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.

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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?