Callcredit's Fraud Summit 2016 - Identity verification stream

PROTECTING CONSUMERS – IDENTITY VERIFICATION

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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

7 Private & Confidential © Paycasso® 2016

Data Breaches – Volume


Anonymity of The Internet

Growth in Online Fraud


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


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


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

http://www.entrepreneur.com/article/225415


Fingerprint, Vein or Palm

Will biometrics help or will they be enforced?


Being Deployed Customer

Authentication

Identify Repeat Fraud

With a combination of other biometrics

Voice Biometrics


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.


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


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


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


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


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


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


EMEA/APAC Sales Toll Free: +44 (0) 808 234 4246

US Sales Toll Free: +1 888 788-8640

[email protected]

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

Callcredit's Fraud Summit 2016 - Identity verification stream

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Transcript of Callcredit's Fraud Summit 2016 - Identity verification stream