FRAUDAY Newsletter
May 28th, 2024
3 new data integrations, sign up for our contact center fraud prevention webinar with Eltropy, and more!
ISSUE #13 | May 28th, 2024
This community has grown to over 800 fraud & risk professionals, and we are thankful for each and every one of you.
We’ll keep the monthly tips, product updates, and industry insights coming your way. All we ask is if you find this newsletter helpful, please forward it to a colleague or friend. Thank you!
Data Service Integration Updates
⚫️ Plaid Assets
Plaid Assets gathers comprehensive borrower financial data directly from their bank accounts, including identity, balance, and transaction history, to provide a detailed financial snapshot. This helps financial institutions make more informed lending decisions, improve loan application completion rates, and streamline the application process with real-time verification, reducing the need for manual document handling.
🔵🟣 Experian Credit Report Lite
Clear Bureau Lite provides lenders with real-time credit scores and detailed attributes from Experian, summarizing tradeline information for auto, mortgage, bankcard, and student loan accounts. This helps lenders make smarter underwriting decisions by offering a comprehensive and cost-effective assessment of a consumer’s creditworthiness, particularly in the subprime market.
🔵 TransUnion TruLookup People/Business Search
TruLookup offers comprehensive reports that consolidate detailed information about individuals and businesses, including contact details, employment data, and social media presence, providing a 360-degree view. This helps users save time and effort by eliminating multiple searches and delivering actionable intelligence in a single, organized report.
Upcoming Webinar
🧠 From Porous to Powerful: How To Turn Your Contact Center Into A Fraud-Fighting Machine
🕐 June 11th @ 12pm CST
➡️ Sign Up
In The News
🆔 Will FinCen’s Customer Identification Program Burden Banks and Consumers?
The Financial Crimes Enforcement Network (FinCEN) began seeking commentary March 28 on new rules tied to the Customer Identification Program that mandate how banks collect Social Security data — specifically, on collecting the full nine digits, rather than just the final four numbers, while using a third-party to obtain the full Social Security number.
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🏦 AI Voice Cloning Pushes 91% of Banks to Rethink Verification
Banks are concerned about the latest advancements in voice-cloning technology and the threat it poses to the authentication process. The failure of identity-centric solutions to combat synthetic identity fraud has convinced 91% of U.S. banks to reconsider their use of voice verification for major customers, according to a BioCatch report based on a survey of 600 fraud fighters in 11 countries.
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💳 Mastercard harnesses AI to take on scammers
Mastercard is tackling the growing threat of scams through the launch of an AI-based product suite and several cross-industry partnerships.
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🥷 How A $25 Million Deepfake CFO Attack Occurred
The notorious case began with an accounting clerk receiving a phishing email from the multinational company’s “CFO” and ended with the clerk sending five wire transfers to five different banks.
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