experian’s fraud advisory board clients cover the … 12, 2017 · experian’s fraud advisory...
TRANSCRIPT
Experian’s Fraud Advisory Board clients cover the latest hot topics and industry trends
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• Organizations are tasked now more than ever to effectively authenticate consumers and control fraud
– What are the current authentication and fraud methods?
• Data – scores – device – biometrics – what else – what is working?
• How do these technologies align with the current authentication and fraud trends?
– How can new technologies support the changing growth, while still providing strong authentication and fraud controls?
• Our panel is a cross selection of fraud prevention leaders with the focus for 2017 and beyond
– Experian’s Fraud Advisory Board
Purpose Why are we here today?
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Introducing:
Brian Corr Bank of America - Senior Vice President of Enterprise Fraud Management
Michael Truitt Alliance Data Services – Senior Director – Fraud and Account Protection
Tim Webb Citi – Senior Vice President, Fraud Prevention Director – Retail Bank
Matt Ehrlich Experian – Senior Director Product Marketing
Dan Elvester Experian – Head of Partnerships, NA
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Market overview What is the market saying?
Expanded use of mobile
devices has made the Internet
a covert and fertile breeding
ground tor fraudsters
Technology
As fraud grows in complexity
and magnitude, the potential
for losses and rising
operational costs is increasing
Economic
Limitless choices and options
makes the need to minimize
friction on existing
relationships a primary
consumer experience concern
Social
Fraud detection may
not be the number one
priority – but rather moving
throughout the organization
Fraud
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The attack vectors Stealing data, compromising systems
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10,000 Estimated number
of fraud rings
in the U.S. alone
INDUSTRIALIZATION OF FRAUD
DATA BREACHES
3,000,000,000 +
The number of records exposed
as a result of data breaches since 2005 Source: Risk Based Security/Open Security Foundation, Data Breach
Quick View (February 2014)
EXPLOSION IN MALWARE
430,000,000 Unique strains of MALWARE
detected in 2015
Source: Symantec (2016)
GROWTH IN ZERO-DAY EXPLOITS
125% Growth in zero-day
vulnerabilities between
2014-2015
Source: Symantec (2015)
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• Predictive analytics catalyze consumer engagement
• Financial institutions accelerate and deepen financial technology (FinTech) partnerships
• Financial institutions remove friction from authentication
• Lenders embrace alternative data
• The concept of identity evolves
Market trends Aite Study – Top trends in Financial Services 2017
© 2017 Aite Group LLC
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• Consumer experience trumps all
– Clients live in a complex and changing regulatory environment
• Manage the entire fraud and identity portfolio
• Traditional personal identification information less available, more easily compromised, less predictive in isolation
– Define the level of confidence required at a transactional level
• Urgent need to address authentication of emerging or ‘thin file’ consumers
– Optimize decisions across services
• Take back control – move at the speed of fraud
Market trends What is going on…
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Top threats continue to be:
• First party fraud
• Account opening
• Synthetic fraud
• Authentication – consumer experience
• Mobile payment / deposit fraud
• Cross channel fraud
Market trends Today’s threats
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“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”
— Charles Darwin
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Questions? The panel of experts
First party fraud
Tim
Webb
Brian
Corr
Michael
Truitt
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Questions? The panel of experts
Account opening
Tim
Webb
Brian
Corr
Michael
Truitt
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Questions? The panel of experts
Synthetic fraud
Tim
Webb
Brian
Corr
Michael
Truitt
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Questions? The panel of experts
Authentication – consumer experience
Tim
Webb
Brian
Corr
Michael
Truitt
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• We have heard from the experts in fraud and identity
– There is no “silver bullet”
• We must be able to integrate with current authentication and fraud methods
• Regulatory requirements must be part of the solution
– Focus must always be on the consumer experience
– Experian Fraud and Identity Services “bring it all together”
Conclusion Moving forward
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“Even if you are on the right track, you’ll get run over if you just sit there”
— Will Rogers
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Experian contact:
Dan Elvester [email protected]
Questions and answers
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Share your thoughts about Vision 2017!
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