Top Banner
©2014 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in any form or manner without the prior written permission of Experian. Experian Public. Technology and fraud trends update beyond current authentication Chirag Bakshi Zumigo Stephen Ufford Trulioo #vision2014 Vipul Vyas Victrio Dan Elvester Experian
20

Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

Jan 12, 2015

Download

Technology

We’ll discuss advancements in technology and consumer experience for the next generation of authentication. The panel will explore new areas, including the use of social media, biometrics, mobile location services, and mobile enrollment.
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Page 1: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

© 2014 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc.

Other product and company names mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced, modified, or distributed in

any form or manner without the prior written permission of Experian. Experian Public.

Technology and fraud trends update — beyond current authentication

Chirag Bakshi Zumigo

Stephen Ufford Trulioo

#vision2014

Vipul Vyas Victrio

Dan Elvester Experian

Page 2: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

2 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

User authentication has been utilized since the early days of multi-user systems

User ID and passwords have dominated methods of authentication

Organizations are tasked now more than ever to effectively authenticate consumers from origination to account maintenance

A wide range of new services – providing higher levels of trust have been developed

How does this evolution provide the changing environment for your organization to adapt and adopt these new services

Purpose Why are we here?

Page 3: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

3 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

What are the current authentication methods? What is working?

New technologies supporting the use of social media data

The use of device – mobile tokens and location as a passive form of authentication

The next generation of biometrics – passive voice biometrics for use in a call center and beyond for authentication

How these technologies align with the current authentication trends

How can “new” technologies support the changing growth – like mobile

Purpose Why are we here?

Page 4: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

4 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Introduction of panel

Stephen Ufford

Stephen has had the

pleasure of founding,

building and selling

several consumer

data focused startups

over the last decade

working in the role of

CEO

Vipul Vyas

Vipul helps Victrio’s

financial and wireless

carrier clients

develop their needs

for fraud detection

and identity

confidence solutions

Chirag Bakshi

Zumigo was founded

by Chirag Bakshi, a

veteran of the mobile

industry and Silicon

Valley, and previously

Vice President and

General Manager of

the VeriSign Mobile

Messaging business

Page 5: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

5 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Stephen Ufford, Founder & CEO

Serial entrepreneur specializing in consumer data for over 10 years

Three previous exits to Experian and others

Chosen as Top-40 under 40 business people in Canada

Trulioo

Identity bureau covering over 700 million people

$10 M in funding

Top-20 Canadian start-up

35 employees

Trulioo Who we are

Page 6: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

6 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Trulioo What we do

Page 7: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

7 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Innovation and experience

First large scale voice biometric fraud detection service in the world

Acquired by Verint in December of 2013

Multiple patents and largest shared global fraudster voice print database

Offers real-time, near-real, hosted, and on premise managed services

Victrio Who we are

2013

Proven customer success at scale

Fraud detection service deployed at two of top three U.S. credit card issuers

On track to screen 100M+ calls in 2013

Over 25,000 fraud calls analyzed

Over 150 organized crime rings identified and tracked

Over 50 fraudster MOs identified and tracked

Page 8: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

8 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Victrio What we do

Whitelist and

blacklist

databases

On-premise

moderate

integration

Real-time

Identity

confidence

authentication

ID confidence

suite

Authentication

engine

On-premise

deep integration

Real-time

Real-Time

Decisioning

Engine

Machine

learning

driven

decision

engine

“Blacklist”

databases only

(Shared/silo’d)

Hosted or

on-premise

Near real-time

or real time

Fraud prevention

Page 9: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

9 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Founded 2009

Venture capital backed

Team is experienced with mobile networks and financial institutions

Zumigo Who we are

Zumigo leverages mobile network data

to secure financial transactions, identify

devices, authenticate access, validate device

ownership and enable location-based

marketing

Page 10: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

10 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Zumigo Assure

Zumigo

Reach

Validate devices

with multi-factor

validation

leveraging the

network

Device

authentication

Zumigo compares

the merchant

location to the

phone’s location

Transaction

monitoring

Market to

customers based

on their current

location

Marketing with

location in

context

Zumigo Assure

Authentication

Zumigo Assure

Zumigo Assure

Radius Zumigo Assure

KYCD

Associate

customers to the

devices they own

Know your

customer and

device

Zumigo What we do

Page 11: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

11 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Identity theft and associated fraud continue to plague institutions and their customers

Organizations are tasked now more than ever to effectively authenticate customers or prospects throughout the customer life cycle from new account origination to account maintenance

Fraudsters often know the basic consumer information of their potential victims, such as: date of birth, Social Security number, current address and mother’s maiden name

What do we do today? Authentication in 2014

So how can some these new technologies play a role in moving forward?

Continued use of:

► Name

► Address

► Phone

► Date of birth

► Social Security number

Page 12: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

12 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Client data, device reputation, e-mail, social media, biometrics, location services

Where and when is it applicable?

► Channels

► Applications

► Transactions

Today our panel is going to discuss

► The use of new technologies

► What works for their markets

► Their consumers

► Best practices and new means of providing authentication

Looking forward Beyond 2014

But first, – let’s examine some of the current authentication trends

Page 13: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

13 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Authentication trends

Trend Impact Industry response

Customer experience generally

trumps all other business drivers

Client spend and business case /

ROI is founded in customer

experience improvement and cost

save

Adjustment of

fraud/authentication tools to

maximize positive authentication

results and minimize false

positives/negatives

Mobile access and capabilities

continue to expand

Less PII available for use in

authentication. Device now a

measurable element in

authentication.

Integration of both identity

authentication and device risk

assessment. Consortium and

velocity checking more important.

PII becoming more sensitive and

less available

Online identities migrating toward

name/email/phone/device only

Data access, analytics, and

decisioning recalibrating to

minimal data. Alternate data

assets (negative and positive) are

critical.

Enterprise data aggregation and

decisioning remains the ultimate

goal

Client data and vendor services

integrated more centrally for

hub/spoke access and action

Real-time access and update to

identity risk profiles throughout

the customer lifecycle

Page 14: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

14 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Authentication trends

Trend Impact Industry response

Top fraud threats continue to be:

Application fraud

First party fraud and

synthetic ID

CNP

Counterfeit

Mobile payment/deposit fraud

Cross channel fraud

Clients continuing to evaluate

and reallocate resource spend to

align with fraud risks and

migrations

Custom analytics more the norm

for larger/sophisticated clients.

Enterprise-wide view and

decisioning critical to combat

more effectively

Vendor platforms continuing to

evolve to deliver:

• Custom analytics

• Link analysis

• Identity and device risk

assessment

Alternate authentication

services (e.g., biometrics,

device, consortium, client data)

Account transaction risk

assessment and identity risk

assessment must be married in

real-time at all points in the

lifecycle

KBA still in use but altered – ex.

FFIEC calls out risks in ‘secret

questions’ and recommends

dynamic KBA.

Static KBA not being utilized as

much as dynamic

KBA used more tactically and

sparingly alongside analytics and

access strategies

Client derived questions in play

KBA service providers

delivering questions as driven

by analytics and initial risk

profile assessment

Question performance a

narrowing element in overall

decisioning criteria

Page 15: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

15 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Questions for the panel

Stephen Ufford – Trulioo

Vipul Vyas – Victrio

Chirag Bakshi – Zumigo

Page 16: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

16 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Bringing it all together through Precise IDSM A single platform

Precise IDSM

Knowledge IQSM

Credit Card

Verification

Tokens –

certificates that

become part of

the mobile

device

Enhanced

phone services

for additional

levels of

authentication

for cell and non-

published

numbers

Experian clients

Knowledge IQSM

questions

formatted to mobile

devices

Continued

expansion of

data assets

Device

fingerprinting

provides greater

visibility of the

online

transaction

and behavior

Biometrics

voice fingerprint

E-Mail

verification

Location based

mobile services

Page 17: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

17 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

We have heard from the experts in cyber media

► Voice biometrics and location based services

There is no “silver bullet” – however, as consumers change how they want to be authenticated new services must be part of the process

We must be able to integrate with current authentication methods

Focus must always be on the consumer experience

Experian fraud and identity services “bring it all together”

Conclusion

Page 18: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

18 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.”

‘Charles Darwin’

Challenge for all of us…

Page 19: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

19 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

For additional information, please contact:

[email protected]

Hear the latest from Vision 2014

in the Daily Roundup:

www.experian.com/vision/blog

@ExperianVision | #vision2014

Follow us on Twitter

Page 20: Vision 2014: Technology and Fraud Trends Update - Beyond Current Authentication

20 © 2014 Experian Information Solutions, Inc. All rights reserved. Experian Public.

Visit the Experian Expert Bar to learn more about

the topics and products covered in this presentation.