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Data Sharing as a Means to Combat Fraud
Fraud continues to pound embattled financial institutions, which are aiming to stay ahead of increasingly sophisticated attacks. More organizations are realizing that fraud prevention tools and strategies must remain top of mind, which means investing heavily on the most effective tools on the market today. Great strides have been made thanks to powerful tools such as analytics, artificial intelligence (AI), and machine learning, yet financial institutions are failing to capitalize on another vital tool they have in combatting fraud in the payments space: data sharing.
Bruce Diesel, Global Head of Product and Payments at Diebold Nixdorf, David Excell, Founder of Featurespace, and Marco Salazar, Director of Technology and Infrastructure at Mercator Advisory Group, discussed the delicate balance and challenges between enhancing the customer experience and delivering robust customer protection against fraud.
PaymentsJournalData Sharing as a Means to Combat FraudPaymentsJournal Data Sharing as a Means to Combat FraudPaymentsJournaljQuery(document).ready(function ($){var settings_ap17740979 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"17740979",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_399924_29",settings_ap17740979); }catch(err){ console.warn("cannot init player", err); } });
Greater Data Sharing and Its Implications for the Payments Space
Vital Customer Insights
Data sharing provides vital insights about customers and can also inform FIs on what solutions their customers are demanding. But it also plays a vital role in protecting customers from fraud.
“Data sharing enables the banks to protect the customer and create new experiences for that customer instead of [offering] new products and services to meet those real-time needs and requirements,” said Excell.
With the surge of customer information in circulation comes bad actors ready to swipe from the massive sea of data.
“Increased data sharing is increased opportunities for fraud,” added Diesel. “An increased volume of transactions means a bigger attack surface area for fraud.”
“Data sharing, if done correctly across business units and third parties, allows for broader detection of fraud before it even begins across a wider array of products,” said Salazar. “There’s this delicate fine balance that needs to be played when thinking about data sharing.”
Data Sharing and Fraud
Another reality that Excell pointed out is the proliferation of data sharing among fraudsters. It is through compromises that they get access to data in order to both share and sell data between themselves. He continued with proposing current solutions such as artificial intelligence (AI) and mach...
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By The PaymentsJournal PodcastFraud continues to pound embattled financial institutions, which are aiming to stay ahead of increasingly sophisticated attacks. More organizations are realizing that fraud prevention tools and strategies must remain top of mind, which means investing heavily on the most effective tools on the market today. Great strides have been made thanks to powerful tools such as analytics, artificial intelligence (AI), and machine learning, yet financial institutions are failing to capitalize on another vital tool they have in combatting fraud in the payments space: data sharing.
Bruce Diesel, Global Head of Product and Payments at Diebold Nixdorf, David Excell, Founder of Featurespace, and Marco Salazar, Director of Technology and Infrastructure at Mercator Advisory Group, discussed the delicate balance and challenges between enhancing the customer experience and delivering robust customer protection against fraud.
PaymentsJournalData Sharing as a Means to Combat FraudPaymentsJournal Data Sharing as a Means to Combat FraudPaymentsJournaljQuery(document).ready(function ($){var settings_ap17740979 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"17740979",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_399924_29",settings_ap17740979); }catch(err){ console.warn("cannot init player", err); } });
Greater Data Sharing and Its Implications for the Payments Space
Vital Customer Insights
Data sharing provides vital insights about customers and can also inform FIs on what solutions their customers are demanding. But it also plays a vital role in protecting customers from fraud.
“Data sharing enables the banks to protect the customer and create new experiences for that customer instead of [offering] new products and services to meet those real-time needs and requirements,” said Excell.
With the surge of customer information in circulation comes bad actors ready to swipe from the massive sea of data.
“Increased data sharing is increased opportunities for fraud,” added Diesel. “An increased volume of transactions means a bigger attack surface area for fraud.”
“Data sharing, if done correctly across business units and third parties, allows for broader detection of fraud before it even begins across a wider array of products,” said Salazar. “There’s this delicate fine balance that needs to be played when thinking about data sharing.”
Data Sharing and Fraud
Another reality that Excell pointed out is the proliferation of data sharing among fraudsters. It is through compromises that they get access to data in order to both share and sell data between themselves. He continued with proposing current solutions such as artificial intelligence (AI) and mach...