First-party fraud refers to an applicant or customer’s intention to commit fraud, whether through use of a true, manipulated or synthetic identity. It’s difficult to define the problem and many banking professionals debate the merits of who “owns” the first-party fraud problem — the credit risk group or the fraud group. However, even as the two groups have distinct…

With eCommerce driving 39% of luxury sales growth in 2017, a number that is expected to rise to 59% by 2023, even venerable brick-and-mortar retailers are succumbing to the heat. In New York City, retail icons Barneys New York and Dean & Deluca are in bankruptcy, victims of rising rents and a dramatic increase in online purchases of luxury goods. Those online p…

If, like me, you’re a parent of young children, you know the routines and priorities: feed, bathe, vaccinate, read to, save for college, and choose your toddler battles wisely. But, no matter how young or old your children may be, there’s one important task you should not neglect: freeze their credit. Why? Child identity fraud is an alarmingly large and growing pro…

How can machine learning and advanced analytics improve business assurance in telecommunications? That was part of the challenge we sought to solve in our first Catalyst project with TM Forum, which was showcased at Digital Transformation World Nice. Catalysts are proof-of-concept projects developed collaboratively by TM Forum members. These projects bring together…

With the rapid rise of data breaches around the globe, the fear of identity theft is at an all-time high. Just yesterday, I received an anxious phone call from my neighbor asking what she should do to protect herself. She is justifiably worried someone is going to open a credit card in her name. Alongside the usual advice I give — weighing the pros and cons of a credi…

Fraud management and AML compliance are both about tackling financial crime, but often they are managed by different teams, each with their own processes and technology. For many years the idea of convergence in managing financial crime at banks has been under discussion — but is this a meaningful trend or simply wishful thinking? When it comes to the technology to…

As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. These steps can help businesses in the US and other countries not only meet regu…