Security Magazine has released their predictions on technology to watch in security – including fighting fraud – for 2016. One breakthrough is developing an exchange of known frauds across various industries. The article quotes Equifax fraud expert, Gasan Awad, as he discusses Equifax’s experience is setting up and using data exchanges to help our customers detect and prevent fraud.
“It’s important to have a multi-layered approach. Do things match? There is need to deploy fraud fighting models that manage the customer experience as well as the assets” that might potentially be lost, Awad points out. One innovation: the Canada Known Fraud Exchange, which collects data on frauds and perpetrators and allows enterprises to dip into the big data to stop a fraudster sooner than later. Equifax is helping establish a U.S. Known Fraud Exchange, too.
Understanding who the user is and whether that person already has an account is another important step in fighting fraud. Using tools that meet identity proofing requirements established by the National Institute of Standards and Technology (NIST) and industry groups helps make sure the user is who he says he is.