Preventing identity fraud: the road ahead for financial services

Keith Swanson of SAS Institute on Techniques to Improve Detection

There’s no question 2020 and 2021 have brought unanticipated changes and challenges for Financial Services and beyond. The notable surge in consumers’ use of websites and mobile apps for their banking transactions and service interactions exposed critical gaps in digital identity and authentication methods.

These exposures have posed challenges across fraud detection and prevention and know your customer processes, and that’s something fraudsters have hastily exploited, whether through business email compromise scams, application, identity, or account takeover fraud, to name but a few. So, what technology capabilities can help Financial Services detect and prevent digital identity fraud?

This eBook recaps the interview of Anna Delaney from Information Security Media Group speaks with Keith Swanson, Director of Fraud, Financial Crimes & Security Intelligence, SAS Asia Pacific, and Japan to discuss:

• Why traditional detection methods are failing to identify new, harder-to-identify fraud schemes
• How financial services can make better use of their data to recognise and protect against identity fraud
• Best practices to develop strong anti-fraud capabilities and strategies