Tag

fraud management

Mar 20
0

The Evolution of Behavioral Biometrics from Edge Case Defense Layer to Essential Component for Customer Trust

By | Biometric Summit 2023 | No Comments

The technology advancements powering today’s highly-personalized customer experiences also provide the perfect tools to launch and scale automated, high-velocity fraud attacks. Artificial Intelligence (AI), machine learning and cybercrime-as-a-service technologies support next-gen attack vectors that fraud networks can easily leverage and continuously evolve. Fraudsters are capitalizing on infinite ways to target digital ecosystems: from launching fast-paced bot attacks to directly leveraging vulnerable consumers for sophisticated social engineering and scams. How can businesses future-fit their fraud strategies to stay in front?

Join Rob Woods, Director Market Planning, Fraud and Identity, and Neil Costigan, Chief Architect, Behavioral Biometrics Solutions from LexisNexis® Risk Solutions, for this session on “The evolution of behavioral biometrics from edge case defense layer to essential component for customer trust” at Goode Intelligence’s Biometric Summit 2023 on Thursday 23rd March. The session is from 11.00-12.00 GMT.

Get the latest industry perspectives on intelligently leveraging the resiliency of behavioral biometrics to inform an agile fraud approach that centers around customer trust.

This session illustrates the progression of behavioral biometrics technologies and highlights how they have become key capabilities in a future-forward fraud strategy. Get the latest insights on:

  • Intuitively detecting the signals that indicate scams coercion or social engineering
  • Proactively defending against emerging AI threats by strategically deploying AI and ML-driven tools
  • Dynamically improving identity trust with every interaction
  • Effectively incorporating behavioral biometrics technology into essential customer touchpoints

Find out our top insights for building a real time, highly-responsive fraud defense during this informative session.

To register for the event please register here.

 

 

Mar 17
0

Why Behavioral Biometrics is Becoming an Essential Component for Customer Trust

By | Biometric Summit 2023 | No Comments

This article has been written by Rob Woods, Director, Market Planning Fraud & Identity, LexisNexis Risk Solutions, to accompany their involvement as a sponsor in a live session; “The Evolution of Behavioral Biometrics from Edge Case Defense Layer to Essential Component for Customer Trust” at the Goode Intelligence Biometric Summit 2023 on 23rd March. Register here to attend.

Why Behavioral Biometrics is Becoming an Essential Component for Customer Trust

Staying centered on customer trust as AI accelerates the fraud threat climate

Closing windows of opportunity for networked fraud is an imperative for sustained success in today’s hypercompetitive digital marketplaces. Trusted customers anticipate tailored conveniences and targeted security features across their journey and they are quick to abandon transactions falling outside their expectations. The technology advancements powering highly-personalized experiences are also providing fraudsters with the perfect tools to launch and scale automated, high-velocity attacks. Artificial Intelligence (AI), machine learning and cybercrime-as-a-service technologies support next-gen attack vectors that industrialized fraud networks are easily leveraging and continuously evolving.

Recent statistics illustrate how fraudsters are expertly targeting digital ecosystems:

  • Scammers find increasingly creative ways to coerce customers into diverting funds into fraudulent accounts.1
  • High-velocity automated bot attacks increased +38% year over year (YOY) according to data from the LexisNexis® Digital Identity Network®2
  • Automated attacks focused on password resets show a 247% YOY increase 3

Responding to emerging AI threats while keeping digital experiences centered on customer trust requires organizations to look beyond traditional fraud defenses with a real time strategy that works in parallel to prioritize identity trust and prevent fraud.

The evolution of behavioral biometrics from edge case to essential component

Behavioral biometrics technologies are key capabilities for answering the dual challenges of accelerated transaction speeds and the ever-intensifying nature of digital fraud threats. Today’s future-forward fraud strategy needs to account for the nuances of technology-driven threats as well as the vulnerabilities and fallibility of the end consumer. Incorporating behavioral biometrics technology into customer touchpoints positions a business to better inform an agile fraud approach focused on customer trust.

Behavioral biometrics is a non-intrusive and seamless way for companies to confidently identify genuine, trusted customers while maintaining a risk-appropriate level of friction for specific touchpoints or higher-risk events. Rather than looking at identity verification from a risk or fraud framework, behavioral biometrics analyzes authentication from a trust and experience framework:

  • Is it a human being performing the transaction, or are there automation patterns?
  • Is this a human we can trust?
  • Is it the right human who is authorized to perform this event?
  • Are they behaving in their usual way or do they appear under duress?

By evaluating how a user interacts with a device, webpage or application, behavioral biometrics solutions can accurately point out signals of unusual behavior. Behavioral biometrics enables organizations to proactively differentiate between a legitimate customer, a bot or a fraudster.

The inherent resiliency of behavioral biometrics makes it the perfect component for supporting a real time, highly-responsive fraud approach that keeps customer trust at the core. Utilizing behavioral biometrics enables businesses to dynamically improve identity trust with every interaction and simultaneously evolve their approach to reflect changing permutations and patterns of digital commerce. Behavior biometrics helps future-fit fraud strategies to support the personalized and secure customer experiences driving competitive advantage in today’s crowded digital marketplace.

 

Please visit https://risk.lexisnexis.com/products/behaviosec to learn more.

  1. The Account Takeover Epidemic: A Wake-Up Call For Chief Digital Officers (forbes.com)
  2. and 3. Data analysis from the LexisNexis® Digital Identity Network®, January-June 2022
Mar 02
0

Sponsor Announcement – LexisNexis Risk Solutions

By | Biometric Summit 2023 | No Comments

With three weeks to go until Goode Intelligence’s annual biometric summit – Biometric Summit 2023 – we are excited to announce that LexisNexis® Risk Solutions has joined us as a session sponsor.

LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. By bringing clarity to information, we ultimately help make communities safer, insurance rates more accurate, commerce more transparent, business decisions easier and processes more efficient. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools.

There are still places available for our virtual summit on 23 March – to sign up for free please register here.

Nov 28
0

Digital Trust World 2022- Fraud Management Insight

By | Digital Trust World 2022 | No Comments

On Monday 21 November in London, Digital Trust World 2022 brought the digital trust community together to discuss the latest developments in digital onboarding, digital identity, authentication & privacy, and fraud management.

Leading the fraud management session, was Clare Messenger, Head of Fraud Protection Services at JT International.

Clare led a panel of fraud experts from UK Finance, Cifas, Vodafone and FICO to discuss how the industry can counteract the latest digital fraud threats. Clare shared her thoughts on this important topic in the Digital Trust World 2022 brochure and this is reproduced in this blog post. You can access the full brochure online here.

MANAGING DIGITAL FRAUD

The adoption of a digital-first approach, that has been accelerated during the pandemic, has led to consumers becoming increasingly accustomed to communicating with businesses and organisations online. While this has created more opportunities to engage with customers, provided us all with greater convenience, and ensured that life continues through times of crisis, it has also created vast opportunity for criminals.

The volume and variety of online fraud predicated by this digital-first approach continues to accelerate at an alarming rate. From identity fraud, SIM Swap/account takeover and smishing, to Authorised Push Payment fraud, pension and investment, and romance frauds, the list goes on.

As our digital footprints have become deeper and more complex, the skill and ingenuity of fraudsters has advanced. Rather than lone wolves gifted with extraordinary skills as its all too often portrayed, digital fraud has become the domain of organised crime. Well prepared teams of fraudsters can be articulate, financially knowledgeable and armed with credible resources. Organised crime groups have brought with them ever more elaborate ways to defraud their victims, including the alarming threat of insiders being recruited, and the use of bribery of vulnerable targets to aid in criminality.

All of this now means that any one of us can become a victim, no matter how technically or financially savvy we may be. This was illustrated in 2019 as fraudsters took control of former Twitter CEO Jack Dorsey’s phone number through a SIM Swap scam. Despite this well documented example of a high profile individual being duped, many people still don’t know just how prevalent SIM swap fraud has become. In the UK SIM swap fraud increased by 400% in the five years between 2015 – 2020, with losses of £10m.

Half of the world’s total population own a smartphone, and two billion of these individuals are using mobile banking. Approximately 87% of all banking customers today use mobile devices as their primary method of accessing services, providing greater opportunity for cybercriminals.

Although online fraud and scams are seen as lower risk alternatives to traditional crime by fraudsters, with the threat of a global recession looming a sharp increase in fraud is expected as more join the fraudsters’ ranks to earn some money.

The data processors and controllers of our personal information need to double down to address one of the most pressing issues of our times. We know that security and control tools are among the top features users say they want in mobile banking apps, signifying that businesses need to find a way to protect their customers against SIM abuse while still providing the best digital customer experience.

Nov 17
0

Speaker Announcement – Leah Birch – Cifas

By | Digital Trust World 2022 | No Comments

We are excited to announce that Leah Birch, Product Marketing Manager, Cifas, is speaking at Digital Trust World 2022 in London on 21 November.

Leah is hosting a lunch and learn session in one of the venue’s executive meeting rooms. Grab some lunch and join Leah as she details who Cifas are and exciting news about a new digital learning product, Apollo.

Despite an eclectic background working in museums, universities, welfare to work and a family solicitors, Leah has been on the frontline of communicating the threat of fraud with Cifas for nine years. An English graduate, she specialises in taking complex, technical subjects and transforming them into easy-to-understand, accessible concepts using clear language and messaging. She has been a core member of three project teams that were commended, nominated for, or won major awards: the Museum and Heritage Awards; the Art Fund Prize; and the CIPR Awards.

Nov 16
0

Session Announcement – Lunch & Learn with Cifas

By | Digital Trust World 2022 | No Comments

We are excited to announce a new session at Digital Trust World 2022 in partnership with the UK’s leading fraud prevention community, Cifas.

Leah Birch, Product Marketing Manager, will be hosting a lunch and learn session in one of the venue’s executive meeting rooms. Grab some lunch and join Leah as she details who Cifas are and exciting news about a new digital learning product, Apollo.

Systems and processes are only as trustworthy as the people behind them. Cifas, UK leaders in fraud prevention, have created game-changing digital learning called Apollo, which delivers universal fraud training to your entire organisation. Apollo is a living, learning environment that prioritise behavioural change over ‘tick box’ learning, enabling your people to defend themselves and your business against a range of threats – from identity theft and social engineering, to the insider threat and online attacks. This talk will explain how your staff can be your organisation’s weakest link or its strongest defence, and demonstrate how Apollo can empower all your workforce – from C-suite to reception – to fight fraud.

Join us at Digital Trust World 2022 in London on Monday 21 November by registering today.

Nov 14
0

Speaker Announcement – Sam Ingrey – Cifas

By | Digital Trust World 2022 | No Comments

We are delighted to announce that Sam Ingrey, Head of Information Security at the UK’s leading fraud prevention community, Cifas, is joining the Fraud Management panel at Digital Trust World 2022 in London on Monday 21 November 2022.

Sam is the Head of Information Security at Cifas and has a wealth of knowledge and experience in InfoSec. Sam leads the development and maintenance of Cifas’ Information Security Management System (ISMS) which is certified to ISO 27001. This includes the InfoSec policies, standards, and processes that help protect Cifas against both the insider threat and external attack. Sam provides InfoSec risk assessments, as well as general security advice and guidance across the business, protecting Cifas’ information assets and systems, and reputation with its members and stakeholders. Prior to joining Cifas, Sam worked in Digital Forensics, and was an InfoSec and Data Privacy Consultant.

Sam joins UK Finance, JT International, Vodafone and FICO on an expert-led panel that will discuss the latest developments in managing digital fraud including the rise of Authorised Push Payment (APP) fraud.

With one week to go until the only conference dedicated to digital fraud, there are a limited number of delegate tickets available. Please visit our dedicated event website for more information in how you can attend.

Nov 04
0

Digital Trust World Session Spotlight – Fraud Management

By | Digital Trust World 2022 | No Comments

Monday 21st November 15.30 – 17.00 GMT

Title: Managing Digital Fraud – Sponsored by JT FPS

JT Fraud Protection Services is delighted to be sponsoring the fraud management session – Managing Digital Fraud,  a 90 minute session moderated by Clare Messenger, Global Head of Fraud Protection Services, JT International, with a panel of fraud experts, Dianne Doodnath, Principal, Remote Payment Channels at UK Finance, Fraser King, Head of Commercial Strategy & Global Business Development, Vodafone Identity Hub, Vodafone Carrier Services, Scott Taylor, Fraud Protection & Compliance Domain, Consultant, EMEA at FICO, and Sam Ingrey, Head of Information Security, Cifas.

Session Synopsis

There has been a significant growth in criminals employing social engineering to trick consumers out of their money.

The adoption of a digital-first approach by many consumers since the pandemic brings opportunity, and also brings risk. Criminals are finding increasingly innovative ways to commit fraud and steal people’s identity, personal details and money. In this panel session, industry representatives from the banking and finance sector and from solution providers will discuss the biggest problems facing businesses across all sectors today in the UK. They will review the measures and solutions being implemented to protect consumers and the legislation that needs to come into force. As technology and industry continues to evolve the panel will look to what the future may hold in terms of challenges and opportunities.

Hear the latest on UK fraud levels from UK Finance with excerpts from their latest half-year fraud report that highlighted the fact that over £600m was stolen through scams and fraud in the first half of 2022 with almost £250m of this being the result of Authorised Push Payment (APP) fraud.

Join leading fraud experts as they discuss the latest trends and developments in Managing Digital Fraud on 21 November in London. Registration is free for risk and fraud specialists working for an end-user organisation. Register here today.

 

 

 

 

Sep 30
0

Speaker Announcement – Fraser King – Vodafone Identity Hub

By | Digital Trust World 2022 | No Comments

We are delighted to announce that Fraser King, Head of Commercial Strategy & Global Business Development for Vodafone Identity Hub, Vodafone Carrier Services, will be joining us as a speaker at Digital Trust World 2022 for the Fraud Management session – Managing Digital Fraud.

Fraser is a founding member of Vodafone’s Big Data and Advanced Analytics business unit and now heads up commercial strategy & business development for Vodafone’s Mobile Identity portfolio globally. Fraser has a 20 year career in Telecoms spanning Product Development, Market Development and Solution Engineering. Fraser thrives on creating solutions and businesses that realise the profound possibilities technology creates to improve human life.

To ensure that you attend this session and benefit from a full day of insight into the latest developments of Digital Trust on November 21 2022 book your ticket today.