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Known as the marketplace industry’s all-inclusive event for networking and information sharing, Marketplace Risk offers a place for executives, founders, investors, vendors, and others to meet, swap notes, and learn what they need to know to thrive through collaborative effort. Hearing from the pros in compliance, identity, safety, and risk management, while networking with others in the startup and tech spaces offers attendees the ability to learn time- and money-saving strategies for risk and compliance. With Marketplace Risk right around the corner, we wanted to give you the inside scoop on which sessions you just can’t miss this year.

Driving Regtech Effectiveness with Digital Identities

Wed., May 22, 10:50 a.m.

Speakers: Jose Caldera, Chief Products and Marketing Officer, IdentityMind; Lisa Lechner, Chief Compliance Officer, Mercari, Inc.

When it comes to maintaining compliance online, the key issues for most are cost and efficiency. Both of these issues are addressed through automation and through the use of digital identities, which allow you to make better decisions at scale through enhanced assessment of your online users and the potential risk they represent to your business. In this session, IdentityMind’s CPO/CMO, Jose Caldera, and Mercari’s Chief Compliance Officer, Lisa Lechner discuss the real-world details of using digital identity to improve your risk and compliance model, how they allow you to reduce the cost of maintaining compliance, and the issues of risk they address more completely than other RegTech offerings available today.

There are two very interesting aspects of working in risk and compliance in digital marketplaces: 1) Richness of the attack vectors, 2) The connection between fraud and money laundering. In dealing with the first, many people — and vendors primarily — think fraud prevention is all about payment fraud, and don’t realize that a very large portion of risk is due to seller fraud, collusion, account fraud, trade-based laundering, and transaction laundering. These attack vectors are far more damaging, and while they may not be as visible, have the potential to more deeply impact the risk of the marketplace as an ecosystem.

Which brings us to the second point: money laundering. There is a natural connection between fraud and money laundering. However, e-commerce, in general, has been agnostic to this for many years. Marketplaces, on the other hand, have greater visibility, and the setup makes it a natural area for cleaning proceedings from fraud and other nefarious activities. In marketplaces, this connection is tangible, and operations require a framework in which these two (fraud and compliance) need to leverage each other.

The IdentityMind platform, based on digital identities, makes the combination of fraud prevention and compliance seamless, providing users with the operational tools of case and queue management, reporting, and regulatory filings necessary for truly cost-effective operations. To learn more about how the IdentityMind platform uses digital identities for fraud prevention, anti-money laundering, and enhanced visibility of users for the e-commerce landscape, click here.

Thinking Like a Bad Actor

Wed., May 22, 11:20 a.m.

Speakers: Steve Kirkham, Co-Founder and CEO, Berbix; Eric Levine, Co-Founder and CTO, Berbix

When it comes to protecting your marketplace or other online business and your clients, understanding how and why nefarious actors do what they do is critical to understanding precisely how to keep them from doing it. Bad actors, who are motivated by the prospect of obtaining money that is not theirs, often make similar mistakes, working from the same bag of tricks to cause harm to your platform, and ultimately, your users. This session focuses on learning what to do and when to act in the face of bad actors who are always looking for new ways to compromise your business online. By putting yourself in their shoes, you’ll begin to see how they think so you can protect your assets and the consumers who trust you.

This has been the basis for risk detection strategies for a long time. It is much easier to develop models for risk based on specific known scenarios. The question that security-minded professionals always wrestle with, is how to protect against unknown scenarios. Herein lies the trick: how to combine and balance what is known and what is unknown, and how to use specific risk modeling for well-known cases, and risk indicators to protect against unknown attack vectors. Both tactics are necessary and useful. The more specific your detection is against a particular fraud scenario, the fewer false positives — but the more false negatives — you’ll have. The broader you go, the more false positives, and the less false negatives.

Achieving a balance is the key. Within the IdentityMind platform, there are several detection engines that allow for specific models for specific attack vectors and for surfacing risk indicators that can be highlighted to uncover unknown fraud models. To learn more about how IdentityMind helps you understand and achieve the balance between the best user experience and the least amount of fraud, click here.

Achieving the Trifecta of Trust, Security and a Smooth User Experience for the Future of Marketplaces

Wed., May 22, 1:50 p.m.

Speakers: Mike Sasaki, Head of Global Customer Success, Mitek; and Premal Shah, Co-Founder, Kiva

When it comes to the prevention of identity fraud, there’s a fine line between doing what’s best to prevent fraudsters and offering a smooth, frictionless onboarding experience for good users. Ideally, you want to create more hoops for bad actors to have to jump through while clearing the way for good consumers with whom you wish to do business. In this session, you will hear about how to improve the user experience while maintaining a strong fraud prevention system that focuses on stopping fraud in the marketplace.

We understand the bind of having too many checks hindering customer acquisition and too few driving up your fraud losses. That’s why we adopted a risk-based approach that provides additional layers of screening for the suspicious actors coming to your website. By creating less friction for good users, we help make it easier to work with you.

In our “Effective KYC in Digital Environments” guide, we spend the first part discussing how to inform the onboarding process from different perspectives and the different stakeholders to ensure the best user experience. To learn more about how to design the KYC process to better understand a customer’s trustworthiness or riskiness, and how IdentityMind uses Trusted Digital Identities to address the key challenges of meeting KYC requirements, click here.

When Background Checks Aren’t Enough: How Identity Proofing Contributes to Company Growth

Wed., May 22, 3:50 p.m.

Speakers: Rob Bauer, Head of Sharing Economy & Mobility Group, Marsh; Stephen Gikow, Senior Counsel, Product, Airbnb; Ryan Giordano, former EVP Customer Success & Operations, Wag!; David Thomas, CEO & Founder, Evident

For many, it seems the gig economy just arrived, but it’s been here — the way we recognize it today — for more than 20 years. An estimated 35 percent of American workers are part of the gig economy, operating as freelancers, livery and delivery drivers, managers of vacation properties, and more. This places a premium on understanding who you hire and what risk (if any) they pose. In this session, the speakers will discuss identity proofing and how it picks up where background checks end, pulling together data about accounts, licenses, credentials, and more. As the sharing economy continues to grow, businesses become increasingly vulnerable to theft and fraud made possible through the use of false and synthetic identities; having options to combat these and other financial crimes in a world where everyone is gigging is critically important.

IdentityMind’s identity proofing process not only verifies the identity but provides a highly accurate assessment of the risk that an identity poses to your business — in real time. By evaluating and corroborating user-provided information as well as historical and behavioral information, you’ll get a far more accurate picture of the people you plan to work with and allow access to your business. Learn more about identity proofing and corroboration with IdentityMind here.

Will you be at Marketplace Risk in San Francisco this May? Look for IdentityMind and our CMO, Jose Caldera, who will be speaking at the session, “Driving Regtech Effectiveness with Digital Identities” with Lisa Lechner of Mercari on Wednesday, May 22 at 10:50 a.m. Until then, find us on Twitter, LinkedIn, Instagram, and YouTube, read our blog, check out our Resources and our other upcoming events.