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Seth Ruden

Seth Ruden

Sr. Fraud Consultant, Americas


Seth Ruden

Seth Ruden is a Certified Fraud Examiner and Certified Anti-Money Laundering Specialist and has been working with banks in the detection and mitigation of financial crimes since 2004,in the compliance department of one of the largest global banks. Since then, he has worked with Law Enforcement, Regulators, Executives and Analysts in consulting positions beyond the United States, extending to financial services organizations in Asia, the Middle East and North and South America.

Interests include Payments Security, Financial Crimes, Fraud, Money Laundering, Cyber Crime, Biometrics, Authentication, Data Breaches, Compromises, Risk Management, Hacking and Technology Innovation.

More articles by Seth Ruden

  • Changing seasons of payments security regulation

    The Seasons Are Changing (And So Are Fraud and Regulations)

    Monday, November 13, 2017

    If you smell the air, you can sense the seasons changing; a little crispy cold moving in suddenly, the leaves are reddening and the winds of Faster Payments and PSD2 are kicking up. Smooth transition, right? So, yeah, seasons change, and so do regulatory regimes. In the US, we’ve been largely left to our own discretions about how to run our fraud shops, with some regulatory oversight regarding disputes handling. Historically, financial institution processes around authentication and fraud monitoring (including analytics and strategy) could be anything or nothing, depending on an institution’s risk appetite. Like the seasons, this might be in transition.

  • Lessons from data breaches

    Learning Lessons From Large Scale Breaches

    Wednesday, September 20, 2017

    At this point, there’s no ignoring it: our financial security is compromised daily. And no doubt, many reading this wouldn’t hesitate to recount all the breaches they have been a part of as consumers; merchant breaches in which replacement cards forced you to update your linked accounts, or data compromises where personal information was stolen and identity theft protection was provided, forcing you to consider freezing new credit originations.

  • PSD2 in the USA

    PSD2 Carries Over to the U.S. – Via the Phone in Your Hand

    Wednesday, August 16, 2017

    Let me ask you a favor. Could you put down your phone for just a minute? Unless, of course, you’re reading this on your mobile device.

    It can be an uphill battle asking someone to put down their phone these days. I have a tween, so I know the struggle! One of the reasons we’re so reticent to do so is the sheer power contained within these devices. At this point, it controls the music, the temperature, the locks and even the lighting in your home, and that’s not even touching on its entertainment value, or its capabilities as a payment device. The device, in its present form, has been around for ten years now, and in 2017, it’s safe to say there’s no going back.

  • Detecting Internal Fraud by 'Breaking Bad'

    Detecting Internal Fraud by ‘Breaking Bad’

    Thursday, October 13, 2016

    There has been no shortage of news stories around the banking industry and its vulnerability to internal fraud, particularly that the industry has limited internal surveillance.  Internal fraud has proven to be news-driven (and news-worthy); it’s a great feature lead-in story and scintillating red-meat for mass consumption. Internal fraud events are obviously a reputational risk for banks, but then take a huge turn into regulatory risk territory, before winding up squarely a legal risk (and the headline-grabbing fines that come with it). Finally, a strategic and market risk bubble up as customers are lost to competitors. 

  • Payments Fraud Survey 2016 Reflection

    Three things that it takes to be in the Fraud Management Business in 2016; a survey reflection

    Wednesday, July 13, 2016

    On the heels of ACI’s latest Consumer Fraud Survey, recurring questions have continued to solidify themes. Let me summarize the results for you: There is incrementally more card fraud, consumers are not changing their behavior all that much in reaction to it, and they expect any issues to be addressed and resolved more easily today than in years past. Of course, this is about what we should be anticipating in our “always on”, service and convenience oriented, mobile world. So, with that said, here’s what fraud management means to consumers and fraud managers in 2016.

  • How the Canadians are beating back fraud: An American’s take

    How the Canadians are beating back fraud: An American’s take

    Thursday, March 24, 2016

    Greetings, Canadians from your friends down south. While I am an American by passport, I am longing to be a Canadian in spirit, finding things like Poutine, Hockey and Cream Ale far better beyond the border. 

  • The Burst of the EMV Bubble: 3 reasons why we still have a problem and one answer why it’s only temporary

    The Burst of the EMV Bubble: 3 reasons why we still have a problem and one answer why it’s only temporary

    Thursday, December 17, 2015

    So, here we are, living in the “future”…many of us now finally have chip cards; the G20 nations are all in the post “liability-shift” world; we’re all expecting to be living in the new paradigm. 

  • Penetration Testing in a Post EMV World

    Why we need penetration testing in a post EMV world

    Tuesday, September 15, 2015

    With around a month until the official date for the infamous liability shift in the US, the official go-live for the EMV standard, or Chip and PIN, it’s looking like we are not entirely prepared.  

  • When Everything Goes Dynamic

    When Everything Goes Dynamic: EMV, Tokens and CV2

    Thursday, June 18, 2015

    Have you noticed the discussions in the payment card space revolving around some very similar technology concepts? It appears a handful of cryptic technologies are driving the conversation, seeking to solve a problem that is both complex and simple. What they have in common, as this author has some capacity to speak on, is fraud.

  • Transition to EMV as seen through a “PAN” American perspective

    Transition to EMV as seen through a PAN American perspective

    Tuesday, May 26, 2015

    I’m leaving a convention in Canada on payments fraud, with several takeaways that can be rolled up into this statement: Canada has a strong security culture where they are far ahead of the curve. In fact, they have been with the chip card for around 7 years.