and strengthened their technological capabilities. Today we are talking about organized structures with resources, human talent, and technology that, in many cases, exceed the capabilities of financial institutions.
We are currently seeing the automation of fraud, with veritable "digital laboratories" that test, adjust, and replicate attacks, migrating from one entity to another in search of weaker controls. It is a reality that seems like something out of a movie, but which we experience every day as an industry.
The only possible response is to continue strengthening ourselves, investing in technology, processes, and, above all, in a culture of fraud prevention.
Juan José Ríos:
To conclude, Gina, what final recommendations would you give to organizations in this context?
Gina Guzmán:
The evolution of fraud has given unprecedented visibility to the areas of prevention, risk, and mitigation. We used to be seen as an obstacle to business; today, our strategic role is recognized.
This visibility must be put to good use, with clear communication and a cross-cutting vision that allows for secure growth. Fraud is no longer a distant problem: it affects family members, friends, and acquaintances, and is amplified through social media.
The financial consumer remains the weakest link. We can implement multiple security mechanisms, but if the customer is not aware of the risks, they will remain vulnerable. Educating the customer is not a waste of time; it is a necessary investment to strengthen the entire ecosystem.
José Ruiz:
Fraud is not static: it evolves, changing form and channel. That is why it is not enough to react; we must anticipate and adapt continuously.
Automating does not mean blocking indiscriminately, but acting intelligently and in proportion to the actual risk. Context is key to making informed decisions and avoiding affecting legitimate customers.
Each institution must find its own balance, considering its risk appetite, customer type, and value proposition. Only then is it possible to prevent fraud without creating unnecessary friction and without losing sight of the customer experience.
Juan José Ríos:
Thank you both very much. This conversation reminds us that fraud evolves and that our ability to respond must evolve with it. We can build robust strategies when we combine a deep understanding of the customer, human behavior, and the environment, leveraging our two best resources: people and technology.
Thank you for joining us on this episode of Mundo Financiero Seguro. I'm Juan José Ríos. See you next time.
