Fighting Fraud: "What's the ROI?"

Insights from Dennis Simmons, President of SWACHA, Following the FDIC Fraud SymposiumWhat's one of the biggest hurdles to banking institutions and businesses investing in the proper security measures to detect and deter online fraud? Senior leaders who counter "What's the ROI on this?"

"It's difficult to quantify the cost of a fraud loss, but I can tell you the costs are significant," says Dennis Simmons, President of SWACHA. A day after appearing at the FDIC's one-day symposium on fighting fraud, Simmons discusses:

  • Key takeaways from the event;
  • Why current preventive measures aren't working;
  • Next steps for banks and businesses.

Simmons has over 20 years experience as the senior operations officer of several Dallas area banks. A frequent speaker and recognized expert on payments system issues, he is formerly a member of the Board of NACHA, the immediate Past Chair of NACHA's Electronic Check Council and immediate past Co-Chair of NACHA's Risk Management Advisory Group. He was recognized by Transaction World as one of its 2007 "Movers and Shakers" in the payments business and is the recipient of two public service awards from the Federal Bureau of Investigation (FBI). He is an Accredited ACH Professional (AAP).

SWACHA is an official source for the ACH Operating Rules and represents its members in national issues and the rule-making process. SWACHA's mission is to be the resource of choice for education, training, representation and knowledge regarding payments and payments system risk.

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