Colin Parsons
speaker
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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Appearances
And then there's a broad category, I guess, of collaboration or information sharing.
There's kind of a number of different ways.
One of the primary ways to think about that is in the context of the information sharing that would be available in the United States via the Patriot Act for purposes of detecting money laundering or terrorist financing, things like that.
One of the things that that can be used for as well is from a fraud point of view, as realistically, once you make a fraudulent payment, that the proceeds of those funds are then criminal proceeds and then are going to potentially move on to be laundered through the financial network.
That's where information sharing comes in.
There's also potential for intelligence sharing, understanding typologies of different categories of fraud and things like that, and sharing that from one financial institution to another.
And then finally, we have enhanced consumer protection.
So that's a category of things that essentially are
advanced measures and practices that can help prevent or safeguard individuals, particularly vulnerable individuals like elderly individuals.
So things like liability shifts kind of fit into that category.
So when a fraudulent payment is made,
ensuring that the victim who sent their money isn't the ones who are liable for those funds, that potentially someone else along that kind of chain, like the financial institution or somebody else in that kind of chain of events could be responsible for those fraudulent funds.
Yeah, that's a kind of broad categorization.
The way that us at Nasdaq Verifin fit into that is kind of in a number of those different areas, but Nasdaq's core purpose is to advance economic progress for all, and our long-term vision is to be the trusted fabric of the world's financial system.
The way that we, as the Verifim portion of that fits in, is that we use a lot of collaborative frameworks to help solve problems in fraud and AML.
as a collective rather than just an individual kind of siloed institution.
And as an industry, we're seeing a lot more of those collaborative type of approaches and they fit into a bunch of those different areas like the information sharing part of things, confirmation of payee, but even within like transaction monitoring there where Verifin's approach is to understand
the counterparty of a transaction.
So where are the payments going, understanding that full kind of view of who the sender is, who the receiver is, and what's unusual, potentially unusual about that activity.
Leverage the power of that collective rather than just that individual institution, while still not having to directly share information like account numbers and personally identifying information from
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