Insights

Strengthening Defenses: How Somos is Helping Banks Combat Fraud

Jan 27, 2025

Somos is committed to supporting financial institutions in their efforts to combat fraud, protect their critical numbering assets and safeguard their customers. As part of this mission, Somos’ Jaime Zetterstrom, VP, Product Management and a recognized leader in fraud prevention, recently met with five major banks to share insights and strategies for addressing the evolving threats of fraud in telecommunications and finance.

Jaime’s extensive background in financial crime prevention and her deep understanding of fraud trends informed the presentation, which emphasized practical, actionable solutions to mitigate fraud risks. Key highlights from the session included:

• Understanding Fraudulent Tactics: Jaime shared her expertise in telecommunication fraud, shedding light on the multimedia approaches bad actors use to build credibility and exploit victims.

• Strengthening Industry Partnerships: She outlined how collaboration between telecommunications and financial institutions can help mitigate scams involving voice and messaging platforms.

• Combatting Social Engineering: Jaime discussed the tactics fraudsters use to exploit interactive voice response (IVR) systems and how institutions can better safeguard their customer interactions from spoofing.

• Enhancing Awareness: She emphasized the importance of recognizing differences in IVR responses for known versus unknown client phone numbers, a crucial detail in identifying fraudulent activity.

The discussion also featured valuable input from the attending banks, who shared their own experiences and strategies for fraud prevention, including:

• Managing Impersonation Scams: Participants highlighted their approaches to handling spoofing and impersonation scams, as well as the importance of due diligence and phone number verification.

• Inventory Management: The group underscored the critical role of managing URLs, phone numbers and emails, along with distinguishing between legitimate and Voice over IP (VoIP) scam calls.

The key takeaway from the session was clear: combating fraud requires a comprehensive, multi-dimensional approach that integrates advanced technology with strong partnerships across industries.

As a trusted partner in fraud prevention, Somos is committed to continuing these vital conversations with financial institutions. By collaborating closely, we aim to support their efforts in safeguarding assets, protecting customers and staying ahead of emerging threats.

If you’re ready to strengthen your fraud prevention strategies and explore how Somos can help, contact us today to start the conversation at connect@somos.com.