DataVisor

The technologies of financial crime prevention is evolving, and with it, the potential liability for Authorized Push Payment (APP) fraud is shifting. This article explores the implications of the FDIC's clarification of Regulation E, which could expose banks and payment providers to greater risks. Key takeaways: - The FDIC's clarification of Regulation E has paved the way for increased scrutiny of APP fraud liability. - Zelle's recent policy changes, while significant, highlight the need for broader industry collaboration and legislative intervention. - The Protecting Consumers from Payment Scams Act aims to close loopholes and clarify the Electronic Fund Transfer Act (EFTA) to better protect consumers. The EMV liability shift offers valuable lessons for handling fraud and liability in the digital age. Financial institutions need to take proactive steps to mitigate their risk, including identifying money mules, enhancing fraud prevention measures, and collaborating with industry partners. Read the full article to learn more about the evolving landscape of APP fraud liability and what your institution can do to prepare. https://lnkd.in/g5tPzGNq #APPfraud #financialcrime #fraudprevention #cybersecurity #banking

"Consumers are the soft underbelly of the fraud industry…They're not as well educated, they don't have any fraud tools." - Mike Cook, VP Product Solutions, DataVisor Mike recently joined DataVisor, and took time out of his busy schedule for a quick interview, so you can get to know him. - The gutsy college paper that earned an A, but got quickly confiscated - The stories behind the many innovations he’s made along the way–like flipping the fraud score–that we still use today - A personal story of a scam that hit his family In this candid conversation, Mike shared his insights on the vulnerability of consumers in the face of fraud, the challenges we’re facing today, and the solutions that he is optimistic about. Watch the video to learn more about the trailblazer, who for over 35 years is out to protect people from fraud.   https://lnkd.in/gfjspn8X #fraudprevention #frauddetection #innovation #syntheticfraud #fraud #scam #AI #machinelearning #datasharing #DataVisor #futureoffraud

“With this partnership, we are safeguarding our rapid business growth and providing the harmonious blend of speed and security that our customers deserve.” -Mahima Poddar, SVP and Group Head, Personal Banking at EQ Bank. DataVisor is thrilled to announce that EQ Bank | Equitable Bank, the digital arm of Canada’s Challenger Bank™, has partnered with DataVisor to revolutionize fraud prevention across the entire range of products! From everyday banking accounts to guaranteed investment certificates (GICs), tax-free savings accounts (TFSAs), and other registered products, all fraud protection measures will be seamlessly overseen by DataVisor’s comprehensive, AI-powered platform. Acting as a centralized hub of intelligence, DataVisor's platform supports EQ Bank’s real-time decision-making and ensures full customer life cycle protection across all use cases. As EQ Bank continues to lead the way in digital banking, we’re proud to provide the cutting-edge technology that makes it possible. 🔗 Read the full announcement and learn more about how we’re elevating fraud protection: https://lnkd.in/gdc9uHtK #fraudprevention #digitalbanking #fintech #AI #fraudprotection #innovation #DataVisor #EQBank

Register for next week’s webinar, where Donna Turner and Mike Cook discuss the “Shifting Liability of APP Fraud and Money Movement.” Take a 45-minute break from your day for what promises to be a candid conversation on a heated topic. - Is it too late for self-regulation? Is government intervention inevitable? - How are banks like JPMorgan responding to potential CFPB action? - What are the latest fraud behaviors and trends to look out for in APP, ACH, P2P, and wire transfers? - What steps should FIs, banks, credit unions, fintechs be taking now? 📅 Date: Wednesday, October 23 ⏰ Time: 11am PT / 2pm ET 🎤 Speakers: Donna Turner (Founder, Risk Insight Solutions) & Mike Cook (VP Product Solutions, DataVisor) About the Speakers Mike Cook, VP Product Solutions, @DataVisor,] Mike Cook, the fraud expert known for coining the term "synthetic fraud" and redefining credit risk scores, has earned a reputation as a trailblazer in the field. With multiple patents to his name, Mike's innovations have set new standards in detecting and combating fraud. Donna Turner, Founder, Risk Insight Solutions and Former COO, Early Warning® Recognized as one of the 'Most Influential Women in Payments' and holding two patents in fraud risk management, Donna Turner is a powerhouse in the world of payments, fraud risk, and operations. ➡️ Don’t miss out—register now to secure your spot! https://lnkd.in/gTv5evfz #FraudPrevention #APPFraud #MoneyMovement #Fintech #Webinar #RiskManagement

This year's DEFEND Customer Conference is more than just an event – it's an immersive retreat for fraud and AML experts to connect, explore, collaborate, and energize your team for 2025. We are excitedly planning to host our customers and partners in sunny San Diego. Here's what you can expect at DataVisor's DEFEND 2024: - Customer appreciation: Our customers are at the heart of everything we do. We'll be showing our appreciation throughout the event. - A glimpse into the future: Get ready for some exciting announcements! We'll be sharing our vision for the future of fraud prevention and unveiling some game-changing solutions. - Onsite workshops: Many topics to choose from, so, bring your biggest challenges, and we'll workshop it! Get guidance from industry leaders and experts to explore best practices, develop actionable plans, and go back to work ready to make real changes. - Roundtable discussions: Engage in thought-provoking discussions on challenges and solutions in FinCrime–for today and the future. - Connection and collaboration: Every year, we witness our customers connecting, sharing insights, and coming up with brilliant ideas for the future of fraud prevention. - Optional team-building activities: Strengthen your team bonds and have some fun with optional activities designed to foster collaboration and camaraderie. 🎙 Want to speak or organize an activity? Let us know ASAP as we are finalizing the full agenda! 🏖 Join us at Bahia Resort Hotel in San Diego, November 13-15! ➡  Register here: https://lnkd.in/gypYK3_B #DEFEND2024 #DataVisor #FraudPrevention #AML #CustomerConference #SanDiego #Workshops #Roundtables #Networking

Is your financial institution doing enough to protect customers? APP fraud is now the biggest fraud threat in the US and is expected to continue growing rapidly. What is APP fraud? APP fraud, or Authorized Push Payment fraud, is when a fraudster tricks someone into authorizing a payment to a fraudster's account. It is often accomplished through social engineering techniques, like phishing. Why is APP fraud on the rise? There are many reasons for the rise, but they can be summarized in three main points: - Fraudsters are becoming more sophisticated. - Consumers are becoming more complacent about fraud. - FIs are caught between balancing customer experience and security with outdated technologies. What can financial institutions do to protect their customers? - Deploy real-time orchestration & decisioning with data from multiple sources. - Implement leading fraud prevention measures, such as AI-based real-time detection and advanced KYC/KYB. - Leverage linkage analysis to reveal hidden relationships. - And, that's just the start. Download the complete report to learn more about the history of the regulatory changes in the US and the UK, and discover the dollar impact of fraud and its forecasted growth. https://lnkd.in/gjcDJ3Ww #APPfraud #fraudprevention #financialservices #fintech #fraud #scams #AI #ML

BNPL Spending Soared 42% Last Cyber Monday! Is Your Fraud Prevention Keeping Pace? 📈 In a new article, our own Co-Founder & CPO, Fang Yu, dives deep into BNPL fraud and how to protect your business. Here's the TLDR: - The threats are real Account takeovers, synthetic identity fraud, and friendly fraud are all major concerns for BNPL providers. - Proactive protection is key Fang outlines strategies to combat these risks, including leveraging data analytics, behavioral biometrics, and AI-powered solutions. - Don't wait for the rush Implement robust fraud prevention measures now to safeguard your business and customers during the holiday shopping frenzy. 🔗 Read Fang's article to learn how to ensure a secure and happy holiday season! https://lnkd.in/g9zGn8hC #BNPL #fraudprevention #holidayshopping #fintech #cybersecurity #AI #machinelearning #DataVisor

📢 UK Regulator's New Fraud Reimbursement Cap Now in Effect 📢 The Payment Systems Regulator (PSR) has significantly reduced the reimbursement cap for Authorized Push Payment (APP) fraud from £415,000 to £85,000. This cap now aligns with the Financial Services Compensation Scheme (FSCS) limit. The new drastic shift away from last year's update has major implications for both financial institutions and consumers. Here's what you need to know: - Reduced financial liability for banks: This change could lessen the financial burden on banks in cases of high-value fraud. - Increased focus on fraud prevention: With a lower reimbursement cap, proactive fraud detection and prevention become even more critical. - Enhanced consumer education: Empowering consumers to protect themselves is essential in mitigating APP fraud risks. Read the full article to learn more about: - The rationale behind the PSR's decision - Practical steps for risk and compliance leaders - The future of fraud prevention in the UK Learn and Share! https://lnkd.in/gUyxpQP6 #fraudprevention #compliance #payments #riskmanagement #banking

Can the industry self-regulate, or is government intervention inevitable? Join our upcoming #webinar, "Navigating the Shifting Landscape of APP Fraud and Money Movement," for a candid discussion on: - The regulatory outlook for APP fraud in the US and abroad. Will government enforcement be the solution? - How banks are pushing back against increased liability - The latest scam behaviors across APP, ACH, P2P, and wire transfers - Actionable strategies to minimize fraud exposure and losses Learn how to future-proof your fraud prevention strategy in this high-stakes environment. 📅 Date: Wednesday, October 23 ⏰ Time: 11am PT / 2pm ET 🎤 Speakers: Donna Turner (Founder, Risk Insight Solutions) & Mike Cook (VP Product Solutions, DataVisor) All about the speakers Mike Cook, the expert who coined the term "synthetic fraud" and redefined credit risk scores, has earned a reputation as a trailblazer in the field. With multiple patents to his name, Mike's innovations have set new standards in detecting and combating fraud. Mike co-founded ID Analytics, acquired by LexisNexis, and @XOR Data Exchange, acquired by Early Warning® . He has also held senior roles at leading organizations like Socure, SentiLink, and Experian. Mike has even provided Congressional Testimony on behalf of U.S. Department of Veterans Affairs, reflecting his unwavering commitment to fighting fraud and protecting identities. Now, as the VP of Product Solutions at DataVisor, Mike continues to drive innovation in fraud detection with AI-driven solutions. His extensive expertise and passion for combating fraud are evident in his work, and his leadership continues to influence the future of fraud prevention. __ Donna Turner: Recognized as one of the 'Most Influential Women in Payments' and holding two patents in fraud risk management, Donna Turner is a powerhouse in the world of payments, fraud risk, and operations. With over 30 years of experience at top financial institutions like PNC and Bank of America, Donna has served as the Chief Operations Officer at Early Warning®, where she was instrumental in launching the industry-leading Zelle® payments network. Now, as the founder of @Risk Insight Solutions, Donna helps companies drive sustainable growth, mitigate risk, and optimize customer experiences. Her passion for innovation and excellence has made her a trusted advisor in the industry, with a deep commitment to pushing boundaries and delivering results. She also actively serves on the board of The Knoble to make the world a safer place. __ Don't wait—register now to secure your spot! https://lnkd.in/gTv5evfz #FraudPrevention #APPFraud #MoneyMovement #Webinar #RiskManagement

FinTechs and FIs Find Common Ground on Scaling Real-Time AML Compliance As FinTechs and traditional financial institutions (FIs) increasingly partner to meet evolving customer expectations, the need for scalable and real-time anti-money laundering (AML) solutions has never been greater. A recent PYMNTS article highlights this trend, emphasizing the importance of core banking providers in helping both FinTechs and FIs modernize their AML efforts. Legacy systems are a major hurdle for many institutions, but new partnerships and technologies are emerging to address this challenge. At DataVisor, we're proud to be at the forefront of this movement, providing innovative AML solutions that enable real-time transaction monitoring and risk assessment. Our recent feature enhancements allow clients to configure and customize fraud prevention and AML strategies across banks and FinTechs, ensuring compliance with local, national, and global regulations. Read the full PYMNTS article here: https://lnkd.in/dM_A-HpW #AMLcompliance #FinTech #FinancialServices #DataVisor