EVP Chief Risk Officer
Vantage Bank Texas
Joel Castaneda serves as the Chief Risk Officer for Vantage Bank, where he oversees Enterprise Risk and Compliance programs. He plays a crucial role in supporting the strategic direction of the bank by implementing processes to identify, measure, and monitor risk positions, ensuring the maintenance of safe and sound banking operations. With a career in banking and risk management since 2007, Joel previously held the position of Risk Management Director at USAA within the Enterprise Risk and Compliance Office, focusing on operational risk management. In this role, he provided independent risk oversight across various operational risk disciplines. Prior to that, Joel has worked in various risk and operational roles at a Texas community bank. Joel's career began at the Office of the Comptroller of the Currency (OCC) as an Associate National Bank Examiner, conducting safety and soundness examinations.
Synethic identity fraud, which is projected to cost banks $23 billion by 2030 (and more in operational and reputational costs), is on the rise, and it’s getting more complex with the use of general artificial intelligence and deepfakes by bad actors to carry out attacks. Fraudsters rely on automated tools to create and scale AI-generated fake identities and documents across multiple platforms, exploits gaps in identity verification systems, notably with digital accounts. To prevent the orchestration of ID fraud, banks must work to shore up points of vulnerability and secure digital platforms to guard against data breaches that expose sensitive data that makes it easier for ID theft to occur. Industry practitioners and experts detail why proactive usage of AI/machine learning, strong identity verification, Know-Your-Customer technology-enabled document verification, and tokenization of customer data are required to combat ID fraud.