Keeping Fraudsters Out and Onboarding Costs Low: Banking Benchmarking Survey
Webinar
Keeping Fraudsters Out and Onboarding Costs Low: Banking Benchmarking Survey
Tuesday, October 29th | 10:00 a.m. ET / 2:00 p.m. GMT
New account fraud is a growing global problem, negatively impacting the onboarding experience for consumers and revenues for banks and payment service providers.
Chartis Research, in conjunction with Feedzai, conducted a global survey of risk, fraud, onboarding, and digital channel professionals to demystify the complex landscape of account opening fraud.
In this webinar, experts from Chartis and Feedzai dive into the report’s key insights:
- New Account Fraud Trends and Threats: Common types of new account fraud, including key differences across regions.
- Fraud Prevention Measures: Controls FIs use to counter new account threats including moving from point solutions to a single platform incorporating behavioral biometrics.
- Revenue Implications: The financial impact of new account fraud, including revenue lost due to customer abandonment.
- Customer Impact: The consequences of fraud technology-related friction, abandonment, and onboarding risks on the customer experience.
Speakers
Nick Vitchev
Research Director, Chartis
Daniel Holmes
Director of Fraud, Identity & Market Strategy, Feedzai
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Path to Clear Customer Onboarding
Webinar
Path to Clear Customer Onboarding
Thursday, October 24th | 12:00 p.m. ET / 9:00 a.m. PT
Fraudsters once had to cobble together real and fake identity elements from several sources to create a synthetic identity. Then they had to foster these identities over time creating a trail to appear legitimate.
Today, generative AI (GenAI) makes it easy for fraudsters to expedite this process creating illegitimate accounts faster and in much greater volume. This increases financial risk and operational burdens on organizations as they work through identity verification and onboarding procedures.
GenAI and synthetic identities muddy the picture. How can organizations get a clear distinction between fraudsters and genuine customers at the point of onboarding?
Join experts from Feedzai and Thomson Reuters to learn about:
- How GenAI can be used for fraudulent account openings
- The intersection of public records data and digital identity vulnerability
- Streamlining fraud operations and minimizing verification costs
Speakers
Moderator
Lenny Gusel
Head of Fraud Solutions North America, Feedzai
Amanda DuPont
Public Records Product Expert, Thomson Reuters
Tiffany Ha
Senior Product Marketing Manager, Feedzai
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The Next Frontier: Evolving Fraud Prevention Together
Event
The Next Frontier:
Evolving Fraud Prevention Together
EY Design Studio • The RailYard South Tower 1422 S Tryon St, Suite 400 • Charlotte, NC 28203
A Feedzai & EY Executive Forum
Tuesday, November 19 | 1:00 – 5:00 P.M.
Register Now
Overview
As fraud methods evolve, so must our strategies. Join EY and Feedzai for an exclusive, invitation-only forum designed for leaders in the financial sector who are committed to safeguarding the financial ecosystem. Through a series of insightful sessions, we will explore the latest trends, tools, and tactics in fraud prevention, focusing on the shifting landscape of payment monitoring, the convergence of identity, cyber, and fraud signals, and the metrics that drive effective fraud mitigation.
Agenda
- 1:00 PM – Registration
- 1:30 PM – Session 1: The Shift: Inbound Payment Monitoring
- 2:15 PM – Session 2: Signal Convergence: Identity, Cyber, and Fraud
- 3:00 PM – Break
- 3:15 PM – Session 3: Metrics: Less Fraud, Better Business
- 4:00 PM – Networking Reception: Cocktails and Hors d’oeuvres
Session 1
The Shift: Inbound Payment Monitoring
Stopping high risk outbound payments has been the cornerstone of most financial institutions’ fraud prevention strategy. However, when it comes to scams and money mules, this only shows one side of the equation.
The financial industry is making the shift to monitor inbound payments as a key control for detection of mule accounts. In this session, we’ll discuss how to navigate this change and the impact of analyzing bi-directional flows of funds.
Together, we’ll explore key themes:
Global vs. US Trends:
In the UK, both sending and receiving financial institutions will potentially share liability in scam losses. In the US, NACHA’s new rules establish that receiving financial institutions (RDFI’s) will have a defined role inmonitoring the ACH payments they receive. How will this impact fraud prevention programs?
Best Practices:
Both outbound and inbound payment monitoring has been a crucial pillar for anti-money laundering practices while fraud has primarily focused on outbound payments. As payment systems evolve, payment speed increases, and regulatory focus comes to bear, firms need to develop a comprehensive mule detection strategy. What are the table stakes of an effective inbound payment fraud monitoring program? What pitfalls are on the horizon?
Session 2
Signal Convergence: Identity, Cyber, and Fraud
In a digital-first environment, there’s a proliferation of digital channels for customers to engage with – web, mobile, call centers, chatbots, and open banking api’s. Matrix that with the number of interactions that happen in a customer’s lifecycle – onboarding, logins, account changes, and transactions. That’s a lot of user, network, device and event data at a financial institution’s disposal.
All of these interactions and data signals span lines of business, regions, and products as well as identity, cyber, and fraud departments. In this session, we’ll discuss synergies and approaches to manage the volume and flow of digital customer events.
Key topics:
Digital Risk Signals:
A customer’s identity evolves beyond static data points like their name, address, and date of birth. Every login, every click, every payment transmits a rich set of data. How can financial institutions harness these different data points to prevent fraud?
Opportunities for Collaboration:
Identity, cyber, and fraud departments likely use different tools and systems. What type of data sharing or collaboration is done today? When a fraud threat is discovered by one department, how are partner organizations involved?
Session 3
Metrics: Less Fraud, Better Business
Financial institutions have one major advantage over criminals: they know their customers better than anyone else. Considering all the interactions across the customer lifecycle, financial institutions have vast amounts of data to leverage. This empowers financial institutions to turn fraud risk management into a core business differentiator.
Metrics are a crucial component of an effective fraud program, including the impact of fraud controls on business growth and profitability. In this session, we’ll discuss how to define effective fraud metrics for optimal business outcomes.
Key topics:
Designing Fraud Strategies:
The majority of interactions and transactions are legitimate; only a small fraction end up as fraudulent. The optimal fraud prevention strategies must keep genuine customers top of mind. What are key elements to consider when deciding on various fraud controls and the business impact of passive vs active fraud risk treatment?
Fraud and Customer Experience Metrics:
A little friction is actually a positive in many customer’s minds. How do you define fraud program metrics to optimize business outcomes, track customer trust, while continually driving down fraud losses and operational costs?
Featured Speakers
Erin Vertin
Head of Fraud Prevention,
Ally Financial
Reggie Whitley
VP Fraud Investigations & Support,
Jenius Bank
Robert Mara
Americas Financial Services Risk
Technology Leader, EY
Lenny Gusel
Head of Fraud Solutions,
North America, Feedzai
Donna Turner
Advisor in Residence, EY
Jas Anand
Customer Strategy and Value
Engineering Lead, Feedzai
Rebecca Schwartz
Senior Manager, Financial Crimes
Technology Consulting, EY
Willard Hart
Managing Director, EY
Laurie Gentz
Advanced Solutions Consultant,
Feedzai
Arpi Lal
Partner and New York Office Leader,
Forensic & Integrity Services, EY
Why You Should Attend
This executive forum represents a rare opportunity for leaders within the financial sector to:
Collaborate
Engage with your peers to share best practices, threat intelligence, and technological insights to bolster our collective defenses against fraud.
Innovate
Discover and discuss advanced AI solutions and strategies tailored to address the complexities of modern fraud.
Adapt
Gain actionable insights on how to pivot and refine your fraud prevention programs in response to the latest regulations and industry trends.
Lead
Influence the development of the next generation of fraud and financial crime prevention strategies.
This is not just an event;
it’s an opportunity to evolve the status quo for fraud prevention.
Join us to build a more secure future together!
The Hidden Cost of New Account Fraud
Webinar
The Hidden Cost of New Account Fraud
Thursday, September 19th | 12:00 p.m. EDT / 9:00 a.m. PDT
There’s an abundance of data for criminals to create fraudulent accounts online. Financial institutions and organizations across various industries must make sure that 1) this user is a real person, 2) they’re not a fraudster, and 3) they’re someone the organization wants to do business with.
But here’s the challenge: you will likely never meet this person in real life. What if you make the wrong decision and let in a fraudster? What if criminals access loans or credit cards with no intention of paying it back? How does that impact your ability to serve genuine customers effectively?
In this webinar, experts from Feedzai and Thomson Reuters will share experience gained from global organizations about:
- The latest trends in new account fraud
- The often-overlooked consequences of fake accounts
- Practical strategies to identify and prevent application fraud before it impacts your business
Speakers
JD Devenyns
Advanced Pre-Sales Engineer,
Feedzai
Aaron Marks
Client Manager, Government Risk, Fraud, & Compliance, Thomson Reuters
Register Now
MoneyLIVE North America 2024
Archives Events
September 16-17 | The Westin Chicago River North
Real-Time Fraud Prevention
with AI-Powered Innovation
At Feedzai, we empower financial institutions to transform their fraud prevention strategies with our award-winning AI. Our platform analyzes every customer interaction in real-time, ensuring robust protection against scams, account takeovers, new account fraud, and money mules.
With our end-to-end solution, your teams can seamlessly evolve KYC, detect scams, and identify high-risk accounts—all while retaining control over your
risk strategy.
Join us MoneyLive North America 2024 to discover how our advanced AI technology can safeguard your customers and elevate your fraud
prevention capabilities.
Meet Feedzai
Transaction Fraud Detection
Achieve precise fraud prevention across all channels and payment types, ensuring customer trust and security.
Digital Trust
Protect customers by silently detecting threats in real-time, maintaining a secure and trustworthy digital environment.
Comprehensive Scam Protection
Capture every scam signal with our comprehensive solution, providing unmatched protection and response capabilities.
Singapore Fintech Festival 2023 Resources
Singapore FinTech Festival 2023
Unlock Reports and Solution Sheets
for Fraud & Financial Crime
Prevention Professionals
As part of the Singapore FinTech Festival 2023, we’re thrilled to offer you access to Feedzai’s comprehensive reports, solution sheets, and a compelling case study. Your preference for digital copies aligns perfectly with our commitment to protecting the environment.
Simply complete the form on this page to download these invaluable resources. With our materials in hand, you’ll be well-equipped to navigate the dynamic landscape of financial crime and stay ahead of the curve.
Download Now
Reports
The State of Global AML Compliance 2023: Asia-Pacific Regional Edition
Inbound Payment Fraud Detection and Mule Risk Modeling: Preparing for the Upcoming Singaporean Regulatory Amendments
Scam Prevention in Asia Pacific: A Survey of Banking and Payment Provider Professionals
Solution Sheets
RiskOps
ScamPrevent™
The Data Science Difference: Responsible AI
Analysts Reports
Chartis RiskTech 100 2024
Quadrant's SPARK Matrix: Behavioral Biometrics 2023
AiteNovarica (now DATOS) Fraud Impact Award 2022 with Lloyds
Case Study
Feedzai’s Digital Trust Helps Challenger Bank Take on Money Mule Networks and Protect Customers
The Assembly Las Vegas
AML Compliance in the Digital Era: Intelligent Automation at Your Fingertips
Are you ready for the future of AML?
Traditional AML strategies are failing, capturing just 1% of the staggering $1.4 trillion money laundered annually worldwide, yet costing banks $274 billion.
There is a better way: Feedzai’s intelligent AML automation, powered by award-winning artificial intelligence. Discover:
Automated Detection – Uncover Criminal Networks 10X Faster
- Real-time Customer Risk Profiling and Advanced Transaction Monitoring
- Turbocharge Your Investigative Capabilities with AI-Enabled Tools
Automated Operations – Drastically Reduce False Positives by 30%
- Intuitive Self-Service Configuration to Tailor Algorithms for Data Scientists
- AI-Optimized Alert Queue Management for Laser-Focused Analysts
Automated Scaling – Slash Your Total Cost of Ownership by 48%
- Fully Managed Platform, Ready to Integrate
- Achieve Operational Excellence with a 2.7x Faster Go-Live Time
Schedule a meeting with us at ACAMS Vegas to take the first step towards lowering the cost of compliance.
Meet Feedzai at ACAMS Vegas
AML Resources
Increasing manpower and upping expenditure are not the ultimate solutions. The key lies in automation and intelligence - exactly what Feedzai brings to the table.
Unpacking Feedzai's 2023 The State of Global AML Compliance Report
Webinar
Archives Events
Wednesday, September 13 | 12:00 p.m. ET / 9:00 a.m. PST / 13:00 BRT
This webinar will air at two different times. To register for the webinar at 09:00 CEST / 15:00 SGT, click here.
Join us as we delve into the key insights from our latest research study based on the perspective of Anti-Money Laundering (AML) professionals across the globe.
This is a must-attend event for compliance professionals, risk managers, and decision-makers in the financial industry. Our panel of experts will dissect the biggest challenges AML professionals are grappling with, the reasons for these challenges, and effective strategies to tackle these issues.
Beyond discussing these current obstacles, the webinar will also illuminate emerging threats and trends in the AML landscape as reported by AML professionals themselves. Our experts will provide actionable insights to help your organization stay ahead in this complex and evolving environment.
Key Takeaways:
- In-depth understanding of the biggest challenges in AML compliance based on insights from professionals worldwide.
- Comprehensive discussion on the reasons behind these challenges.
- Concrete strategies to tackle current AML issues.
- Insight into emerging threats and trends in the AML landscape as reported by AML professionals.
Expert panel:
Nick Parfitt
Principal AML Subject Matter Expert
Karin Yuklea
AML Subject Matter Expert
Indigo Wilmann
Moderator,
Global Director of Content Marketing
Unpack the Global State of AML Compliance
Protect your bank through inbound payment monitoring: PSR APP fraud regulation overview: What is it and when will it come into force?
Private Event
Archives Events
Book a tailored workshop for your team on inbound payments and this new PSR regulation.
A new reimbursement policy for Authorised Push Payment (APP) fraud is being introduced in the UK.
APP fraud happens when a fraudster tricks a victim into sending a payment to an account outside of their control. In 2022, there were around 207,000 reported APP fraud cases totalling losses of £485.2 million.
The new policy aims to increase the number of victims that receive financial reimbursement by offering enhanced consumer protection. In 2022, c. 60% of scams were refunded; the proposed regulatory change aims to increase reimbursement rates to closer to 100%.
This world-first reimbursement policy proposal can be summarized in two key statements:
- It requires banks to reimburse in-scope customers who fall victim to APP fraud in most cases;
- It shares the cost of reimbursing victims 50:50 between sending and receiving banks.
