callcredit's fraud summit 2016 - identity verification stream
TRANSCRIPT
PROTECTING CONSUMERS – IDENTITY VERIFICATION
#FraudSummit10
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AGENDAPROTECTING CONSUMERS – IDENTITY VERIFICATION
16:00 OPENING REMARKSRICK BIGGSManaging Director – Software, Analytics & FraudCallcredit Information Group
16:05ANNE GREENManaging Director Global OperationsPaycasso
16:20MEL CAMERONSenior Technical Sales ManagerCallcredit Information Group
16:35DR RACHEL O’CONNELLFounder and CEOTrustElevate.com
16:50 CLOSING REMARKS AND Q&ARICK BIGGSManaging Director – Software, Analytics & FraudCallcredit Information Group
17:00 NETWORKING DRINKS, FOOD & ENTERTAINMENT19:00 ENDS
Managing Director - Software, Analytics & FraudCallcredit Information Group
OPENING REMARKSRICK BIGGS
Managing Director, Global OperationsPaycasso Ltd
ANNE GREEN
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Data Breaches – Volume
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Anonymity of The Internet
Growth in Online Fraud
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The Millennials - Digital Enabled
Rest of us - Digital Transition
Consumer expectation high- Want it now- Speed- Have choice will go elsewhere- Want frictionless Journey- Improvement in my experience- Trust you will look after my data
Consumer Driven – What am I prepared to do
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Client Challenges
• Legacy Systems • Heavy Regulation• Transition from Price to Experience• Silo data• Inability to have single customer view • Omni channel• Competition • No longer batch processing, have to allow re-entry into on-line accounts
Fraud Risk Credit Risk Regulatory Requirements
Customer Experience
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Examples of typical industry cost of customer acquisition values, The amount of money each company spends on average on marketing and advertising to acquire one new customer
• Travel: Priceline.com $7• Telecom: Sprint PCS $315• Retail: Barnes and Noble.com $10• Financial: TD Waterhouse $175
Source: http://www.entrepreneur.com/article/225415
Cost of Acquisition
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Fingerprint, Vein or Palm
Will biometrics help or will they be enforced?
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Being Deployed Customer
Authentication
Identify Repeat Fraud
With a combination of other biometrics
Voice Biometrics
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Pythagoras discovered the concept of musical harmony during his studies of proportion whilelistening to the different sounds given off when the blacksmiths' hammers struck their anvils.
These studies of proportionality yield what we now call the "Golden Ratio", or Phi.
The Geometry of Faces
Paycasso's Face Recognition software is based on state-of-the-art Biometric algorithms.
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Actress Amber Heard has the most beautiful face in the world, according to a 21st-century take on the ancient mathematical ratio that holds the key to perfection
Facial Recognition - Biometric
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Paycasso AML Solution – benefits
Simplicity. Security. Clarity.
Delivering complete customer identity assurance to support AML regulatory requirements
Real time facial recognition matched with a Government Issued Photo ID
Assurance that the customer presenting their Photo ID is the same person represented on that ID.
Instantly extracts the personal information from the clients ID and pre-populates system with this verified data
Validates that the Government Issued Photo ID client is presenting is genuine
US Driving Licenses authenticated at source i.e. with applicable State DMV
Validates IDs from over 200 countries representing in excess of 3500 ID documents
Customer ease and 360° trust combined
Mobile and online - simply, easily & securely
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VeriSure™ Global Customer Identity Assurance OverviewVeriSure™ seamlessly integrates within mobile & online digital channels. Automates required Regulatory processes. Delivers a simple, effective and positive customer experience..
New Account Registration
Key benefits
• Confirms the ‘live’ individual presenting the ID is the valid holder
• Authenticates all global ePassports, biometric National IDs, validates over 3000 IDs from over 200 countries
• Auto-completes registration application with ID data
• Seamlessly integrates into existing registration process
• Improved customer experience • Supports CDD, KYC & AML Regulatory
Compliance• Delivered through mobile and on-line
digital channels
Step 1Submit
ID Document
Step 2ID verified; forms auto-
filled
Step 3‘Live’
capture
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InstaSure™
User Authentication for Account AccessOverviewImplements the biometric data captured during the initial customer registration (VeriSure™) to subsequently authenticate that customer prior to making further transactions. Enhancing the customer experience, delivering increased security.
User Authentication
Key benefits • Increased security• Removes the need for the returning
customer to re-present his or her ID
• Reduces reliance on user names and passwords
• Lower customer support costs for password recoveries
• Customer convenience and speed
Step 1‘Live’
capture
Step 2Authenticati
on User access
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IdentiSure™
Detecting both duplicate and fraudulent account applicationsOverviewDeployed within your Data Centres, a biometric repository that instantly determines, during new account registrations, whether the applicant is an existing customer using the face as the identifier. Detects parties that hold or have applied for multiple accounts under different names.
Fraud Mitigation
Key benefits • Eliminates the opportunity for both
fraudulent & duplicate account registrations
• The IdentiSure™ platform supports batch input of; existing and historical customer account records, known fraudulent IDs, new account application
data
• Processes in excess of 25 million images
per second• Supports ongoing compliance with
domestic and international privacy regulations
• Supports a single customer view
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DocuSure™
Overview1. Batch processing of historical account records facilitates the most effective solution for AML/KYC remediation and enhanced due diligence initiatives.
2. Using a mobile device as the data capture tool, instantly extracts personal information from GIIDs and prefills account registration forms, improving the customer experience.
AML Remediation / Enhanced Due Diligence
Key benefits • Supports historical AML and CDD
remediation initiatives through batch input of; existing and historical customer account records
• Authenticates all global ePassports, biometric National IDs and validates over 3000 IDs from over 200 countries
• Speeds up applications checking ID instantly during an application process
• Reduces customer loss through laborious form-filling
• Simple, effective and low cost
Step 1Submit ID Document
Step 2ID verified; forms auto-
filled
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EMEA/APAC Sales Toll Free: +44 (0) 808 234 4246
US Sales Toll Free: +1 888 788-8640
www.paycasso.com
Paycasso® is a Registered trading name of Paycasso Verify Limited and Paycasso Verify, Inc.
United States & United Kingdom Patents
US Patent No. 8,7248,56 US Patent No. 8,908,977
US Patent No. 9,122,011 UK Patent No. GB2500823
International Patents Published/Pending
United Kingdom No. 1519241.2 PCT/GB2014/050993 (WO2014/155130) European Patent Office No. 14275080.1
United States of America No.14/751,051 United States of America No.14/807,581 Australia PCT/GB2014/050993 (WO2014/155130)
Brazil PCT/GB2014/050993 (WO2014/155130) China PCT/GB2014/050993 (WO2014/155130) Mexico PCT/GB2014/050993 (WO2014/155130)
South Africa PCT/GB2014/050993 (WO2014/155130)
Contact
Senior Technical Sales ManagerCallcredit Information Group
MEL CAMERON
VERIFYING IDENTITY IN THE FACE OF REGULATORY CHANGES & FRAUD PREVENTION CHALLENGES
Challenges presented by increased regulatory focus
4th AML Directive
• An increased focus on a risk based approach and the ability of an organisation to justify its rationale around automated decisions
• More importance placed on keeping existing customer records up to date• Fraudsters are becoming ever more sophisticated, making it increasingly difficult to validate that
the applicant owns the identity they are providing
Payment Accounts Directive• From 18th September it becomes law for banks to provide a basic bank account to all EU
customers
Payment Services Directive 2• Requirements for Card Issuers and other payment services providers to increase security
measures and adjust fraud prevention policies
Traditional approach to verifying identity
PEPs Sanctions SDNs
Address Links
Gone away CIFAS
Address Redirects
DOB Mismatch Deceased
Length of Residency
Non Standard
Addresses
ID Velocity
Traditional Identity checks look for sufficient proofs of residency using various data sources at the home address to enable organisations to meet internal policy requirements and ensure compliance with regulatory guidelines:
SHARE data
Electoral Roll
Bankruptcies and Insolvencies
County Court Judgements
Clients are increasingly looking to configure datasets based on product type and the level of customer risk represented
Greater focus on a wider range of fraud checks to highlight where an identity is stolen
Clients are looking to deploy additional fraud checks where the risk of financial crime is greater;
• Flexibility is needed so that strategies can be tailored by product and risk appetite
• Increased focus on confirming that the customer is who they say they are through fraud checks and KBA Questions
• Validation of identity documents without disrupting the customers journey is challenging for many organisations
• Any inconsistencies in application data need to be highlighted
How are Callcredit’s solutions helping organisations to address regulatory & fraud challenges?
We are providing our customers with flexible solutions which address regulatory and fraud challenges with minimal disruption to the customer journey;
• Developing additional checks which look to pin non-traditional data sources such as Mobile, Device and Email to the identity
•Increasing the range of KBA Questions to make them easier for the genuine customer to answer and providing document verification checks
•Expanding the range of identity verification datasets and fraud checks which can be used for international customers
•Highlighting inconsistencies in application data and looking to harness the power of social media and dark web data
QUESTIONS?
Founder and CEOTrustElevate.com
DR RACHEL O’CONNELL
Q&A PANEL SESSION
Panellists:Anne Green
Managing Director, Global Operations Paycasso
Mel CameronSenior Technical Sales Manager
Callcredit Information Group
Dr Rachel O’Connell Founder and CEOTrustElevate.com
Managing Director - Software, Analytics & FraudCallcredit Information Group
CLOSING REMARKSRICK BIGGS
NETWORKING DRINKS, FOOD & ENTERTAINMENT
Johnson Roof Terrace
#FraudSummit10