Best Practice Podcast - Episode 2

PassFort is recording a series of Best Practice Podcasts for the financial services community to share insight into digital-first strategies and how they support risk and compliance management.

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Device fraud detection supports friction-right customer onboarding

Posted by: Alexis Fox-Mills

On June 10, Tom Andrews, PassFort's Head of RevOps, was in conversation with Gavin Barker, channel manager at TransUnion, formerly iovation.

The episode focusses on what device-based fraud detection brings to risk management and digital onboarding in a time when risky behaviour is escalating and keeping customer onboarding journeys seamless is more important than ever.

OPERATING BACKDROP

According to stats from TransUnion, there has been an 11% increase in risky behaviours in Financial Services since the lockdown began at the end of March 2020. There has also been a 23% increase in e-commerce transactions.

As more people have taken to their devices in lockdown to go online and make purchases, play games or stream services, the companies providing these services have needed to detect potential fraud related to these devices.

Device fraud detection essentially becomes a 'must do' when completing risk assessment on new and potential customers. 

EPISODE SYNOPSIS

Gavin covers TransUnion's view of the operating environment across different verticals and the kinds of risks they have witnessed businesses facing.

These risks could be individuals involved in fraudulent applications or transactions, because they are career criminals or because they are individuals who have been denied access to credit.

Risks are also being posed for the opposite reason.

There has been an unprecedented volume of new applications for certain products, such as online games and payments. These applications need to be processed quickly with a seamless digital onboarding journey that's fast and smooth to secure new business. But applications for products also need to be scrutinised carefully to prevent fraud and other types of financial crime, which are spiking.

TransUnion talks about creating a friction-right approach to digital KYC. And Gavin Barker talks about the role device-based fraud detection plays in these KYC journeys.

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MORE EPISODES

Each session features a leader in their field of financial services and risk management. The episodes are recorded live and delivered as podcasts, available to listeners on-demand. 

Our aim is to provide a practical resource to the financial services community, enabling professionals to share in best practice around developing and adopting “digital-first” strategies to risk and compliance management.

Speakers share their past experience and theories for the future, talking about how technology changes customer experience, company focus and market positions.

Conversations will zone in on different fields of financial services, but with a common link back to how digital transformation can be harnessed.

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If you would like to know more about the series, or if you would like to feature in a future podcast, please get in touch - we would love to hear from you!

Digital Transformation Partnerships Risk Management Compliance

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