Josh Groneman’s Post

For today's #fraudfriday, we take a deeper look at CrossCore! What can CrossCore do? Decrease friction and fraud losses.  Mitigate fraud across the member life cycle. Effectively manage fraud and identity solutions through a single point of access.  Make the best fraud risk assessment with a 360-degree view of consumer identity. Empower your Credit Union to stay agile and respond to different fraud vectors.  Watch the video in the provided link, to see more and then reach out and lets get you fully protected! #crosscore #experian #fraud #creditunion

Verifying digital identities is increasingly complicated, especially when you need to automate decisions. Consumer preferences, fraud tactics, and regulations are continually evolving, and your identity verification platform needs to keep up. These aren't fixed challenges that you can overcome in a single hurdle. Businesses need a platform that can reliably use different combinations of physical and digital identity data to determine that the person behind the identity is a known, verified and unique individual. Experian is the market-leader in identity verification solutions with decades of experience, driving optimal business performance. #crosscore #experian #creditunion #fraudfriday

I had a great time attending & presenting at the Prove #improve2024 event this week, wanted to share a couple of points from the discussion we had on scams. Here are a couple of points that I made. and a few I took away: * Scams put pressure on FIs because unauth fraud is someone other than the customer doing the fraud-ing. To detect scams, FIs have to be good at identity, but also decipher intent and context. * Many of the indicators of intent and context are going to happen off-platform, before the customer arrives in a digital flow - I'm interested to see if we can engage the threat intel community and our teams in more direct and compelling ways, since those are our eyes & ears into the ecosystem * Speaking of intel, data sharing comes up again and again. I referenced the model provided by credit card fraud, and how the networks are able to consolidate and clear indicators/signals system-wide, as well as the relationships that exist between fraud folk. I also referenced the model provided by Spamhaus and spam providers - we have gotten fancy with content-based clues in emails, but largely the reason spam filters are effective is because email platforms have honed their ability to understand and update sender reputation signals. (Respect to SPF & DKIM & DMARC) * Also relevant to info sharing: We focus on the financial transactions, but FIs are actually towards the end of the scam. Who's at the front? Messaging and social apps. Who else is affected? P2P fintech apps. It's an ecosystem beyond the traditional FIs for sure. * Given the customer is the human in the loop, methods to detect and combat mean we need to enlist their help - both in the transaction and likely after the fact. FIs will need to engage in more proactive education & awareness (outbound campaigns), look to modifying UX in clever places (I see lots of interstitials and butter bars in our future), and also prep CS/Fraud Ops to add some Q's into their workflows to reinforce taxonomies and such. * Speaking of taxonomies, we talked about how we can firm up dispute taxonomies and definitions - the Fed has been offered their Fraud Classifier Model (linked) - meant to assist and accelerate discussions on these topics. Takeaways: * To me, ATO (Account Takeover) is pretty straightforward unauth, but at least one bank is challenging the idea that ATO-related fraud is covered by Reg E/Z, so the industry is faced with deciding whether ATO is unauth or "authorized" fraud - acknowledging the account holder was manipulated. Where I landed: from a detection perspective "not conducted by the account holder" is the piece I want to focus on. Great discussion w David Kerman, Michael Timoney, & Ian Mitchell - we only got to scratch the surface but I suspect there will be more conversations to follow. TY #improve 2024 for hosting us. #fraud #scams #authentication #identity #intent #improve2024

If you are in Banking and Financial Services, you know how costly data breaches can be to your organization. Customers deserve to have their data protected wherever it goes, not just inside your perimeter. Check out how Seclore's Data Security Platform leverages data-centric security for comprehensive protection and tracking of your customer’s sensitive financial information—no extra deployment hassle required. https://lnkd.in/dZETbwAP #EnterpriseSecurity #EnterpriseData #DataCentricSecurity #DataSecurity #BFSI

Fraud prevention is crucial for financial institutions to safeguard their assets, systems, and customers. Clari5's recognition as a Category Leader in Enterprise and Payment Fraud Solutions for 2024 by Chartis Research highlights the importance of innovative and effective fraud prevention strategies. Ensuring real-time detection and response to fraud helps maintain the highest levels of security and trust for customers. #Getclarified #TeamClari5 #ProudMoment

We've amplified our platform with industry-leading #fraudprevention for confident online transactions. From enriched #digitalidentity #verification #data, to bolstered #fraudscreening, #BI reporting and live monitoring capabilities. Check it out: buff.ly/49WJvM6 "In an industry where the landscape of risk is in constant flux, it's imperative that our technology not only keeps pace, but sets the pace," explains Alfredo Solis, Managing Director, AcuityTec. "Our platform enhancements reflect a deep understanding of the dynamics of fraud prevention. We equip our clients with tools that are sophisticated, intuitive and pre-emptive."

Verification solutions that rely on a diverse set of enhanced data sources empower businesses to achieve higher match rates and more accurate fraud detection. Read our recent blog to learn how enhanced data sources position businesses to fight fraud and create a seamless onboarding experience. https://lnkd.in/eiREFWx7 #IdentityVerification #Data #DataVerification #IDV #FraudDetection

Recognize Trusted Customers and Prevent Fraud. Friction is a result of one system not talking to the other with enough context to make well-informed decisions. Our society has been conditioned for convenience and the ability to multi-task has made everyone busier than ever. Just because you can, doesn't mean you should but that's a whole separate topic. It's a good thing for people to have options and competition. So companies are going to need to be on their digital game. Digital customers with options don't stick around long if their experience isn't smooth and efficient, especially the younger customers. Learn how to prevent fraud and recognize trusted customers with the Digital Identity Network from LexisNexis Risk Solutions. Check it out here: https://lnkd.in/eZfPK3Jb

Take a look at these insightful thoughts on fraud detection in the Telco industry from Michael Lyons and Constantine Boyadjiev, MBA, CFE. Their article highlights the importance of data monetization and strong analytics in building a better mousetrap for fraud detection. Check out their article here: https://lnkd.in/gzQWZtBJ