october i - 2019 issue - biia.com · 2019-10-13 · to reductions in customer acquisition cost,...

BIIA NEWSLETTER ISSUE 10 I - 2019

Copyright © BIIA 2019 - For Member Internal Use Only – To Request Permission to Publish Contact: [email protected] The content of this newsletter does not necessarily reflect the opinion of BIIA and its members. BIIA is not responsible for the use which might be made of the information contained in this Newsletter. Nothing in this Newsletter implies or expresses a warranty of

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October I - 2019 Issue

Pages 2 - 3

Pages 4 - 7

Pages 8 - 10

Pages 11 - 12

Pages 13 - 15

6

Late Breaking News:

• The Global SME Finance Forum Banks on Innovation to Close the Global SME

Financing Gap

• New Entrants in the InsurTech Credit Information Niche

Member News:

• Digital Identity Protection is One of the Top Issues for Federal Agencies at FedID

19

• Acxiom, Dun & Bradstreet Partner to Enable Marketers to Better Understand

Where Consumers’ Business and Personal Data Intersect

• Equifax and Alchemy in Partnership

• Dun & Bradstreet Survey: Confidence Falls as Cyber Threats & AI Add to Risk

Management Challenges

• Refinitiv Launches ‘Qual-ID’ Integrating Digital Identity Technology with KYC Due

Diligence

Industry News:

• Trulioo Announces $70M in Funding

• GBG Solution Loqate Announces Global Partnership with NavInfo Europe

• FICO and Visma Connect in Partnership

• FICO Opens AI Portfolio to Fight Next-generation Fraud and Financial Crime

Cyber Security

• The Future of Cyber Security Is AI

Credit Bureau News:

• New CRIF Platform Enables New Banking Collaborative Models

• TransUnion Canada: The Rising Threat and Difficulty of Preventing Data

Breaches

• Joint Collaboration Delivers FinTech-like Capabilities for Credit Unions

• Creditinfo Inks Deal with Indonesia’s PBK

BIIA 2019 Biennial Conference: We Thank our Sponsors

IMPORTANT UPDATE – BIIA 2019 BIENNIAL CONFERENCE

REGISTRATION CLOSES OCTOBER 16th

Our conference program has developed a considerable amount of interest

from senior executives in the Information industry from around the World and

as a result spaces are limited. If you haven't already registered to attend the

conference, we strongly recommend you register [click here] to secure your

place before registration closes on October 16th.

mailto:[email protected]

BIIA NEWSLETTER ISSUE 10 I – 2019



2

LATE BREAKING NEWS

The Global SME Finance Forum Banks on Innovation to Close the Global SME

Financing Gap

The Global SME Finance Forum 2019 welcomed over 650 attendees from more than 280

institutions in 75 countries. On the 5-year anniversary of the annual Forum, Her Majesty

Queen Máxima of the Netherlands, UN Secretary-General's Special Advocate for

Inclusive Finance for Development (UNSGSA), delivered the keynote address.

IFC, a member of the World Bank Group, and the SME Finance Forum, announced the winners

of the second edition of the Global SME Finance Awards during the Global SME Finance Forum

2019, the annual flagship event of the SME Finance Forum.

Sixteen award winners were selected from a global pool of 144 entrants for their extraordinary

achievements in delivering innovative products and services to their small and medium

enterprise (SME) clients. The winning institutions were chosen based on the following criteria:

reach, uniqueness and innovation, effectiveness and impact, and dynamism and scalability.

The Global SME Finance Awards were created by IFC and the SME Finance Forum to celebrate

the exceptional achievements of financial institutions and fintech companies in client delivery for SMEs. This year’s

awards included a new category, Women-SME Bank of the Year, which recognizes the contributions of financial

institutions in serving women-owned SMEs. The awards are endorsed by the G20 Global Partnership for Financial

Inclusion (GPFI).

This year’s conference looked at the convergence between the real and financial sectors in SME Finance, which is taking

place at a rapid pace and will have a transformative impact on small business lending. Convergence is being driven by

the availability of vast amounts of data and the ability of SME financiers to receive and analyze it in real time using

advanced analytics, artificial intelligence and machine learning. This in turn allows lenders to make faster lending

decisions, including for small scale customers.

About the SME Finance Forum: The SME Finance Forum works to expand access to finance for small and medium

businesses. The Forum operates a global membership network that brings together financial institutions, technology

companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.

Established in 2012 by the G20 Global Partnership for Financial Inclusion, the SME Finance Forum is managed by IFC.

For more information, visit http://www.smefinanceforum.org

About IFC: A sister organization of the World Bank and member of the World

Bank Group—is the largest global development institution focused on the private

sector in emerging markets. We work with more than 2,000 businesses worldwide,

using our capital, expertise, and influence to create markets and opportunities

where they are needed most. In fiscal year 2019, we delivered more than $19

billion in long-term financing for developing countries, leveraging the power of the

private sector to end extreme poverty and boost shared prosperity. For more

information, visit www.ifc.org

Source: SME Finance Forum - BIIA is a member of the SME Finance Forum and its management attended the conference on

behalf of its membership.





3

LATE BREAKING NEWS

New Entrants in the InsurTech Credit Information Niche

Meet Erik Abrahamsson, CEO of Digital Fineprint: Abrahamsson was a panelist at the recent Global SME Finance

Forum 2019, which was held in Amsterdam October 7th to 9th 2019. Abrahamsson presented an interesting business

case in which a relative newcomer enters the credit information space and the relationship with credit insurers.

Erik Abrahamsson is the founder and CEO of Digital Fineprint (DFP), a London-based

analytics company using open data and AI to supercharge SME insurance sales. DFP

has recently been recognized as the Best Insurtech Supplier at the Insurance Post

Digital and InsurTech Awards.

Before founding Digital Fineprint, Erik worked in strategy for Twitter in Singapore, and

prior to that as a finance manager at Procter & Gamble in Switzerland. Erik graduated

as valedictorian from King’s College London and was awarded a scholarship for

graduate studies at Oxford University.

He is also a Global Shaper with the World Economic Forum. DFP is an award-winning

technology provider, focused on helping insurers and brokers to improve the reach and

profitability of their business in the SME market. The firm provides data insights on

small businesses that can be used for risk selection, underwriting, pricing and new

business generation. Insurers and brokers use DFP's technology to gather and analyze data on the small commercial

segment in real-time. Delivered through the DFP Risk Atlas, the insights from open data and AI driven analytics has led

to reductions in customer acquisition cost, increased upselling, higher renewal rates and improved risk selection with

customers such as Euler Hermes, QBE and Hiscox.

Digital Fineprint (DFP) is an InsurTech start-up that was founded in 2016 at Oxford University. After partnering with

Allianz, Hiscox, MetLife and other leading insurance companies, the company became profitable in Q3 2017. With funding

from Pentech and Eos Ventures ($3.1m in total) the company is now expanding in the UK and abroad.

Using machine learning DFP creates insights for distribution, underwriting and marketing strategies.

The company was named "Best General Start-Up in the UK” in 2016 as well as won the UK Business Angel Association

award for "Best Investment in Fintech" in July 2017. Digital Fineprint also won "Best Insurtech" at The Digital Insurer.

This is what one of their customers said about Digital Fineprint:

Euler Hermes: ‘Digital Fineprint’s unique vision – empowering incumbent insurers active in the B2B space to target

untapped customer segments – is a perfect match with what the Digital team of Euler Hermes is pursuing! Working with

a team that knows the particularities of the insurance

world made a massive difference. That first experiment

has already provided us access to invaluable insights

and we’re looking forward to the next step in our

collaboration.’

Source: Crunchbase and Digital Fineprint and BIIA’s

presence at the Global SME Finance Forum


https://digitalfineprint.com/




4

MEMBER NEWS

Digital Identity Protection is One of the Top Issues for Federal Agencies at FedID 19

TransUnion’s Geoff Miller presented and offered perspectives on digital identity use and industry and

government innovation

As more than 1,200 government officials had gathered at the Federal Identity Forum & Exposition (FedID 19),

TransUnion’s (NYSE: TRU) public sector business unit unveiled at the conference its enhanced fraud identity

management solutions. The solutions help solve one of the largest challenges facing federal government agencies –

managing, protecting and providing improved visibility for digital identities.

In today’s digital world, public sector agencies and constituents need a trusted data steward to safely and easily transact

with each other. TransUnion’s IDVision® with iovation® suite of solutions, working within the latest National Institute of

Standards (NIST) and Office of Management and Budget (OMB) guidelines, assist agencies in fighting fraud across the

identity risk management lifecycle, helping verify constituent data in real time with prevention, detection and mitigation

capabilities.

“Our TransUnion public sector team is proud to support the digital public-

facing needs of government with market leading identity verification and

device reputation strategies that address various risks across federal and

state and local user account management programs,” said Jonathan

McDonald, executive vice president of TransUnion’s public sector business

unit. “Our approach provides a low-friction user experience while ensuring

compliance and resilience to our clients’ systems, which provides critical

access and services to consumers and constituents.”

Digital identities in online applications are rapidly evolving with new

approaches enabling easier transactions, yet this expansive use also

opens the door to fraud. Cyber criminals are exploiting systems and

emerging digital processes and systems to steal identities.

Education is a critical part of understanding the process and helping

mitigate the risk. Geoff Miller, senior vice president & global head of fraud and identity solutions for TransUnion, will be

part of a panel at FedID 19, in a session titled: “Identity Use and Applications.”

“The agenda at FedID 19 is in lock-step with the public sector’s need to help agencies address and prevent identity fraud.

Regardless of device, location or role, federal agencies today want a 360-degree view of consumer identity that includes

online and offline datasets,” said Miller. “This gives them a truer single view of personal and digital identities that will

signal fraud in its earliest possible stages, helping to proactively detect, prevent and even remedy the situation.”

TransUnion’s IDVision with iovation assesses fraud risk based on traditional identity information while adding a powerful

device-based view of online interactions.

More information about TransUnion’s public sector fraud solutions can be found here. Source: TransUnion


https://www.globenewswire.com/Tracker?data=J3tp4JPIMTiWXXkKbPIOuMOJ4FUNJk-yD6-eaB4p6Zi9seEeKx8o280Hf4Dtv8dfOiPxPaiYTTblJoQwDXd97auu62-hc6_TOG4jazmJUdkUdnaw_rU_nrVqKIYI1Co1mDg0zEZ5tewuI_UgXQA7beXTCqE4mW2FaY4m8Pa3YFsMJj2cB-0epU4b9f0nETx3KjqtPspNXzOManq55fI9IhZJe0YiMkXuGFx91HHCCZweDm-SLqHThhEpFmBENfi6SjQ-m5K8Ux44RyP9zpAvXktyb94nozvEBgAUP3a1Mxo=

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https://www.globenewswire.com/news-release/2019/09/25/1920513/0/en/Digital-Identity-Protection-is-One-of-the-Top-Issues-for-Federal-Agencies-at-FedID-19.html




5

MEMBER NEWS

Acxiom, Dun & Bradstreet Partner to Enable Marketers to Better Understand Where

Consumers’ Business and Personal Data Intersect

Acxiom®, the data and technology foundation for the world’s best marketers, and Dun & Bradstreet (D&B), the

global leader in commercial data and analytics, announced Work-Life Audiences, an innovative, omnichannel

solution that addresses marketers’ desire to reach and engage people in more personalized ways. Unveiled at

Advertising Week New York, this innovative offering provides holistic audience insights and expanded data

attributes on over 30 million consumers.

The convergence of work and life via connected devices makes it more important than ever for marketers to understand

an individual consumer’s behavior through their personal and professional personas, and across devices. While

account-based marketing has existed for years in many forms, the depth and accuracy Work-Life Audiences delivers

is unprecedented. Today’s consumers expect personalized, connected messaging across all channels and this offering

allows marketers to understand and speak to consumers holistically, making them feel respected and valued. In

addition, Work-Life Audiences helps marketers with B2C and B2B products/services understand their overlapping

customers’ full value across the brand and then communicate with them in more relevant ways, uncovering pockets of

otherwise unknown customers. Work-Life Audiences are available via Acxiom’s digital audiences platform for

distribution to hundreds of platforms and publishers and for offline usage as well.

For more information about Acxiom Work-Life Audiences, please engage Acxiom or Dun & Bradstreet at Advertising

Week 2019 or visit:www.acxiom.com/work-life. Source: Acxiom Press Release

Equifax and Alchemy in Partnership

Alchemy Technology Inc. and Equifax Inc. (NYSE: EFX) announced a new partnership to drive FinTech

innovation, releasing a white label lending product for FinTech’s and banks

The relationship is designed to help banks, specialty financing firms and FinTech startups accelerate their time to

market with easily deployable white labeled lending solutions. The two companies will make the "tech" in FinTech

available to organizations of all sizes with a powerful combination of the Alchemy Lending Operating System and

Equifax data analytics, credit, identity and income verification solutions.

Alchemy Technology is a lending-as-a-service organization founded with the belief that technology, analytics

and operations should be executed in concert. The company's Alchemy Lending Operating System was purpose-

built to specifically address the credit needs of today's digital consumers in an increasingly mobile economy, enabling

automation and real-time underwriting for banks and FinTechs alike. Designed for ease of use, the Alchemy Lending

Operating System does not require costly additional IT infrastructure or staff. New financial products can be up and

running in weeks, and are true white labeled solutions without third-party branding.

Equifax is helping to define the future of digital finance. As consumers gain more choice and control in where, when

and how they interact with banks and lenders, Equifax is delivering insights across the entire customer lifecycle. Identity

verification services, credit risk decisioning and fraud prevention and detection solutions help banks and FinTechs to

raise productivity and increase growth. Equifax also helps lenders to understand consumers' financial trajectories,

translating data into actionable insights. Source: Owler


https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.acxiom.com%2F&esheet=52100331&newsitemid=20190925005180&lan=en-US&anchor=Acxiom%26%23174%3B&index=1&md5=852d8b7e73c04506a853d211eccfa4ca

http://www.acxiom.com/work-life

https://www.businesswire.com/news/home/20190925005180/en/Acxiom-Dun-Bradstreet-Partner-Enable-Marketers-Understand

https://www.owler.com/reports/equifax/equifax-and-alchemy-release-white-label-lending-pr/1569445060083?utm_campaign=ep&utm_source=snapshot&utm_medium=articlelink&source=snapshot_events_page




6

MEMBER NEWS

Dun & Bradstreet Survey: Confidence Falls as Cyber Threats & AI Add to Risk

Management Challenges

A recent survey of compliance and procurement professionals indicates respondents are less confident about

managing third party relationships, with cyber security threats and the increased adoption of artificial

intelligence (AI) listed as top concerns.

The 2019 Compliance and Procurement Sentiment report from Dun & Bradstreet found that only 85% of respondents

were confident about the effectiveness of risk management within their organization; 8% lower than the previous

survey. Eighty four percent of respondents also forecast a decline in the future effectiveness of compliance and

procurement functions.

Respondents from smaller firms continue to be less confident about managing third party risks than those

from larger organizations. Confidence levels in both current and future compliance and procurement effectiveness

were lower among businesses with less than 50 employees (79% compared to 92% in larger organizations of 251-

1000 employees).

The benchmarking report tracks areas of short and long-term success and concerns for compliance and procurement

professionals and the 2019 edition highlighted the following main points:

Compliance with laws and regulations remain top priority. An increasing number of regulations and a more

complex regulatory framework has most likely contributed to compliance remaining a top concern among respondents

for a third consecutive survey.

Slow response to increased cyber security risk: Although cyber security was the number one concern for

respondents, almost half (48%) do not yet incorporate in their third party risk management. Half of this group of

respondents had developed an approach to cyber risk but have been slow to implement.

The right skill set is key to unlocking the value of AI: Over half (53%) of respondents agree that Artificial Intelligence

(AI) will improve efficiencies and enhance insight within their compliance and procurement functions. However, 45%

are not confident they have the right skills in place to make full use of AI in the coming year, suggesting that additional

training and focus on talent development is required.

Respondents in the Financial Services (60%) and Retail (55%) sectors saw the most potential benefit from AI for

improved risk and fraud detection. However, 56% of government agencies and 47% manufacturing believe that data

gathering and validation will benefit the most from Artificial Intelligence. The report also highlights the top four areas

that respondents believe artificial intelligence will aid compliance and procurement:

Top Four Anticipated Areas to Benefit from Artificial Intelligence

• Risk and Fraud Detection (detection and monitoring of status, changing of circumstances and risks)

• Data Gathering and Validation (new account setup, campaigns and ongoing monitoring)

• Risk Screening (reducing false positives and remediation efforts)

• Account Reconciliation (identifying/merging duplicates and updating records)

•

• To download the report, please click here. Source: Dun & Bradstreet


https://www.dnb.com/perspectives/corporate-compliance/cyber-risk-top-concern-third-party-risk-compliance.html

https://www.dnb.com/perspectives/newsroom/cyber-threats-ai-add-challenges-to-risk-management.html




7

MEMBER NEWS

Refinitiv Launches ‘Qual-ID’ Integrating Digital Identity Technology with KYC Due

Diligence

‘Qual-ID’ combines digital ID verification and document

proofing from Trulioo with risk screening from World-

Check in a single point of access.

Refinitiv has taken a significant step forward in its efforts to help

financial services providers fight identity fraud and financial

crime with the launch of Qual-ID, a new solution combining

digital identity verification with risk screening to help improve

digital onboarding of consumers and compliance with Know-

Your-Customer (KYC) and anti-money laundering (AML)

regulations around the world.

Financial services providers are rapidly embracing digital technology to transform their operations, ensure a positive

consumer experience, and to comply with financial crime regulations. At the same time, the move to a more digital and

mobile service exposes new risks, including digital identity theft and synthetic identities. This pattern of fraud is

impacting a wide range of financial services providers from banking to payments.

Qual-ID is designed to improve the consumer experience while helping to protect against fraud and money laundering.

It supports a fast and secure way to digitally onboard consumers through a combination of Refinitiv’s World-Check

Risk Intelligence with Trulioo’s digital identity network.

Qual-ID enables organizations to verify identities against trusted data sources, proof legal documents, conduct anti-

impersonation checks, and screen for regulatory and financial risk; such as sanctions, PEPs and adverse media. The

process can be completed in one transaction and via a single point of access.

Refinitiv Qual-ID is the result of a partnership between Refinitiv and Trulioo, first announced earlier this year

and aimed at fighting financial crime while increasing financial inclusion.

Use of Refinitiv Qual-ID comprises three steps:

• Identity Verification (IDV): Verifying that a person actually exists and that they are who they say they are by

comparing attributes provided with information obtained from independent trusted sources such as

governments, and credit bureaus.

• Identity Proofing (IDP): Answering the question ‘Is this identity document legitimate?’ A facial comparison

element adds additional assurance and both automated algorithmic and manual checks are available to

increase effectiveness. An anti-impersonation check can be performed though a second layer of biometric

authentication using a live “selfie” via a mobile device and a liveness check is performed to ensure they are

not holding up a photo.

• Risk Screening: Access to Refinitiv’s Risk Intelligence data via World-Check, enabling comprehensive

customer screening.

For more information, please visit: www.refinitiv.com/qual-id Source: Refinitiv


https://www.refinitiv.com/en/products/qual-id-digital-identity-verification

https://www.refinitiv.com/en/media-center/press-releases/2019/june/refinitiv-and-trulioo-announce-partnership-to-help-drive-financial-inclusion-and-fight-financial-crime

http://www.refinitiv.com/qual-id

https://www.refinitiv.com/en/media-center/press-releases/2019/september/refinitiv-launches-qual-id-integrating-digital-identity-technology-with-kyc-due-diligence?mkt_tok=eyJpIjoiT1dRMFl6RXhOR1F4T0RaaSIsInQiOiJLR0JuXC9KcmRVcitQSUxCeFJ1ZzFvMUNvU21BWVk1VjRrTEZaN2ZiUk5oUGdTekNIWExEcDIyZDFkUTdMTDd2ZnBId0wxcFB6V3F3NkErNzdUclptWkw4dlwvUHpaMVZ5eDVFbnNYUlNqdDRlU0I2SFhYVHgzXC9HekhXeUxwUEYrTyJ9




8

INDUSTRY NEWS

Trulioo Announces $70M in Funding

Trulioo will use the new capital to advance its mission of building trust online

Trulioo, a Vancouver-based global identity verification provider, has raised a total of C$70 million in new funding,

including $60 million in Series C financing led by Goldman Sachs Growth Equity, with participation from Citi Ventures,

Santander InnoVentures and existing investor American Express Ventures, and $10 million in unannounced follow-on

funding from early investors Blumberg Capital and BDC Capital from last year. This brings Trulioo’s total capital

investment since 2011 to $96.6 million.

The funding round will lead the company into its next growth phase, including scaling up operations in new markets to

tackle today’s most pressing global problems associated with verifying identities, furthering financial inclusion and

safeguarding trust and privacy. Trulioo expects to grow its headcount to 200 people from 130 today, with hiring planned

across its Vancouver, San Francisco and Dublin offices.

“Today, families, businesses and entire economies are being powered by the global

shift towards a truly digital economy, which is exciting but also opens up new forms of

risk,” said Stephen Ufford, CEO and founder of Trulioo. “We’re committed to

leveraging technology to help our customers fight financial crime, money laundering

and election fraud. I’d like to thank our investors for their trust in the work we are doing

and for enabling us to push forward our solutions that transcend boundaries and

channels, and which facilitate trusted transactions from anywhere, instantly.”

Trulioo provides instant global identity verification for five billion consumers and more

than 250 million business entities in over 195 countries — all through a single API

integration. The company serves customers in a wide range of industries including

technology, banking, retail, payments, online marketplaces and social media networks.

By integrating with Trulioo’s API, organizations are able to instantly verify the identities of more than two-thirds of the

world’s population, enabling those who were previously excluded opportunities to pursue a better life by participating

in today’s modern digital economy. Trulioo’s GlobalGateway gives organizations real-time access to hundreds of

reliable data sources, allowing them to stay compliant with anti-money laundering and customer due diligence

requirements around the world.

About: Trulioo is a global identity and business verification company that provides secure access to reliable,

independent and trusted data sources worldwide to instantly verify consumers and business entities online. Trulioo’s

marketplace of global identity data and services, GlobalGateway, helps organizations comply with Anti-Money

Laundering (AML) and Customer Due Diligence (CDD) requirements by automating Know Your Customer (KYC) and

Know Your Business (KYB) workflows. Trulioo supports global clients to instantly verify five billion customers and 250

million business entities in over 195 countries – all through a single API integration. Named as a CNBC Disruptor 50

Company, Trulioo’s mission is to solve global problems associated with verifying identities by powering fraud

prevention and compliance systems for customers worldwide in an effort to increase trust and safety online. For more

information visit trulioo.com. Source: Trulioo

Stephen Ufford is a panelist at the BIIA 2019 Biennial Conference on the subject of ‘Identity’


https://www.biia.com/biennial-conference/agenda




9

INDUSTRY NEWS

GBG Solution Loqate Announces Global Partnership with NavInfo Europe

Loqate, a GBG solution, the global leader in global address verification, has announced a partnership with NavInfo

Europe to provide address data for mainland China, which further extends Loqate’s geographical reach of service. The

agreement also enables enhanced capability in the Macau and Hong Kong markets.

NavInfo is the leader in location services and autonomous driving solutions in China. The partnership will allow

Loqate to further enrich its global reference data and enable its global customers and partners to accurately deliver

their goods and services in China. The agreement marks the first collaborative step between the companies, who are

already working to extend the partnership. Through the partnership, NavInfo Europe joins Loqate’s collaborations with

the world’s largest software companies and consumer brands.

David Green, Managing Director of Loqate, a GBG solution said: “Our partnership

with NavInfo Europe further supports our goal of helping every business in the world reach

every customer in the world, by ensuring their address data is fully accurate to the delivery

point level”. David Green continues: “The Chinese marketplace is immensely important

to our global customers and partners. Our relationship with NavInfo Europe means they

can effectively verify and enhance their Chinese address data, and serve customers in

that market. We are delighted to be working with NavInfo Europe.”

Ralf Stollenwerk, Managing Director of NavInfo Europe said, “this agreement builds a strong first foundational step in

advancing the strategic objectives of both companies regarding globalization and diversification. We look forward to

working closely together to further extend this collaboration in the near future.”

About Loqate, a GBG solution: Loqate is the world’s most trusted location intelligence service, helping every

business in the world reach every customer in the world. Over 13,000 businesses rely on Loqate every day, using one

single global API for geocoding and verification to reach customers in 245 countries and territories. Loqate is a GBG

solution. Headquartered in the UK and with people in 16 countries, GBG is a global identity data intelligence specialist,

with some of the world's biggest organizations as its customers – from established brands like HSBC, Zurich Insurance,

LEGO and Lufthansa, to disruptive newcomers such as Stripe and Plus500. Source: GB Group Press Release

BIIA Website Traffic 30 Days September to October 2019


https://www.gbgplc.com/newsroom/loqate-navinfo-partnership/




10

INDUSTRY NEWS

FICO and Visma Connect in Partnership

Visma Connect, the leading Dutch critical payments services provider and FICO have launched a partnership to jointly

deliver FICO’s best-in-class Anti-Financial Crime solutions for Know Your Customer (KYC), anti-money laundering

(AML) and real-time sanctions screening to banks, FinTechs, payment institutions, PSD2 third-party providers and

corporations.

In the new partnership, Visma Connect will offer the FICO® Siron™ Anti-Financial Crime software to its

customers as a SaaS solution and provide the IT and platform integration. FICO’s Anti-Financial Crime

solutions will be offered as an integral part of Visma Connect’s Critical Payments SaaS portfolio.

Both companies will cooperate throughout Western Europe, with an initial focus on The Netherlands and the

Nordics. FICO® Siron™ Anti-Financial Crime Solutions is the most widely used KYC, AML and Embargo software in

the world, evidenced by more than 1,200 installations in over 90 countries.

About Visma Connect : Visma Connect supplies: payment services, information portals and middleware. Our experts

are specialized in Payments, Standard Business Reporting, Blockchain and Artificial Intelligence. Visma Connect was

established in 2006 as EBPI and since 2019 has been part of the Visma Group. www.vismaconnect.nl

About: Visma offers software and services that simplify and digitize core business processes in the private and public

sector. The Visma group operates across the entire Nordic region along with Benelux, Central and Eastern Europe.

With over 8,500 employees, more than 850,000 customers and a net revenue of €1.288 million, Visma is one of

Europe’s leading software companies. Visit www.visma.com Source: FICO Press Release

FICO Opens AI Portfolio to Fight Next-generation Fraud and Financial Crime

FICO® Falcon® X and FICO® Financial Crimes Studio enable data scientists to fuse open source machine

learning libraries with proven FICO machine learning techniques for the most accurate detection of criminal

activity, at any scale

• FICO® Falcon® X, announced at the Finovate conference in New York, delivers a unified environment for the detection

and investigation of both fraud and financial crimes. FICO estimates an 80% overlap in software functionality between

legacy fraud and anti-money laundering systems. Architected for the cloud, and available on Amazon Web Services,

FICO Falcon X delivers the radical flexibility needed to counter real-time payment fraud schemes. New AML machine

learning models and robotic process automation eliminate unnecessary alerts and make high priority investigations

more efficient.

FICO® Falcon® X, announced at the Finovate conference in New York, delivers groundbreaking AI and machine

learning technology aimed at preventing new forms of fraud and financial crime that are enabled by the rapid adoption

of real-time payments. Running on Amazon Web Services (AWS), FICO Falcon X streamlines both fraud detection

and anti-money laundering processes — something banks and financial institutions worldwide are seeking. This

convergence of capabilities represents a significant cost savings opportunity as FICO estimates an 80% overlap in the

data processing, systems maintenance, and ongoing administration of legacy systems needed to support these

functions independently.

More information: https://www.fico.com/en/products/falcon-x Source: FICO Press Release (click on this link for full story)


http://www.vismaconnect.nl/

http://www.visma.com/

https://www.fico.com/en/newsroom/fico-and-visma-connect-launch-partnership-offer-saas-anti-financial-crime-solutions

https://www.fico.com/en/products/falcon-x

https://fico.gcs-web.com/news-releases/news-release-details/fico-opens-ai-portfolio-fight-next-generation-fraud-and




11

Cyber Security

The Future of Cyber Security Is AI

Every time you connect to the

Internet from a computer, tablet

or smartphone, there is a

growing risk of cyber-attack. If

the threat is aimed at your

workplace, then the entire

organization around you could

be vulnerable as well and, too

often, the result is a major data

breach.

Faced with this threat any

organization, regardless of its size

or global reach, must eventually

acknowledge that cyber security

requires a significant

investment. But what tools and

processes return the most bang

for your buck?

A growing number of experts believe that new technology based on machine learning and artificial intelligence are

where the smart money lies when it comes to computer, network and data security.

Cyber Security Today: At present most organizations place an emphasis on the security of their internal network. If

hackers manage to infiltrate that layer of their infrastructure, it is only a matter of time before a “small” breach becomes

a large-scale attack. The most common tactic for network protection is a firewall.

Firewalls can exist either as a software tool or a hardware device that is physically connected to the network:

In either scenario, the firewall's job is to track what network connections are allowed on which ports and block all other

requests. Typically, server administrators set and control these firewall policies and adjust them via a change

management process. In an instance where a hacker has circumvented the firewall and network security, a company's

next line of defense is antivirus tools that are designed to scan hardware for malicious code.

The goal is to remove the malware before it can spread to other machines and spawn a form of attack like ransomware.

Back-up management is also a fundamental piece of any organization’s cybersecurity strategy. Organizations should

plan for emergencies by developing a disaster recovery plan.

By running regular backups on all core systems, you have the ability to recover from an outage or data breach

in a reasonable amount of time: But when it comes to cyber security, perhaps no tool is more valuable than training.

The most successful organizations run sessions on a regular basis for new and existing employees to educate them

about what threats exist online and how to protect themselves and the company.

To be continued on next page


https://www.cybersecurityintelligence.com/blog/only-31-of-employees-get-annual-cyber-security-training--4544.html




12

Cyber Security

The Future of Cyber Security Is AI

How AI will shape the Future: The majority of legacy cybersecurity tools require human interaction or configuration

at some level. For example, a person from the IT team has to set the firewall policies and backup schedules and then

ensure that they are running successfully. The advancement of AI changes the whole equation.

In the future, companies will be able to rely on smart tools to handle the bulk of event monitoring and incident

response. The next generation of firewalls will have machine learning technology built into them, allowing the

software to recognize patterns in web requests and automatically block those that could be a threat.

Experts also expect the natural language capabilities of AI to play a big role in the future of cyber-security tools. The

theory is that by scanning large portions of data across the Internet, AI systems can learn how cyber-attacks originate

and suggest solutions for decision makers within the organization.

Security products built on AI framework are not cheap and that poses a dilemma for small and medium sized

businesses at present. Hiring and supporting a team of machine learning experts to build custom cybersecurity

solutions may not be an immediate or even near-term option. It might make more sense for them to invest in hybrid

tools that are already on the market and embed AI technology in human-operated products.

The End of Passwords

The majority of Internet users create their own bespoke passwords for each website or service that they subscribe to

online and this system can be frustrating to maintain as well as vulnerable to attack if you rely on simple passwords or

use the same one for multiple sites.

There have been improvements in password manager software performance in recent years, most of which aim to

simplify and strengthen online security by removing a large portion of the manual effort from the task through algorithms

that suggest and store passwords complex enough to reduce your chances of being hacked. Soon, however, AI could

carry us into the twilight zone of an online environment without passwords. New advances in the world of identity and

access management (IAM) suggest that one day passwords might actually be replaced by AI systems.

The idea is that the AI would track every user within an organization based on roles, privileges, and common

actions. Any deviation from the norm would be flagged and require the person to use a second form of

authentication, such as biometrics that scan fingerprints or facial features.

Investing in cyber-security solutions and tools is a necessary task for businesses of all sizes. Those with smaller

budgets may think they can save money by taking shortcuts, but in fact they are often the prime target for hackers for

exactly this reason. Cyber-security products prove their worth in the long run by reducing your organization’s risk and

protecting it from dangerous unknowns. Organizations will likely not need to maintain large cyber security teams within

their IT department as the future AI technologies develop.

Tools based on machine learning are extremely good at picking up on patterns and uncovering incidents

before a human user typically would. organizations should pair workers with these next-generation tools in

executing a cybersecurity strategy and stay alert new AI developments.

Source: Cyber Security Intelligence


https://www.cybersecurityintelligence.com/blog/hackers-delight-poor-password-security-4238.html

https://www.cybersecurityintelligence.com/blog/identity-management-fundamentals-4208.html

https://www.cybersecurityintelligence.com/blog/identity-management-fundamentals-4208.html

https://www.cybersecurityintelligence.com/blog/the-future-of-cyber-security-is-ai-4550.html




13

CREDIT BUREAU NEWS

New CRIF Platform Enables New Banking Collaborative Models

INSP, the Intelligent Network Services Platform: Ecosystems and Platforms for New Growth

Driven by digital transformation and regulatory changes relating to PSD2, the new Open Banking model is helping to

rewrite the traditional rules, and not just in the credit industry. The competitive arena has been opened up to new

players, and a new interconnection between the financial activities and day-to-day lives of customers is evolving.

The opportunities for growth provided by Open Banking are significant for all service providers, such as banks,

insurance companies, and public services, whose role is adapting to this new scenario: some are becoming specialists

with quality services and competitive prices, while others are expanding their product range, becoming intermediaries

for a wide range of products and services, in this way monetizing their existing customer base. By offering a wider

range of products, they can exploit the potential for cross-selling and upselling, while at the same time improving

customer satisfaction and loyalty, since each new offer creates a further connection with the customer.

To help companies from a variety of sectors create value for their customers through an ecosystem, CRIF has

developed INSP, the Intelligent Network Services Platform. The platform has an advanced triggering engine which,

through marketing analytics models developed using big data and machine learning techniques, enable value

extraction and the acquisition of insights in order to develop innovative customer journeys and a single touchpoint for

practical actions. This Platform as a Service (PaaS) connects partners and their offers, as well as recognizing cross-

selling events, and managing data exchange between the partners themselves, all in compliance with the most

stringent technology, security and data protection standards.

This represents a shift from a static collaborative approach to a dynamic one, where customer development campaigns

can be activated in real time based on events/triggers, and not just based on information coming from CRM or prospect

lists, thus ensuring greater redemption rates and lower costs. At its heart is the ability to activate an “innovative match”

between the needs of the end customer and the most appropriate commercial offer of the

ecosystem partners. This is done through identification of the end customer’s requirements

when they arise, and proposal of the partners’ most appropriate commercial offers, at the best

price.

“We are very pleased to have implemented this platform, which represents the first stage of a

path to offer our clients increasingly innovative services”, commented Enrico Lodi, CRIF

Managing Director. “For partners that sign up to the ecosystem, this first step brings tangible

benefits that mean not only the development and strengthening of customer relations

(upselling/cross-selling, redemption), but also generate new revenue streams, reduce

prospecting costs, and increase in customer loyalty”.

The new ecosystem can easily be built up from a comprehensive library of value-added services which, being modular

in nature, allows partners to freely construct their offer. In this context, it is fundamental to create and enable an

ecosystem with partner companies able to “boost” the relationship and improve the end-customer experience

(consumers and companies), as well as that of the ecosystem partners themselves. All this enables a personalized

dialog to be established based on targeted offers and suggestions when the need truly arises, enabling the creation of

more solid and lasting relationships with customers and increasing their trust, seizing the opportunities generated by

the changes currently taking place. Source: CRIF Press Release


https://www.crif.com/news-and-events/press-releases/2019/october/insp-ecosystems-platforms-new-growth/




14

CREDIT BUREAU NEWS

TransUnion Canada: The Rising Threat and Difficulty of Preventing Data Breaches

A cybersecurity breach at TransUnion Canada has

underscored the rising threat of third-party attacks and the

difficulty of preventing them. TransUnion confirmed this week

that the personal data of 37,000 Canadians was compromised

when someone illegally used a legitimate business customer's

login to access TransUnion data. The data at TransUnion was

compromised between June 28 and July 11, but the incident

wasn't detected until August. In the case of TransUnion,

someone used the login credentials for the leasing division of

Canadian Western Bank to access credit information on tens

of thousands of Canadians, something the bank could

potentially do while conducting regular business.

Daniel Tobok, CEO of Cytelligence Inc., said he's seen a

rise in these kinds of attacks in which criminals gain access to

their target through the account of a trusted third party such as

a customer or vendor. "The reasons criminals are really liking that is because it's very difficult to detect. There is

normal usage, as a partner leveraging services." "Unfortunately, there isn't a lot of alarms and bells that go off when

this occurs," said Tobok.

About a quarter of the cyberattacks that Cytelligence deals with are related to third-party attacks after a rise in the past

year, he said. Because these attacks are so difficult to detect, preventive measures such as two-step verification are

critical, said Tobok. The measures are especially important when gaining access to sensitive data like personal credit

information.

In a letter sent out to affected consumers, TransUnion said the compromised information could include a person's

name, date of birth, current and former address, information on credit and loan obligations, and credit repayment

history. It said the data wouldn't have included any account numbers, but would have shown a social insurance number

if the number was used while accessing the file.

Tobok said it was also important for companies to invest more in training staff, changing behavior so they don't click

on malicious links or other security flaws. Too often companies invest in the hardware and neglect the human side of

cybersecurity. "Everyone spends money on firewalls and servers and a lot of blinking lights, and they feel really warm

and fuzzy. Unfortunately, that's only part of the job."

TransUnion said in a statement that the unauthorized access was "not the result of a breach or failure of TransUnion's

systems". TransUnion says in its latest corporate responsibility report that it has a third-party risk management

program in place, which sets out guidelines that must be met by its partners on a range of risks including strategic,

financial, and information security risk.

Canadian Western Bank, parent company of the CWB National Leasing division whose login information was used in

the attack, said it has been unable to determine how the login credentials were illegally acquired.

Source: CTVNEWS.ca


https://www.ctvnews.ca/business/transunion-breach-shows-rising-threat-of-third-party-cyberattacks-1.4633109




15

CREDIT BUREAU NEWS

Joint Collaboration Delivers FinTech-like Capabilities for Credit Unions

TransUnion and Rate Reset enhance the credit union digital lending experience as users are shifting towards

digital channels

The user experience across financial services has evolved as consumers are increasingly shifting toward digital

channels. To bring the FinTech experience to the credit union industry, TransUnion (NYSE: TRU) is working with Rate

Reset to help empower credit unions with new digital capabilities.

“The way consumers engage with their financial institutions has changed and an engaging digital experience is no

longer simply nice to have – it’s table stakes,” said Sean Flynn, director of credit unions at TransUnion. “Rate Reset

levels the digital playing field by delivering a consumer-friendly experience and equipping credit unions with a

technology platform that is in line with those offered by FinTechs and banks.”

The solution combines Rate Reset’s technology platform with TransUnion’s credit data and risk capabilities

to deliver a cutting-edge experience for consumers. In addition to offering loan modification and batch preapproval

capabilities, credit union members can now check what rates and terms they qualify for without impacting their credit

score.

“We have enhanced our solutions through our collaboration with TransUnion to best align with the interests of credit

unions and their members,” said Keith Kelly, CEO of Rate Reset. “Offering credit unions access to a digital instant pre-

qual solution we call The Button™ will build new and existing relationships with consumers in this competitive

environment.”

The collaboration between TransUnion and Rate Reset is already gaining traction as Sound Credit Union of Tacoma,

Washington is among several new clients to begin leveraging the enhanced digital solution. For more information on

how to implement digital solutions, please visit: https://www.transunion.com/industry/credit-unions. Source: TransUnion

Press Release

Creditinfo Inks Deal with Indonesia's PBK

Creditinfo Group, the leading global credit information and fintech services provider has today announced

that it has signed a long-term strategic partnership agreement with PT Pefindo Biro Kredit (PBK) to further

support financial and non-financial institutions in Indonesia.

Using Creditinfo’ s knowledge and experience, PBK will enhance its consultancy and analytical services to provide

customers with additional value-added risk management solutions and support.

As a global supplier of credit bureaus and credit risk solutions, Creditinfo has been active in Indonesia since 2014, in

a partnership with PBK. Established in 2014, PBK is the leading Private Credit Bureau in Indonesia today, serving

numerous traditional financial institutions, fintech companies, and other non-traditional institutions. Since becoming

operational, PBK has enriched its data coverage, improved its services and is now playing an important role in the

operation of its members. The new agreement secures a further five years of collaboration between the two businesses

and will focus on the delivery of services to improve financial inclusion in the region.

This announcement marks another significant milestone for Creditinfo, which is a world leader in providing intelligent

information in mature and emerging markets. Source: Finextra.com


https://www.transunion.com/industry/credit-unions

https://www.finextra.com/pressarticle/80152/creditinfo-inks-deal-with-indonesias-pbk?mkt_tok=eyJpIjoiT0RjME1URTBPRFJtWVdFMSIsInQiOiI4NU1OSlkwZXJOOG1WSGJCNngyNnJoeUlqVkdoU3U4VEpqazd4OU5YNXcraTdlNzRJREZaRk1Ubk9sS1ZEZnI2YWVEdHBhMFJVSE44RTlxcUpJeG55V2RZb0Nwb3RRK3JDWGx2TXJ4Q0JzVXdNZXNjVlwvMStpZkFBeE1kR2NjZWsifQ%3D%3D




16

BIIIA 2019 Biennial Conference

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