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
one institution to another, but having that kind of knowledge built into the models to be able to identify those fraudulent transactions.
Yeah, sure.
I think the paper does a great job of kind of looking at these different jurisdictions and taking some of the learnings from those different areas and kind of distilling it into things that can be learned in the United States and other areas as well.
So I think one of the great places to start is with the United Kingdom.
They've had their faster payment system in place for over 15 years now.
in the faster payments area.
They've really gone through that adoption curve from the point really now where it is the main method of moving money around for individuals within the United Kingdom.
And that kind of being the trailblazers there from a faster payments point of view obviously comes with some challenges along the way.
And there's been a bunch of things since in the last 15 years that they've learned along the way.
And I think that other jurisdictions have kind of been able to benefit from.
I think the first really in about, I believe it was 2018,
They had a payment service directive that has required some of those authentication pieces that we talked about before to be a part of... If you're sending a faster payment on that network, then you have to have these authentication controls in place.
And what was great about that kind of approach was it really helped to reduce the amount of online account takeover.
So somebody is actually breaking into an online banking system.
That became a lot harder with the new authentication controls.
But ultimately, what that led to was
a shift from a fraudster's point of view from an online account takeover approach to a scams and authorized push payment fraud approach.
Somebody once said to me that fraudsters are like water.
They'll just kind of take the easiest path of resistance.
So that's why they kind of switched their direction there.
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