Subscribe to our blog
Get ahead with our award-winning insights on the latest developments in the fraud and compliance landscape. Enter your email below to receive our blog posts directly to your inbox.

Post Written by

Money 2020 in Las Vegas brings you 10,000 participants from over 75 countries, 500 speakers, and 3000+ companies.  By bringing in disruptors and innovators across financial services, payments, and e-commerce, Money 2020 promises to deliver some of the most productive days on the industry calendar.

Between networking and sales meetings, you will have limited time to attend the sessions, we know because we never have time to attend so we have to choose carefully. That is why we took the time [and the liberty] to create a list of the 7 Money 2020 sessions we believe you should attend.

You can thank us later. Simply drop by our booth #3039 and let us know it was helpful, or tweet us @identitymind with your own insights or comments.

Session 1: Consumer Lending Roundtable: The Future of Online & Marketplace Lending

Date: Tuesday, October 25, 8:30am – 9:20am
Location: Marcello, The Venetian Level 4
Moderator: Neil Wolfson, SF Capital
Speakers: Alexander Graubner-Müller, Kreditech || Soul Htite, Dianrong || Doug Lebda, LendingTree || Sasha Orloff, LendUp || Ken Rees, Elevate

Online lending has been the source of many interesting and heated debates over the past year: the competitive landscape, bank partnerships, balance sheet vs. P2P business models, regulatory compliance requirements, and the international expansion of a proven model. This Money 2020 session will touch upon those topics by some of the key companies shaping the industry’s future.

We have many clients and partners in the online lending industry – we follow its developments with great interest. Just this week we were at LendIt Europe where we were able to catch up with the state of the industry overseas. In particular, we were part of a panel for discussing the impact of fraud and identity theft during the onboarding process, and how we are helping clients in the lending industry and across FinTech.

Account origination and account takeover continue to be the largest fraud issues lenders have to deal with. Take a look at one of our previous post, where we provided specific recommendations to reduce and prevent loan application fraud.

Session 2: Enabling Credit for Underserved Borrowers with Advanced Data Analytics

Date: Wednesday, October 26, 10:00am – 10:50am
Locations: San Polo, The Venetian Level 3
Moderator: Ramneek Gupta, Citi Ventures
Speakers: Steve Allocca, PayPal || Tom Burnside, LendingPoint || Gian Gonzaga, Earnest || Kevin McCarthy, DemystData || Bill Parsons, Envestnet | Yodlee

The fact that data is quickly becoming a currency is undeniable. Machine learning, predictive analytics, and big data are a match made in heaven for financial services. This Money 2020 session features leading industry experts who will give us a taste of how these advanced techniques can disrupt traditional risk models by accessing new data in order to serve the underserved.

One of the key FinTech goals is to deliver financial services to the underserved – a large portion of the world ‘s population. The challenges for financial inclusion vary depending on where you focus. It is hard to predict financial risk when there isn’t information available to feed the traditional models. Much in the same way, it is difficult to assess the identity of an unbanked or underbanked individual, but there are some commonalities regarding how to use Big Data to determine financial risk and the risk of identity fraud. Validating an individual’s identity is key to determining overall risk, especially when there are no other records to go by.

Our early involvement in FinTech led us to solve the problem of identifying the underbanked and unbanked from the very beginning, incorporating alternative data sources and complementary technologies into our platform. A very significant portion of our identity database is from “thin file” demographics, both domestic and international. Access to our platform and services can give you an edge when onboarding financially underserved clients.

Take a look at one of our previous post, where we elaborated a strategy for growing your “thin-file” costumer base by focusing on progressive identity verification.

Session 3: Identity Solutions, Blockchain & Financial Inclusion in Emerging Markets

Date: Sunday, October 23, 1:25pm – 1:50pm
Location: Marcello, The Venetian Level 4
Moderator: Pascal Bouvier, Santander InnoVentures

Technology and the Internet have steadily found their way into the most remote and unlikely of places. You can stand in the middle of nowhere at 3:00am and buy anything. However, with over billions of adults unbanked or underbanked, around the world, one of the challenges facing organizations working in emerging markets is how to validate identities. This Money 2020 session walks you through the journey toward universal identities and how blockchain technology can help.

From our perspective there are two aspects of identities and blockchain technology: First, is how to use blockchain to encapsulate identity verification by a trusted third party, so others can benefit from such verification and validation. Second, is how an individual can encapsulate his/her own identity data so that they have full control of it.

The basic challenge is still the same as it has been with other decentralized approaches, in practice, can you trust it? How do you trust that the information encapsulated has been verified by a trustworthy third party or that the information presented belongs to a unique individual, and furthermore can regulators accept such form of validation to enforce the law? Think a government issued ID: implicitly you trust it and it is accepted by the law. Please note that we are not saying that government issued IDs are flawless. But, as a business, if you had done a reasonable job in verifying it, you are protected by the law.

The benefits of achieving a truly distributed and trustworthy digital identity verification mechanism have the potential to reduce identity theft, provide financial services to a much larger population, provide a reasonable auditable trail, all of which can be used to combat terrorism, money laundering, and fraud. This is why this discussion is important.

Session 4: Faster Payments Platforms & Solutions

Date: Monday, October 24, 11:40am – 12:30pm
Location: Palazzo Ballroom M, N, O, The Venetian Level 5
Moderator: Gordon Werkema, Federal Reserve System
Speaker: Lou Anne Alexander, Early Warning || Cecilia Frew, Visa || Steve Kirsch, Token || Sean Neville, Circle || David Yates, VocaLink

Globalization – the phenomenon we love to hate – is a collection of problems and opportunities. The global marketplace is demanding payments across and within borders that are safe, and fast. The race to overcome the technical and business challenges has already begun, and in this session, payments solutions providers will offer their own vision and approach to real-time and cost-effective payments. The bottom-line: is can they meet stakeholders’ needs?

Sending payments to or receiving payments from an organization or an individual overseas is painful, there is simply not an easy way to put it. Thankfully, the FinTech world is hitting this issue right on. Several of our clients are solving this problem, and we are helping them to do so. Some of the reasons why it takes long time to move money between countries are risk and regulations. From the risk perspective you have to manage both ends of the transaction, the financial system has put much more emphasis historically on the source of the money, but not the same rigor to the analysis of the destination. Think about money remittance, how much is it really known about the destination? On the other hand, the regulatory framework for each country is quite different, so it can be quite expensive to navigate.

FinTech firms are addressing these issues by enabling risk analysis throughout transaction process from onboarding to transaction monitoring during the account lifecycle. And they are also normalizing the compliance framework to address localized regulations within the same platform.

Session 5: RegTech – Addressing Regulatory Challenges with Automation & Advanced Data Analytics

Date: Sunday, October 23, 2:00pm – 2:50pm
Location: Murano, The Venetian Level 3
Moderator: Amy Davine Kim, Buckley Sandler
Speakers: Pawneet Abramowski, The Bancorp || Vikas Agarwal, PwC || Joram Borenstein, NICE Actimize ||Grace Brasington, IBM || Stephen Ufford, Trulioo

Conversations about the future of FinTech are widespread – is it just us, or is everybody actually talking about this all the time? Honestly, it’s the tree that keeps on giving. In any case, many conversations are focused on the regulatory landscape. We are talking about thousands of pages worth of regulation, decisions, and interpretations across every country in the world, not to mention every state in the United States. But fear not, technology has once again risen to the challenge and a new acronym has joined the family: RegTech. In this Money 2020 session, you’ll learn how new technologies can help companies effectively and efficiently comply with applicable regulations, and even turn compliance into a competitive advantage.

Yes, we can certainly talk about RegTech for hours. We are at the center of it. We live it every day with our clients. The cost of compliance is rising, it is imperative for organizations to achieve economies of scope and scale, a fundamental economic principle. Compliance is part of this. About a third of our clients started with small volumes, small operations, and now are handling hundreds of thousands of users, and millions of transactions, while maintaining a reasonably small risk and compliance team. They have been able to expand their services by leveraging the same APIs, the same data, so there was no additional cost for integration. Platforms like ours are nimbler and can adapt and grow with the requirements and regulations. We are not tied to a specific single requirement, fundamental when the regulatory framework is changing. Single scope solutions can’t achieve this.

We recently sponsored a panel on this very subject, and have talked more about it in our blog. If you’d like to discuss your objectives with us just drop by our booth #3039 at Money 2020 or schedule a time with our team.

Session 6: State of the U.S. EMV Rollout: Online & Card Not Present Payments

Date: Tuesday, October 25, 10:40am – 11:05am
Location: Lando, The Venetian Level 4
Speakers: Tom Byrnes, Vesta ||Al Pascual, Javelin Strategy & Research 

William Edwards Deming rightly said “Without data you are just another person with an opinion” – and how right he was. We know failure in our current business landscape is increasingly expensive. To minimize the risk of failure we gather knowledge. In this Money 2020  session, you’ll hear firsthand the results of the EMV rollout, the impact of fraud on operational costs, the trends of how to mitigate it, and new cost models for fraud-prevention activities.

We care deeply about EMV because EMV shifts fraud to online (CNP) transactions. This has been widely documented so no need to delve in deeper here. Preventing fraud in online commerce is where we started. We help protect some of the largest online retailers, money remitters, online lenders, virtual currency exchanges, digital wallets, and high-risk payment service providers from payment fraud. We have helped them reduce and maintain chargeback rates and ACH returns on average under .2%, while also maintaining a 3-5% manual review rate, both well below industry averages.

Session 7: Mobile Identity: Enabling Secure Commerce in an Internet-Connected World

Date: Monday, October 24, 11:40am – 12:15pm
Location: Murano, The Venetian Level 3
Moderator: Dave Ratner, Syniverse
Speakers: Indrani Deb, Verizon || Mike Gailloux, Sprint || Jaymee Johnson, T-Mobile || Linda Pryhoda, AT&T Mobility

EMV adoption has increased the difficulty of in-person fraud, causing a migration of criminal activity to online transactions. Fraudsters target online users because online authentication processes are less strict to promote usage — requiring users to fill out more fields increases the rate of drop-out and is more pronounced in mobile transactions. While, emerging technologies have great promise, some hurdles must be overcome for widespread adoption. This Money 2020 session will address the issue of identity theft from a mobile device perspective, emphasizing the proposed mobile infrastructure changes that could arm operators and merchants with the right tools to fight the battle against cybercriminals.

Mobile channel continues to have a larger percentage of fraud than web and will continue to rise as mobile commerce continues to grow. Successful fraud attempts in mobile are significantly larger than on web channels. In a way, it is unfortunate, there are sound strategies to deal with it.

Before we say our goodbyes, we have to admit we lied. We’re actually recommending an eighth session. For all you “Catch Me If You Can” fans out there (ourselves included), this is the moment we’ve been waiting for, none other than Frank Abagnale, Jr. addressing identity theft on a first-name-basis.

Session 8: Part 2 – Stealing Your Life: Identity Theft 

Date: Monday, October 24, 8:55am – 9:20am
Location: Murano, The Venetian Level 3

Have you ever wondered what goes through the mind of a fraudster? – If you have, then you’ve come to the right place. In this Money 2020 session, Mr. Abagnale will address the process of identity theft, the importance of building a risk management culture within organizations to prevent data breeches, all spiced with the very unique perspective of a man who has been both the trickster and the Law enforcement. Simply unmissable.

Identity theft is a fundamental part of abusing the financial system for fraud, money laundering, financing of terrorism, human trafficking, and many others. Depending on which numbers we believe, around 13 million identities are compromised in the US on a yearly basis, only getting worse with the flurry of data breaches, and the diversity of identity data stolen. The latest, the massive Yahoo! data breach, has led to an estimated 500+ million accounts compromised.

Protecting against identity theft is everybody’s job, from organizations, to consumers, to regulators:

  • Organizations need to verify and validate identities during the onboarding process to the point they can spot when identities are used by thieves.
  • Service providers that maintain user records have to protect them to minimize leaks or compromised data
  • As industry we have to adopt authentication technologies and mechanisms that don’t rely on private data.
  • Individuals have to be better educated about what information they share and under which circumstances.
  • Government and regulators need to provide for faster and safer ways to clean identity theft victims

This is an all-hands effort. If you’re interested on reading more about this topic, don’t miss one of our latest posts about identity fraud rings.