26 Sept 2024 Yinglian Xie of Datavisor on all things faster payments fraud
episode
Off the Rails from the U.S. Faster Payments Council - FPC
23 min
1 speaker
3 chapters
transcribed 1 month ago
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What is the purpose of this episode and who are the hosts?
Off the rails from the US Faster Payment Council.
I'm Ridd Tannen, Executive Director of the US Faster Payments Council, and this is Off the Rails from the US Faster Payments Council, sponsored by Open Payment Network. Today I'm talking with Ing Lian Shi. Of Datavisor about all things fraud and fantasy, but first the headlines. The FPC fall member meeting is next week. I can't wait to see everyone in Denver. Huge thank you to Cross River Bank for sponsoring our evening event in Denver. I'm looking forward to taking on and defeating all comers at Cornhole or Darts or whatever other game where we throw things at other things. And a huge thank you to our growing list of sponsors for the event: ACI Worldwide, Aloya Corporate Federal Credit Union, BNY Mellon, Cross River, Indaba, Euronet, FinSley, Form3, MasterCard, MyTech Systems, NASDAQ Verifin, Nietzsche, North American Banking Company.
Shazam, the Clearinghouse, and Trustly. I know I have said it before, but it's true the FPC would not be able to put on the high quality and fun events we put on as a member benefit without any attendance fee for our members, without the amazing support of these sponsors. How about an FPC webinar? We'll be ho hosting an upcoming webinar with Nacha and the FPC about the Accredited Faster Payments Professional Program. The first exam will be held in february of twenty twenty five. In this webinar, members of the AFPP Oversight Panel will provide insight into specific topics addressed in the exam and how you can begin to prepare now. Attendees will come away with an understanding of the benefits of becoming an AFPP, continuing education requirements, and where to acquire training and education for the exam.
And with that all said, it's time for that conversation with England Chi of Datavisor.
All right, we're joined by Ying Lee and Shi from Datavisor. Welcome to the show.
Thank you, Reed. It's my great pleasure to join you.
All right, let's let's get into it. And I think it's best if we start with an overview of Datavisor, you know, like what are your areas of expertise? Who are your clients? What makes what markets do you operate in? You know, that that kind of thing.
Definitely. So Datavisor is an end-to-end fraud and risk platform that is powered by advanced AI and machine learning to help large organizations, financial institutions to combat a variety of different kinds of fraud and financial crimes. Many times we do this in real-time fashion at uh um the high scalability and low latency so that the We can stop those financial crimes fraud and as they occur. Uh many times we work with companies such as like banks, credit unions, payment processors, and fintechs, as well as many large like e-commerce, Fortune five hundred. And this is all because today fraud is pretty much everywhere.
Yeah, and obviously that's and it's one of those issues that keeps us all busy. So obviously there are clearly many different ways we can take this, but I thought it would start uh it makes sense to get started with a sense from you as to what you're seeing in the market when it comes to fraud through instant payments rails.
uh from the the kind of meaning or as we kind of hear about instant payment it also definitely means instant fraud so instant payment i would say from our observation is the most attractive venue to fraudsters and um as you can see um whenever like uh the payment happens a it happens immediately money's out Two, it's irreversible. And um so given like these two kind of um I would say attractive kind of uh um features, two fraudsters, and uh that's an area where we see a lot of scam, a lot of fraud, definitely put this as a number one target. And um I know many of us have received a lot of, for example, phishing messages, scam messages, and sometimes they all involve all this payment information, whether it's talking about you own some tax money or you had uh potential other kind of uh maybe um some friends in trouble that you need to wire some money over, um, or the frosters.
favor that instant payment venue as a vehicle to get the money out in immediately.
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Chapters
3 chaptersSpeakers
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