DataVisor

Fraudsters work together in crime rings and we know it helps them succeed in pulling off large-scale scams. Are data consortiums the answer on the fraud fighter side? Collaboration and knowledge sharing can only help us all mount stronger defenses against fraud attacks, and as this article explains, the trend toward teamwork is only going to continue. #ai #artificialintelligence #fraudprevention #machinelearning #fraudtech #fraudstrategy #bankingfraud

Fraudsters’ ever-evolving patterns and methods of attack keep fraud figthers on their toes working to stay ahead. Based on what you’ve seen this year, what do you project is the biggest threat to watch for in the next year or two?

As the BaaS industry booms, growing concerns about emerging fraud have led to increased regulatory scrutiny. Now, sponsor banks must demonstrate robust oversight of their fintech partners. In this new BAI byline, Brenda Banks, our VP of BaaS, outlines the top challenges sponsor banks face in adapting to this regulatory landscape, from fragmented data sources to real-time fraud detection. Discover solutions on how sponsor banks can enhance risk and compliance measures to navigate these challenges and thrive in today's BaaS ecosystem. #ai #artificialintelligence #fraudprevention #machinelearning #baas #sponsorbanks

Onboarding is a key stage in the customer journey—you want to make a lasting positive first impression but then it's also the first step at which you encounter fraudsters. Traditional ID verification methods simply don’t cut it anymore against fraudsters’ evolving attacks. Only a holistic, customer-centric approach can give you true day zero risk. Join us for a live webinar where experts at DataVisor and Mastercard's Identity Insights and DataVisor dive into “Day Zero Risk and the Beginning of the Customer-Centric Journey”. 📅 Date: June 26th, 2024 ⏱️Time: 11am PT / 2pm ET Don't miss out! Register here 👇

The numbers don't lie☝️ 70% of fraud leaders say the biggest challenge in staying ahead of fraud across organizations is keeping up with new and emerging fraud patterns. That same group of fraud leaders also said coordinated fraud rings are what they identify as the biggest threat in the next 12 months. Fraud rings work together to develop and fine tune their attacks. If we do the math...fraud rings constantly creating new fraud patterns + fraud leaders seeing both those things as a major threat now and in the future = a BIG problem on the horizon. Fraud fighters aren't in the dark though—quite the opposite, in fact. Tracking botnets, emulators, rooted devices, repackaged apps, and long-cycle synthetid IDs can all be revealed through advanced AI and machine learning solutions. But if we go back to the math, we see another big problem. 50% of fraud leaders cite issues reaching internal consensus as the biggest barrier to effectively using AI in their organization. While reaching that consensus is a longer-term challenge, there is another solution right now—putting AI to work against coordinated application frauds, fake account scams, lending frauds, bot-based card attacks, and price manipulation schemes that fraud rings favor. #ai #artificialintelligence #fraudprevention #machinelearning #fraudtech #fraudstrategy #bankingfraud

Banking as a Service (BaaS) is a major technological innovation for the banking industry. It’s been a hit with customers, sponsor banks, and fintechs alike. No booming industry is without its hurdles, though, and for BaaS the biggest problem has been a proliferation of fraud that has drawn regulators’ attention and resulted in massive shifts in compliance requirements. Learn how we got here, the best ways to get compliant, and what the future of BaaS looks like in DataVisor VP Brenda Banks’ article on the evolution of BaaS. #baas #banking #fraudtech #fraudstrategy #bankingfraud

AI is a powerful fraud prevention tool, but with the rise of FRAML and more cooperation between fraud and AML teams, the technology is showing how it can benefit AML compliance as well. Is your FI integrating AI in AML yet? #fraud #aml #framl #ai #artificialintelligence #fraudprevention #machinelearning

As the digital channel continues its post-COVID boom growth, an unfortunate twin growth in the fraud ecosystem has accompanied it. From the first half of 2022 to the first half of 2023, FIs reported a 10% or more increase in fraud in the digital channel. As 2023 continued, so did the upward trajectory of fraud attacks. FIs reported seeing a 62% increase in attacks on consumer accounts and a 52% increase in attacks on business accounts. The solution in 2024 remains the same as it has for years: modernizing control frameworks. These modernization efforts emphasize consolidation and risk modeling—two hallmarks of centralized, holistic fraud solutions. Leveraging strategies like data orchestration, Fraud + AML (FRAML), and a customer-centric approach to onboarding and account management, FIs gain a clearer picture of who they are actually allowing to bank with them and, in turn, unmasking fraudsters lurking in the shadows before they can strike. So, what’s the key to preventing digital fraud in 2024? 👉 Centralized use of all data through data orchestration strategies 👉 Explore using Generative AI for automated fraud decisioning and rule tuning to eliminate manual work and save fraud teams’ time 👉 A customer-centric approach that monitors the entire user journey to catch fraud signals at every opportunity 👉 Leveraging a FRAML solution to ensure end-to-end holistic prevention and elimination of data silos

Next Wednesday, June 12th at 11am PT / 2pm ET, our Banking-as-a-Service expert Brenda Banks is hosting DataVisor’s first-ever Lunch & Learn webinar and will be answering all your questions about combatting account opening fraud. This Lunch & Learn isn't like your standard webinar, we encourage you to bring all your questions, thoughts, and concerns as you'll have the chance to speak with Brenda and your fellow fraud leaders about new regulatory requirements, onboarding fraud, compliance challenges, and anything else you'd like to talk about in the realm of BaaS. Save your spot below and make sure you don’t miss out on what's sure to be a valuable knowledge-sharing event. #webinar #lunchandlearn #baas #BSA #banking #ai #artificialintelligence #fraudprevention #machinelearning

While we know fraudsters are adopting tools like Generative AI to magnify their scams’ effectiveness, a new report found criminals are actually acting cautiously when adopting AI. Mainly criminals use GenAI to develop malware, improve social engineering attacks, and create deepfakes. The report expects the adoption of AI-powered attacks to remain gradual over the next 1-2 years, leaving FIs with a bit of time to fortify their defenses and prepare for more sophisticated AI attacks. #ai #artificialintelligence #fraudprevention #machinelearning #generativeai #fraudtech #fraudstrategy #bankingfraud