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.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

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

Authorized push payment fraud or APP fraud actually surpassed card fraud a couple of years ago in the United Kingdom as the largest area of fraudulent transactions.

And that's been a big challenge over the last couple of years in the United Kingdom.

They implemented a confirmation of payee solution.

I believe that was a couple of years ago as well.

And what was really interesting about that implementation is they did see a decrease in kind of errors in transactions.

So fat finger type of things, you try to put a seven and you put an eight by accident and then the confirmation of payee tells you that it's not the payee that you meant to send it to.

So it's been helpful in that sense.

But interestingly, in the year that confirmation of payee was implemented, there was still a 22% increase in fraud.

Some people will say that that would have been actually significantly higher without confirmation of payee.

But it's hard to tell what the kind of case would be.

But there's definitely advantages to having that confirmation of pay approach.

But again, fraudsters kind of shift to get around that control as well.

I think one of the things that's really encouraging about the United Kingdom has been their use of consortium data.

Their use of taking that consortium approach has been successful.

They've done some proof of concepts.

And it's been successful in creating higher detection rates at lower alert rates.

So being able to identify more fraud by doing the same amount of work, essentially.

So that's been great over the last couple of years.

And I think, again, something that is a good learning for other areas.

And interestingly, again, they've also implemented a delay in faster payments if there's potentially a scam involved.

Showing 61–80 of 183 · page 4 of 10