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Navigating Through Uncertainty: Taking Stock of a Disrupted Fraud Landscape

Join fraud experts from LexisNexis Risk Solutions and ID Analytics for an exclusive first look at what our data revealed in the early months of the stay-at-home order, including:

- How fraud methodologies are shifting at account opening and other transactions – from third-party identity fraud to synthetic and true-name fraud
- Trends in attack velocity across industries – from financial services to telecommunications, online and retail lending
- Best practices for solidifying fraud strategies and addressing shifts in consumer behavior during the stay-at-home era
Recorded Jun 3 2020 49 mins
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Presented by
Carmel Maher, Product Marketing Insights Manager, ID Analytics & Chris Schnieper, Director of Fraud Market Planning, LNRS
Presentation preview: Navigating Through Uncertainty: Taking Stock of a Disrupted Fraud Landscape

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  • Navigating Through Uncertainty: Taking Stock of a Disrupted Fraud Landscape Recorded: Jun 3 2020 49 mins
    Carmel Maher, Product Marketing Insights Manager, ID Analytics & Chris Schnieper, Director of Fraud Market Planning, LNRS
    Join fraud experts from LexisNexis Risk Solutions and ID Analytics for an exclusive first look at what our data revealed in the early months of the stay-at-home order, including:

    - How fraud methodologies are shifting at account opening and other transactions – from third-party identity fraud to synthetic and true-name fraud
    - Trends in attack velocity across industries – from financial services to telecommunications, online and retail lending
    - Best practices for solidifying fraud strategies and addressing shifts in consumer behavior during the stay-at-home era
  • The Changing Shape of Risk and Lenders' Ability to Assess It Recorded: May 21 2020 60 mins
    Kevin King, Head of Marketing, ID Analytics and Solomon Semere, Sr. Director, Credit Risk Strategy, LexisNexis Risk Solutions
    Lenders today are grappling with the unknown as the global economy experiences the deepest dive in close to a century – which has caused rapid changes in consumer creditworthiness, and expanded gaps in traditional credit data. The changing shape of the credit landscape makes maintaining the health and profitability of lenders’ portfolios, while growing business safely even more critical.

    Since early March, LexisNexis Risk Solutions and ID Analytics have been actively monitoring shifts in consumer credit behavior across their respective credit bureaus. For the first time, the organizations will share this unique perspective on the initial months of the crisis, and the role alternative data can play in helping lenders navigate this unchartered territory.
  • 2020 vision: Taking action on the latest trends in alternative data Recorded: Mar 12 2020 58 mins
    Kevin King, Head of Marketing, ID Analytics and Solomon Semere, Sr. Director, Credit Risk Strategy, LexisNexis Risk Solutions
    The use of alternative credit data in credit strategies is rapidly evolving and expanding. Leveraging these insights at underwriting to assess credit-invisible applicants has become the norm – a practice recently endorsed by five federal financial regulatory agencies. At the same time, forward thinking lenders are increasing utilizing alternative data on credit invisible consumers – not only in underwriting, but for prescreen and portfolio management as well.

    This on-demand webcast details a series of emerging trends in the use of alternative credit data heading into 2020 — and outlines the key concepts and best practices needed to stay ahead of them. Learn how alternative data can drive everything from improved assessments of credit invisible consumers, to better recession planning and more targeted pricing decisions – providing the “2020 vision” risk managers need into consumer credit behavior.

    Key takeaways:

    - Top trends in alternative credit heading into 2020
    - Best practices in credit invisible risk assessment
    - Critical qualities in applying alternative data to credit visible consumers.
    - New research that demonstrates the benefits of alternative credit data for monitoring the financial health of your portfolio
    - Learn about new models that incorporate data that is credible and consistent, evolve with consumers’ lending needs and support regulatory obligations
  • Keeping Pace: How Identity Fraud Will Change in 2020 Recorded: Jan 21 2020 60 mins
    Julie Conroy, Research Director at Aite and Kevin King, Director of Marketing
    Identity fraud is a pervasive problem that is constantly evolving to keep institutions guessing. Identity criminals today vary channels, techniques and even the type of identity fraud they utilize to fraudulently open accounts, altering their approach to circumvent new authentication technologies and identify weaknesses in defenses. Because identity fraud is so dynamic, risk managers must keep pace with the latest fraud trends and tactics in order to better protect their business while safeguarding the customer experience.

    In this webinar, Julie Conroy, Research Director for Aite Group, and Kevin King, Head of Marketing for ID Analytics, will cover all things related to identity fraud, including:
    1.2020 fraud trends at account opening
    2.Shifts in fraudster techniques and behaviors
    3.The impact of new regulation on fraud defenses
    4.Best practices for keeping pace with identity fraudsters
  • Truth from Fiction: How Synthetics Will Continue to Evolve in 2020 Recorded: Nov 14 2019 63 mins
    Kevin King, Carmel Maher, Aaron Kline & Ken Meiser of ID Analytics
    Synthetic identities are the fastest-growing and hardest-to-detect type of financial crime in the United States. The known disparities in synthetic fraud behavior and lack of a universal tagging system for synthetic identities make it difficult for enterprises to quantify the severity of the problem, let alone solve it.

    Our team of experts will separate truth from fiction as they discuss critical trends in the evolution of synthetics and advancements being made to address this rising threat.

    Key topics include:
    •Trends in synthetic behaviors; how they are changing and what to watch for
    •An overview of the SSA’s new electronic Consent Based Social Security Number Verification (eCBSV) service
    •New research that differentiates first-party fraud from synthetics and strategies for capturing both
    •The importance of a holistic approach to solving synthetics
  • The More You Know: Expanding Alternative Credit Data into Portfolio Management Recorded: Sep 17 2019 45 mins
    Carmel Maher, Product Marketing Insights Manager and Ken Meiser, Chief Compliance Officer, ID Analytics
    Alternative data has gone from a bleeding edge tool to evaluate credit invisible applicants to an essential best practice for better assessing applicants from across the credit spectrum. While customer acquisition remains the most common use case, ID Analytics has seen increasing interest from lenders in expanding the use of alternative data across the customer journey, including within the portfolio management space. With another economic downturn potentially on the horizon, better understanding the true credit risk of your customers may quickly become an essential best practice. The time has come to truly examine the value of alternative credit data for portfolio management.

    In this webinar, Ken Meiser will discuss the status of alternative data in the credit landscape today along with the benefits enterprises have found in gaining a more complete picture of a consumer’s creditworthiness. Carmel Maher will share ID Analytics newest research examining the value of using alternative data in new areas of the credit lifecycle. Through data-driven analysis and best practices, Carmel will reveal how enterprises can strengthen and expand relations with customers showing improved financial stability and uncover early signs of financial distress to help mitigate losses.
  • Alternative Credit Insights: The Key to Universe Expansion Recorded: Sep 9 2019 31 mins
    Carmel Maher, Product Marketing Insights Manager
    The only constant in the consumer credit industry during the past decade was disruption. The financial crisis and new regulations forced many banks to tighten lending standards, while fintech innovation and marketplace lending provided new channels and sources of credit. In an ever-changing credit ecosystem, alternative data provides insight to help enterprises see a more complete picture of consumer behavior and creditworthiness.

    Perhaps the most widely known benefit of alternative data is the ability to uncover prospects who lack established credit histories including, millennial, thin-file, and no-hit consumers. Alternative data brings even more advantages across the credit spectrum. It identifies consumers who are underestimated by traditional scoring models and credit-rising individuals that fly under the bureaus’ radar, further separates risk within a credit score band and increases the competitiveness of product offers.

    In today’s competitive marketplace, enterprises must cast their nets wide to promote consumer credit inclusion. Join ID Analytics as we explain how your institution can expand your universe of prospects without increasing your risk and optimize product offers through alternative data.
  • Effective Identity Fraud Prevention and Detection with Machine Learning Recorded: Aug 29 2019 123 mins
    Kevin King, ID Analytics, Clyde Langley, Charles Schwab, Wayne Shoumaker, Wells Fargo and Joe DeCosmo, Enova International
    The rise of machine learning technology in recent years has provided businesses, particularly financial institutions, with advanced capabilities in preventing and detecting identity fraud at account opening. However, there are many arguments regarding the best practices in identity fraud defense, including the role of machine learning in pinpointing risks. The message is clear: a strong fraud defense requires machine learning, but equally requires strong underlying data and well-practiced fraud operations procedures to make it effective.

    Businesses should consider a number of factors before moving forward with a machine learning-based fraud detection and prevention solution.

    In this Webcast, a seasoned panel of thought leaders and professionals will provide and present an in-depth analysis of employing machine learning in detecting and preventing fraud. Speakers will also provide practical tips and strategies to ensure that potentials are maximized, and pitfalls are mitigated.
  • The State of Alternative Credit Data Recorded: Jun 11 2019 60 mins
    Kevin King, Head of Product Marketing at ID Analytics and Leslie Parrish, Senior Research Analyst at Aite
    Over the past few years alternative data has emerged as a critical best practice for card issuers – offering a more complete picture of consumer creditworthiness, and with that an opportunity to fine tune competitive lending strategies. But keeping track of best practices in such a rapidly evolving space is no easy task.

    This presentation will provide an update on the world of alternative credit data, shedding new light on its ability to assess credit invisibles, its application in prescreen and portfolio management use cases, and clarifying the pros and cons of contributed vs. permissioned alternative data solutions. By providing a current snapshot of the opportunities and landmines, this presentation will deliver an essential perspective to help lenders demystify the world of alternative data in 2019.
  • Approaches on Diminishing Synthetic Identity Fraud Cases Recorded: Mar 15 2019 90 mins
    Carmel Maher from ID Analytics, Deshietha Partee-Grier from Duetsche Bank & Sandeep Dhadda from Citigroup
    Carmel Maher, Senior Product Marketing Manager for ID Analytics presented alongside Deshietha Partee-Grier, AVP Financial Crime Investigations Unit and Sandeep Dhadda, Director, Head of Advanced Analytics for CitiGroup bring the audience to a road beyond the basics of Synthetic Identity Fraud and as they delve into the depth-analysis of mitigating the risks of fraudulent activities through various anti-fraud measures.

    The prevalence of fraud in the marketplace has remained to be one of the most challenging threats that most businesses face nowadays. Thus, urging companies to stay ahead of the latest fraud-detection measures and technologies to prevent the proliferation of such activities. Among the most pervasive types of identity fraud is Synthetic Identity Fraud which may have accounted for 5% of uncollected debt and up to 20% of credit losses in the past years.

    Concurrent with the evolving sophisticated fraud tactics, it becomes more important for businesses and organizations to keep themselves abreast of the various strategies and Anti-Fraud measures that will help diminish and significantly slow down the proliferation of Synthetic Identity Fraud cases. Companies must stay updated of the latest threats and developments in this rapidly evolving landscape while minimizing consequences for consumers.

    Join a panel of key thought leaders assembled by The Knowledge Group as they bring the audience to a road beyond the basics of Synthetic Identity Fraud and as they delve into the depth-analysis of mitigating the risks of fraudulent activities through various anti-fraud measures. Speakers will also provide the audience with best practices, approaches and preventive measures on diminishing such cases.

    In a webcast, the speakers will discuss:
    - 2019 Synthetic Identity Fraud Landscape – an Overview
    - Different Types of Fraud
    - Detection and Remediation
    - Common Red Flags
    - Risks Mitigation Strategies
    - Addressing Implications
    - What Lies Ahead
  • Tackle Synthetic Identity Fraud Head-on Recorded: Oct 30 2018 60 mins
    Kevin King and Carmel Maher, ID Analytics and Julie Conroy, Aite Group
    Synthetic identity fraud – the act of creating a fake identity to access goods or services – has become a top-of-mind threat for many American financial institutions. Recent research from the Aite Group suggests that synthetic identity fraud losses equate to 20-30% of all credit write-offs, resulting in total losses between $6-9B annually. Synthetic identity fraud is difficult to distinguish from legitimate consumers and without a specific victim to confirm a crime – this type of fraud carries a low-risk, high-reward proposition for criminals that often sits unidentified in a lender’s credit losses.

    In this on-demand webinar, Kevin King and Carmel Maher from ID Analytics along with Julie Conroy from Aite Group, will provide a comprehensive overview of synthetic identity fraud and discuss the factors contributing to the rising impact of this threat. ID Analytics will share new research findings which outline the key differences between synthetic fraud and traditional fraud and credit risk behavior, as well as describe how synthetics are able to circumvent today’s processes. Synthetic identity fraud is a multifaceted problem, one which has left many lenders feeling helpless. There is light at the end of the tunnel; ID Analytic will share best practices for optimizing your detection and prevention strategy to tackle synthetic identity fraud head-on.
  • Synthetic Identity Fraud: Best Practices to Combat & Prevent the Evolving Threat Recorded: Sep 13 2018 86 mins
    Kevin King from ID Analytics, Deshietha Partee-Grier from Duetsche Bank & Sandeep Dhadda from Citigroup
    Kevin King, Director of Product Marketing for ID Analytics presented alongside Deshietha Partee-Grier, AVP Financial Crime Investigations Unit and Sandeep Dhadda, Director, Head of Advanced Analytics for CitiGroup on the evolving threat of synthetic identity fraud.
  • Why KBA Won’t Survive the Digital Transformation Recorded: Sep 5 2018 38 mins
    Scott Hamlin, Product Marketing Manager and Libby Lefanowicz, Innovation Product Manager
    What is your mother’s maiden name? What street did you grow up on? We’re all familiar with answering these types of questions to verify ourselves during account opening or access. Knowledge-based authentication, or KBA, has been an industry-standard identity verification / authentication tool for nearly two decades. When initially deployed, it was highly effective and the friction it created was often overlooked because consumer expectations were different. Fast forward to today – its effectiveness has dropped considerably, and the user experience is widely considered egregious because we live in a digital world where instant is the expectation. In this webinar we’ll discuss how the digital transformation is impacting both consumers and enterprises in such a way that KBA can no longer survive. We’ll demonstrate how innovative ID verification helps enterprises reduce their exposure to fraud risk and deliver convenience that meets the expectations of today’s digital consumer.

    5 Key Takeaways:
    - How evolving consumer expectations impact your enterprise
    - What keeps risk managers up at night
    - Why KBA can’t survive the digital transformation
    - The benefits of ID verification in a digital world
    - ID Analytics’ unique approach to better, faster, stronger identity verification
  • The Next Frontier: Where Alternative Credit Data is Headed Recorded: Jun 28 2018 46 mins
    Jason Heil, Head of Credit Risk Solutions and Carmel Maher, Senior Product Marketing Analyst
    Over the past decade, the U.S. lending market has seen adoption of alternative credit data in underwriting strategies steadily grow. Initially a fringe technology, today the use of alternative credit data to assess applicants without a bureau score from the three National Credit Reporting Agencies (NCRAs) has become mainstream. Yet even with this spike in adoption, the majority of U.S. credit decisions continue to focus strictly on the traditional credit data offered in a typical FICO score.

    Given this context - what’s the next evolution for alternative credit data in the United States? Which consumer segments and what use cases are the likely next step in lender’s adoption of these powerful and under leveraged insights? Join Jason Heil and Carmel Maher, as they explore the landscape and future state of alternative credit data.
  • Securing the Customer Experience: Verify the ID and the Identity Recorded: Jan 31 2018 52 mins
    Aaron Kline, VP of Product Management and Tim Manglona, Senior Product Manager
    For lenders and service providers, protecting their businesses while preserving the customer experience has never been tougher. Fraudsters are growing more aggressive in their attacks, while consumers are growing more intolerant of the friction involved in authentication. In many ways photo-capture technologies present a compelling solution to this dilemma, improving the customer experience by reducing data entry associated with traditional authentication processes.

    Unfortunately, most of these solutions miss a critical step of verifying the actual identity asserted on the ID. Today, sophisticated counterfeit driver licenses and other forms of government issued IDs capable of defeating document checks are a booming business, allowing fraudsters to pass many image-capture screens. In response, innovative companies looking to leverage photo-capture for authentication are adopting a data-driven strategy that examines both the ID and the identity, protecting their customer experience – and their business.

    In this webinar, ID Analytics experts will:

    • Provide use cases that demonstrate the challenges of authenticating consumers
    • Discuss best practices to safely leverage photo-capture technology
    • Demonstrate a data-driven evaluation of a document and its related identity information
  • Protecting the Peak: Developing Fraud Strategies for Peak Retail Days Recorded: Nov 8 2017 52 mins
    Kevin King, Director of Product Marketing and Carmel Maher, Senior Product Marketing Analyst
    Every day, identity thieves try any number of approaches to defraud lenders and service providers at account opening…but how do they behave on the biggest retail days of the year? Is fraud more or less common on these days? Do fraudsters alter their techniques to maximize success? As Black Friday and the retail season approaches, this webinar will shed new light on how fraudsters behave during these critical moments, and how that behavior shifts the calculus of fraud strategies seeking to balance business needs and risk

    In this webinar, ID Analytics experts will:

    • Review new research on how application volume and fraud risk shifts during peak retail days
    • Discuss fraud strategy best practices for high application volume periods
    • Detail new solutions and capabilities to help lenders and retailers safely thrive during the retail season
  • Striking the Right Balance: Authentication and the Customer Experience Recorded: Oct 10 2017 24 mins
    Aaron Kline, VP of Product Management and Tim Manglona, Senior Product Manager
    Does your enterprise want to improve your account opening authentication process? How about provide a seamless digital experience when consumers apply at your institution? Digital channel fraud is rapidly evolving, but technology is now available to increase security while reducing friction in the customer journey. Many technologies focus on validating the document a consumer provides for authentication—looking for signs the ID may be fake— yet fail to verify the identity associated with the ID. There are consequences when institutions ignore this gap in authentication.

    In this webinar, ID Analytics experts will discuss:

    • Common authentication challenges and fraud trends
    • How to balance the customer experience with risk exposure
    • A data-driven approach to verifying the identity and the document
  • The New Era of Synthetic Identity Fraud Recorded: Jul 13 2017 61 mins
    Ken Meiser, VP of Identity Solutions and Kevin King, Director of Product Marketing
    Synthetic identity fraud is on the rise—a recent study from ID:A Labs revealed the fraud rate for synthetic identities has increased more than 100% since 2010.

    ID Analytics wants to help you better understand how to combat this growing problem.

    Join fraud experts Ken Meiser, Chief Strategist, and Carmel Maher, Senior Product Marketing Analyst, as they:

    • Discuss the market trends enabling this growing crime
    • Provide definitions and methodologies of this critical form of fraud
    • Share ID Analytics’ data driven analysis on synthetic fraud
    • Offer a path forward to better and more effectively combat synthetic fraud
  • Debunking Millennial Myths: Effectively Engaging America’s Largest Generation Recorded: Jun 6 2017 43 mins
    Kevin King, Director of Product Marketing
    In 2015, Millennials overtook Baby Boomers as the United States' largest living generation. They represent the highest lifetime value of any customer segment and enormously influential to other generations of consumers, yet we continue to see this critical demographic migrate away from traditional forms of credit and services. Many institutions are succumbing to myths that there is a lack of demand for credit products and that millennials who are considered “low score” and “no score” are always high risk. By believing these myths there are consequences and risk managers play an important role in millennial engagement and may be jeopardizing their company’s long-term success by declining millennials at a high rate.

    In this webinar, ID Analytics’ credit experts will:

    •Share research that debunks the misconceptions that millennials don’t want traditional financial products
    •Highlight the opportunities with no score, new to credit millennials and how to respond to their demands
    •Discuss the consequences of declining millennials and how to adopt strategies and tools to safely capture this essential opportunity
Leader in credit and fraud risk solutions
ID Analytics, a LexisNexis Risk Solutions company, is a leader in credit and fraud risk solutions with patented analytics, proven expertise and up-to-the minute insight into consumer behavior.

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  • Title: Navigating Through Uncertainty: Taking Stock of a Disrupted Fraud Landscape
  • Live at: Jun 3 2020 4:25 pm
  • Presented by: Carmel Maher, Product Marketing Insights Manager, ID Analytics & Chris Schnieper, Director of Fraud Market Planning, LNRS
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