Colin Parsons

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183 appearances 1 recordings 1 series first heard Dec 2024 last heard Dec 2024

Colin Parsons’s voice in public audio — every appearance, attributed to the second.

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Off the Rails from the U.S. Faster Payments Council - FPC · 19 December 2024 Holiday Special featuring Colin Parsons of Nasdaq Verafin on faster payments fraud · 19 Dec 2024 podcast

Off the rails from the US Faster Payments Council.

Thanks, Reid.

Happy to be back for a second time.

Yeah, for sure.

So there's a wide variety of types of fraud mitigation techniques.

They can kind of be grouped into a few broad categories.

And that's kind of the approach that the paper takes there as well.

If we think about the beginning of an interaction from a fraud point of view, it would be when an account's being opened.

So enhanced authentication, so things like multi-factor authentication, biometric verification, really ensuring that an account is secured from authentication point of view, making sure that the people who are authorized to access the account are the ones that are accessing the account.

That's kind of the first step

first interaction from a fraud point of view and necessary to make sure that you know who's sending those payments, who's interacting with those accounts.

Then if we kind of move to when the transactions are happening, that's where we get into the category of transaction monitoring.

So that's analytics and potentially things like machine learning that can be used to detect patterns or anomalies in transactions that might be suspicious and could potentially be indicators of fraudulent transactions being made or unusual activity.

Um,

So that's kind of at the time of transactions.

Then there's when a transaction is being initiated, one of the techniques or categories is called confirmation of payee.

So confirmation of payee is when really what you're trying to do is make sure that you are sending to an account that's owned by the intended receiver.

So I'm sending a payment to Reed and the owner of that account is actually Reed.

And it also helps from a kind of error prevention point of view to make sure you're not sending payments to the wrong person.

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