Fraud Prevention Technologies: Where to Invest?From Identity to Biometrics to Busting Scams, Experts Detail Must-Have Capabilities
Where did the fraud industry invest in 2021, and where should fraud prevention leaders put their money in 2022? Three experts - PJ Rohall, fraud subject matter expert at Featurespace; Sophia Carlton, manager, fraud and financial crimes consulting at Accenture; and Ian Mitchell, financial crimes advisory board member at the American Bankers Association - share their thoughts in a panel discussion.
"Companies now are looking at how to create enrichment of the transactions going on and how intelligence is being gathered and utilized in various platforms. We are seeing advancement in biometrics, device ID, and mobile information intelligence," Mitchell says.
"There is a very saturated solutions market. The key is to choose the right tool ... [and] have the right suite of solutions that suits you based on your fraud risk landscape," Carlton says.
"Though identity will get a ton of investments, especially with application origination fraud at the government level, it is a big bubble. The scam is an interesting area where I would like to see more investments," says Rohall.
In a video panel interview with Information Security Media Group, the panelists also discuss:
- The technology investments that dominated in 2021;
- Why behavioral biometrics will continue to see more investment;
- Why enterprises need to look beyond identity solutions;
Mitchell is the founder of The Knoble, a nonprofit global network of experts with a passion for fighting human crime. Previously, he led PwC’s Financial Crimes Unit and fraud management practice.
Carlton specializes in fraud strategy, fraud risk and maturity assessments, and fraud prevention solutions. She is a lead author in the development of industry guidance used in both government and the private sector.
Rohall has a decade of experience in fraud prevention - driving education, innovation and mitigation across industries and fraud use cases. He co-founded About-Fraud, a global community for fraud fighters, in 2017. At Featurespace, he collaborates across various departments to educate and align complex fraud use cases with the ARIC Risk Hub.