Financial institutions conduct more business than ever online, and now encounter an increasing risk of fraudulent transactions throughout the customer lifecycle. The challenge? Balance the need to maintain low fraud rates and cut operational costs with the need to preserve the customer experience. Join Equifax and iovation as they explore the online fraud risks and challenges facing financial institutions, including:
How online and mobile banking increase the risk of fraud;
Why unnecessary challenges to good customers can result in lost business;
How new risk-based authentication systems work together with device reputation analysis to deliver comprehensive risk assessment without compromising the customer experience or increasing fraud.
Financial institutions continue to combat fraud losses due to issues such as account acquisition and card fraud, account takeover fraud, chargebacks and more. Regulatory requirements such as those set forth by the FFIEC further complicate the picture. To combat these losses and operating requirements, more transactions are referred to fraud analysts or other risk professionals for review, and customers are validated through additional challenges. These practices cause delays that frustrate good customers, reduce operational efficiency and increase the overall costs associated with fraud reviews.
Employing a multi-layer approach that combines risk-based authentication and device reputation for online fraud prevention can provide an effective means of combating these issues. By verifying personal identity and assessing device risk, financial institutions can detect possible fraud much more accurately in advance of a customer challenge, stopping bad actors in their tracks. Through process automation and system integration, a comprehensive strategy to fight fraud can also be achieved at much lower cost without sacrificing the customer experience.
Among topics to be discussed in this session:
The pressure to review more transactions for possible fraud stems from an increase in the type and numbers of fraud against financial institutions.
An increasing number of challenges to good customers are compromising the quality of online services.
Regulatory pressures also influence the need for fraud prevention tools.
Through a multi-layer fraud prevention strategy, financial institutions can:
Reduce fraud losses
Enhance operational efficiency
Maintain/improve the customer experience
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Gasan brings over 16 years of professional experience in the fraud and risk management area to Equifax, where he is responsible for the development and execution of product strategy for the Identity and Fraud portfolio. In prior roles Gasan has lead the Fraud teams at Prudential Bank, CompuCredit, Revolution Money, and Serve an American Express Company. Gasan holds a BA degree in International Business from the University of Georgia where he graduated Magna Cum Laude.
VP - Product, iovation
Olson brings 17 years of experience in computer security and marketing to iovation, where he is responsible for developing and leading all strategic marketing initiatives. Prior to iovation, Olson headed the marketing team at Mirage Networks, a provider of Network Access Control solutions, with prior marketing leadership roles at WholeSecurity and NetSolve. Scott also co-founded WheelGroup Corporation, which produced the first commercially viable Intrusion Detection System (IDS) known as NetRanger; in 1998, WheelGroup was acquired by Cisco Systems and NetRanger became the backbone of their IDS technology. A recognized thought leader in security, Scott has published articles in Computerworld and other industry publications, and has spoken at security events such as RSA and Digital ID World. Scott holds a B.S.E. in Electrical Engineering from Duke University, an MBA from the University of Texas at Austin, and is a Certified Information Systems Security Professional (CISSP).