Gregg Quintana’s Post

Security is about risk management. But managing that risk is a challenge. As #deepfake identity has become a reality, Think Digital Partners ’ digital identity advisor Susan M. asks how can #governments protect themselves and citizens from deepfake #fraud and ensure government services are inclusive and secure? https://lnkd.in/eX55kpXm #generativeai #genai #identityverification #thinkdigid

AU10TIX Risk Assessment Model Exposes Critical Vulnerabilities in Identity Verification Processes “Our new Risk Assessment Model is designed to provide initial indicators of potential risks, offering companies a clear starting point for understanding how we can help them accommodate and mitigate these challenges effectively,” said Dan Yerushalmi, CEO of AU10TIX. “The tool is integral in demonstrating our proactive approach to fraud prevention and the strategic support we offer our customers.” https://lnkd.in/e4prwynQ #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Digital payment fraud has surged worldwide, with businesses and financial institutions collectively losing over $20 billion each year to increasingly sophisticated tactics. As cyber threats evolve, they expose vulnerabilities not only in technology but also in compliance frameworks and risk management strategies. In a landscape where fraud is becoming harder to detect, the focus must shift from reactive measures to intelligence-led, proactive prevention. Here’s what we think can make the difference for organizations struggling with digital payments fraud. 1) Integrated Risk Scoring Models: Real-time risk assessment models, such as DSTrust Score, allow financial institutions to identify high-risk accounts based on a combination of behavioural data, transaction patterns, and external digital footprints. This integrated approach enables earlier fraud detection, protecting institutions and customers alike. 2) Strengthening Verification Protocols: Fraud prevention is most effective when threats are intercepted at the point of entry. With tools like DS Authenticate, institutions can streamline the KYC process, ensuring that fraudulent actors are detected before they enter the system. By leveraging data from multiple sources, this enhanced verification reduces the chances of mule accounts infiltrating the network. 3) Aligning with Evolving Compliance Standards: The recent RBI updates on fraud risk management underscore the need for advanced, compliance-focused solutions. By working in sync with regulatory guidelines, Data Sutram’s solutions not only meet but anticipate compliance needs, empowering institutions to adapt seamlessly to changing standards. 4) Fostering an Intelligence-Driven Culture: As fraudsters refine their methods, financial institutions must shift toward a culture that emphasizes data intelligence at every level. Collaboration between data science, risk management, and compliance teams is essential to create an agile response framework that keeps pace with emerging threats. Data Sutram’s role in this ecosystem is not just to provide tools but to foster partnerships with financial institutions that prioritize long-term security. These solutions represent the shift the industry needs—one where digital payments are safer, compliance is built-in, and customer trust is paramount. For a closer look at how Data Sutram is redefining fraud prevention in digital payments, visit www.datasutram.com. #DataSutram #FraudPrevention #DigitalSecurity #ProtectingDigitalPayments #FinancialResilience #RealTimeRisk #DataDrivenSecurity #SecureDigitalEconomy #IntelligentFraudDetection

A must read article by our VP of Fraud and Risk Management, Animesh Jha, on tackling the alarming rise of online payment fraud in India. Find out expert tips on how to manage fraud risk while enhancing user experience. #fraudprevention #cybersecurity #userexperience #frauddetection #riskmanagement #paymentfraud #onlinepayments #expertspeaks #wibmo

𝑩𝒆𝒘𝒂𝒓𝒆 𝒐𝒇 𝑭𝒓𝒂𝒖𝒅 𝑹𝒊𝒔𝒌 𝒊𝒏 𝑷𝒂𝒚𝒎𝒆𝒏𝒕𝒔 🚨 Fraud in payments is a growing concern, and businesses must be vigilant to protect themselves and their customers. Whether you're in e-commerce, retail, or any other industry, being aware of the risks is key. Here are some tips to mitigate fraud risk: 1. 𝑺𝒕𝒓𝒐𝒏𝒈 𝑨𝒖𝒕𝒉𝒆𝒏𝒕𝒊𝒄𝒂𝒕𝒊𝒐𝒏: Implement multi-factor authentication to ensure that only authorized users can access accounts. 2. 𝑴𝒐𝒏𝒊𝒕𝒐𝒓 𝑻𝒓𝒂𝒏𝒔𝒂𝒄𝒕𝒊𝒐𝒏𝒔: Use advanced analytics to detect unusual payment patterns and flag suspicious activity. 3. 𝑬𝒅𝒖𝒄𝒂𝒕𝒆 𝒀𝒐𝒖𝒓 𝑻𝒆𝒂𝒎: Ensure your employees are trained to spot potential fraud and understand best practices for secure transactions. 4. 𝑼𝒔𝒆 𝑺𝒆𝒄𝒖𝒓𝒆 𝑷𝒂𝒚𝒎𝒆𝒏𝒕 𝑮𝒂𝒕𝒆𝒘𝒂𝒚𝒔: Choose payment gateways with robust security features and compliance certifications. Fraud prevention is a shared responsibility. How does your organization address fraud risk in payments? Share your insights below! #fraud #risk #analytics Aayush Aryan 😌✌️

Sophisticated criminal enterprises are exploiting vulnerabilities in business' manual processes and it's costing companies billions annually. In fact financial fraud was valued at 2.3bn last year alone! The government is fighting back with tighter regulations and a shift towards automation wherever possible. Regulatory compliance measures don't solve the core issue alone though: legacy processes leave gaps that fraudsters can use to their advantage. Our Customer Success Director, Fiona Brown has spoken openly about the threat of fraud “I hear from customers all the time about the prevalent threat of fraud and the drastic consequences it can have for businesses. But it’s often just a result of poor processes and a lack of fraud prevention tools. Both fraud and error are almost 100% preventable.” So how is it preventable? The first step is integrating your ERP/back-office systems with your banks so you can fully automate your financial operations. This connectivity eliminates manual touchpoints (like manually logging into bank portals to make payments and download bank statements), reducing human error, and securing your operations from the potential threat of fraudulent activity with user permissions, and enhanced fraud prevention features. Our latest whitepaper exposes the escalating fraud crisis and shows how ERP-bank integration eradicates the threat of fraud and manual processes for secure, and more efficient finance operations. Don't let your company be the next victim. Read the full paper (link in the comments)

I’m excited to share my recent article in Forbes about how fraud prevention is evolving. With digital transactions expected to hit $11.53 trillion in 2024, the old point solutions aren't cutting it anymore. Companies are shifting towards unified systems that streamline fraud prevention and compliance, making operations more efficient and adaptable to new threats. It’s a big shift in how we think about managing risk. If you’re interested in where the industry is headed, check out the full piece. 🔗

Security is about risk management. But managing that risk is a challenge. As #deepfake identity has become a reality, Think Digital Partners ’ digital identity advisor Susan M. asks how can #governments protect themselves and citizens from deepfake #fraud and ensure government services are inclusive and secure? #generativeai #genai #identityverification #thinkdigid

Fraud can strike when you least expect it. Is your business prepared? In today's financial landscape, small and midsize companies face huge risks from fraud. Key strategies are vital to strengthen your defenses. Assessing your vulnerability is the first step. Educating employees on various fraud types—like business email compromise and insider fraud—can shield your company. Implementing strong internal controls, such as segregating duties and restricting access to sensitive data, keeps fraudsters at bay, especially when daily reconciliations are done. Transitioning to digital payment solutions like Chase Connect® enhances fraud detection and expedites approval processes. A case study illustrates this: after falling prey to insider fraud, a household goods importer migrated to digital banking, reinforcing the significance of rigorous audits and internal safeguards. Take proactive steps to prevent internal fraud—secure physical checks, confirm receipts, and leverage ACH transaction blocking tools. Cultivating a culture of awareness within your organization is crucial to anticipate and counteract potential threats. Don't let fraud catch you off guard! How does your business combat fraud? #FraudPrevention #DigitalPayments #CyberSecurity #InternalControls #BusinessAwareness #JPMorganChase #FinancialSecurity #TreasureManagement #EmployeeTraining #BusinessExcellence #RiskManagement #FraudAwareness #InternalFraud #FraudDetection #FinancialFraud #ACHBlocking #ProtectYourBusiness #FraudRisk #DigitalBanking #Audit #SecurePayments #FraudPreventionTips #FinancialProtection #BusinessSecurity #StaySecure #RiskMitigation #FraudAwarenessWeek