Canapi Ventures的动态

Fraud has the potential to impact pretty much all businesses and consumers, stripping victims of their identity, finances and, often, their dignity. It’s a landscape becoming increasingly difficult to navigate as fraudsters deploy more sophisticated methods, harnessing the very latest emerging technologies such as generative AI to carry out their?illicit activities. Almost 70% of businesses say?fraud losses have increased in recent years, while more than half of consumers feel they have become more of a fraud target. In a bid to highlight the dangers facing organisations in finserv and beyond, not to mention their customers,?Experian?has published its 2024 Future of Fraud Forecast, which identifies five fraud threats to be cautious of this year. “The speed and complexity of fraud attacks due to new technology and sophisticated fraudsters is leaving both businesses and consumers at risk in 2024,” comments Kathleen Peters, Chief Innovation Officer at?Experian Decision Analytics. “Now more than ever, businesses need to implement a multi-layered approach to their ID verification and fraud prevention strategies that leverages the latest technology available.” #Fraud #IDVerification #GenerativeAI

?????Completely agree with Socure's Chief Product & Analytics Officer Pablo Y. Abreu... Our release this week of the Sigma V4 Fraud Engine is GAME CHANGING for public sector institutions & companies losing millions of dollars annually from digital account opening fraud. If you are a #government leader, you MUST SEE these stats below... Here’s the performance data on Sigma Identity V4: ?? Capturing up to 99% of identity fraud in the riskiest 5% of users, compared to just 37% by competitors at the same review rate ?? Reducing false positives by more than 40% over Socure's Sigma ID v3 ?? Delivering an average 20x ROI for customer's from increased revenue/false positive reduction, fraud loss reduction, and lower manual reviews How did we do it? 10 years of making huge investments across 3 key areas: 1?? Digital Signal creates a robust digital fingerprint of each customer, inclusive of devices and their OS, browser languages, geolocations, and relationship to multiple identities. 2?? Entity Profiler allows us to see an identity from its inception in the digital economy, assessing every historical transactional, digital and relational data point to make up-to-the-second risk decisions. 3?? Integrated Anomaly Detection is a new model that assesses identity behavioral pattern differences at the company, industry, and financial network level and allows us to identify thousands of risk-indicating variables. Pablo had a great analogy... Think of fighting #identityfraud like playing a giant game of 'Spot the Difference' where most of the images are identical copies of a normal, everyday scene. The fraudulent activity is like one subtle, but crucial difference hidden in one of these images. It's hard to find because it blends in so well. However, with the right tools, this one different detail lights up or gets highlighted, making it easy to spot. This saves the fraud analysts, who are like players in this game, a lot of time and effort as they don't have to scrutinize every single part of the picture to find the anomaly. Learn More Here: https://lnkd.in/e9Q6DbWa Jennifer Kerber | Jeff Shultz | Robert Shea | Adam Hughes | Jeremy Grant | Frank Snyder | Mike Halas | Chul Yim | Neal Gallucci | Johnny Ayers | Rivka Gewirtz Little | Brittany Geronimo | Chris Hill | Teneka Polite | Brett Johnson | Casimiro (Casey) Lovato-Winston PMP | Matthew Francis | Yan Moyaux | Aaron Barfoot | Matthew Thompson | Jordan Burris #fraud #ai #publicsector

The latest report from Experian, "2024 Future of Fraud Forecast," sheds light on critical trends that every financial institution and business must be aware of. Key findings reveal an unsettling rise in fraud, driven by advanced technologies like Generative AI, and a significant surge in APP/P2P transaction-based fraud, marking a 41% of all attacks. Moreover, the report uncovers a growing consumer shift back towards in-person banking interactions as a measure to combat digital fraud risks. With 70% of businesses reporting increased fraud losses and over half of consumers feeling more exposed than a year ago, the urgency for innovative solutions has never been clearer. In this complex scenario, OPUS stands at the forefront, offering state-of-the-art banking software solutions tailored to navigate and counteract these emerging fraud challenges. Our commitment to leveraging advanced technology for fraud prevention positions us as a trusted partner for banks and financial institutions aiming to safeguard their operations and their customers' assets. To know more about OPUS, visit: https://opus-bd.com/ Read the full article on: https://lnkd.in/gyPkTfzX #OPUS #BankingSolutions #FraudPrevention #Cybersecurity #GenerativeAI #FinancialServices #ExperianReport2024

Leveraging Data Analytics and Identity Fraud Prevention as a Competitive Advantage in Financial Institutions Financial institutions are addressing the rising challenge of identity fraud by implementing effective precautions to mitigate risk, as highlighted in an article on The Financial Brand. A secure, digital onboarding process is emphasized not only for reducing fraud but also for potentially driving growth within organizations. To combat identity fraud, financial institutions are making significant investments in fraud prevention, particularly in identity software during the onboarding process. This investment aims to enhance the overall client experience and relationship. The integration of AI in fraud prevention allows financial institutions to analyze broader datasets beyond traditional credit scores, enabling the personalization of financial products and the identification of fraudsters. Alternative data sources such as home ownership, education, and payment histories are being leveraged to assess identity risk more accurately. Furthermore, the article underscores the importance of real-time transaction monitoring and personalized offerings to enhance customer experiences and satisfaction. By harnessing AI and data analysis, financial institutions can not only prevent fraud but also provide tailored products and services that meet the unique needs of individual customers, ultimately driving growth and fostering customer loyalty. Link to article: https://lnkd.in/gQutThUh

NeuroID's modern and frictionless capabilities amplify Experian's fraud risk suite by providing a new layer of insight into digital behavioral signals and analytics observed for both new and returning users throughout the customer lifecycle, including account openings, logins and transactions

Data breach follow up: So AT&T tells me I can relax because, while some of my data was exposed, it didn't include financial information or call history, but doesn't tell me what it did include. And to make up for all this, they signed me (all of us) up for Experian's IdentityWorks, which "increases visibility into potential fraudulent activity" (bit late, I think), and includes $1,000,000 in coverage and a team to help you through the recovery process. Sounds great, right? Only when I go to enroll (I think it is a great deal, really), they want a huge amount of personal data (DOB, SSN, etc.) first, which means one more place where my personal data can be hacked. Catch-22 strikes again. And please, don't reply to me that they need to identify me; I am a decades-long AT&T customer, and am almost certainly listed in Experian, so a little bit of work on their part could identify me without adding to my potential exposure. Now I just have to wait for the fall out without a safety net (and as I've told you before, this is the 4th or 5th major exposure of my personal data in the last 6 months, so the odds of identity theft are quite high). Time for Congress to hold companies accountable for data breaches, and provide assistance and reparations to people affected by them (by taking from the companies, of course, like the pooled funds banks need to provide to cover customer losses).

NeuroID's modern and frictionless capabilities amplify Experian's fraud risk suite by providing a new layer of insight into digital behavioral signals and analytics observed for both new and returning users throughout the customer lifecycle, including account openings, logins and transactions

???????????? ?????????? ???????????? ???????? ?????? ??????????????'?? 2024 ?????????? & ???????????????? ???????????? ???????????????? ?????? ???????????????? ?????????? ???? ????-?????????????? ??????????, ???????????????????????? ????????????, ?????? ?????? ???????????????????? ????????????-???????????????? ???????????? ???? ???????????????????? ????????????????????. ?????????????????????? ???????????????????? ???????? ???????? ???????????? ?? 45% of brands said their growth was stifled by fraud, and 51.8% of C-suites were "very concerned" about the volume of fraud their company faces. ?? 64% of participants reported being hit by AI-powered fraud attempts in the past year, and 78.6% think AI fraud will affect their company's growth. ?? 74.8% of companies experienced an increase in fraud in the past year, with 69.3% seeing a rise in payment fraud specifically. ?? Reputational damage from fraud is becoming a major concern, with 60% of companies receiving negative media coverage and 39.2% expecting brand image damage from AI-enabled fraud. ?? Beyond revenue/profit loss (38.9%), fraud affected customer satisfaction (37.1%), stole customer data (36.3%), and impacted brand reputation (34.5%) for many companies. ?? 66.2% of respondents find machine learning useful in fraud prevention, while 54.1% rely on two-factor authentication as their top anti-fraud tool. ?? 58.6% of companies are taking specific measures against refund, promo and policy abuse, such as changing T&Cs (55.6%) and using personalized codes/deals (50.5%). ?? 80.4% of respondents believe their company should be doing more to battle fraud, with budget being the biggest obstacle cited by 39.4%. ?? 62% of participants predict fraud will increase further in the next year, with 65.6% expecting online payment fraud to rise the most. ?? For 50.5% of respondents, the expected rise in the cost of combating fraud is a major concern, alongside the impact on growth (39.8%) and revenue (38.7%). Dr. Philip Cao #FraudTrends2024 #GrowthVsFraud #PaymentFraudSurge #FraudPreventionStrategies #MachineLearning #AntifraudAutomation #FraudAnalyticsInsights #CustomerTrust #BrandProtection #SecureGrowth #FraudFighters #FraudLandscape #FraudChallenges #FraudAwareness

Correcting a common misconception. When it comes to identity and fraud tools, the value companies realize from fraud reduction generally pales in comparison to the value unlocked by approving more good users with world-class classification. I think this is one of the single largest misconceptions of “fraud prevention” companies, and one of the largest missed value-creation opportunities for enterprises with scale. In a recent POC with a Fortune 100 company, they were losing ~5% across all fraud types; while also experiencing a 10% drop off in the new customer funnel due to people they couldn’t verify or applied friction to during the transaction process. After running their data through our identity and fraud models, this was the bottom line: ?? Year 1 Savings from Fraud use cases amounted to $39M (we cut losses by ~45%) ?? Year 1 Revenue produced from increased activations amounted to $220M (we increased activations by 3.5%) ?? Total Year 1 Value Generated: $259M Just draw your eyes to the scale of impact by line item. Fraud reduction isn’t the business case, it almost never is as most folks have gotten fraud “under control” through excessive manual review, friction and large queue rates driven by inaccurate fraud tools. Increased approval or authorization rates drive 70-80% of the ROI in our deals, the balance is fraud loss reduction, manual review savings and total cost of ownership reduction. But as a “fraud prevention company” revenue growth is Socure’s single largest value driver. #Identity #Fraud #RevenueGrowth

Like this content? Follow us at:?https://lnkd.in/gmm46hRq COSTA MESA, Calif.--(BUSINESS WIRE)--Experian?announced that the company was named a Leader in the IDC MarketScape: Worldwide Enterprise Fraud Solutions 2024 Vendor Assessment (doc #US51939124, March 2024). The report evaluates each vendor’s advanced fraud detection capabilities, alignment with customer needs, and future strategy and roadmap for innovation. Experian offers an integrated digital identity and fraud risk platform that delivers analytics-driven outcomes through sophisticated orchestration. The IDC MarketScape report noted, “In addition to evaluating the transactional data for potential fraud,?Experian's CrossCore?solution includes identity-authentication tools. https://lnkd.in/dwbepPVP