Podcasts about javelin strategy

Tired of clunky banking apps and wondering why big fintechs keep winning? Live from CX25, digital banking veteran Emmett Higdon—Director of Digital Banking at Javelin Strategy & Research—reveals why: most FIs never climb past the first rung of the digital-maturity ladder.With 30 years in the financial game, he dives into the evolution of digital banking, the power of embedded solutions, and what it really takes to create mobile experiences people actually want to use. Tune in and see what banks and credit unions are getting wrong about digital banking—and how they can turn things around.Thanks for listening! Feel free to submit questions on X or LinkedIn using #BankingonCommunityPod and give us a follow! LinkedIn X Facebook YouTube

Welcome back to Fintech Takes! I'm Alex Johnson, and today we're unpacking stablecoins with James Wester, co-head of payments research at Javelin Strategy & Research.  James isn't new to the space—he's led strategic communications for blockchain, crypto, and digital currencies at PayPal (highly relevant to our conversation!) and has been a market research analyst at IDC. First up, we dive into whether stablecoins can disrupt traditional payment systems like cards and ACH. Merchants loathe interchange fees, but replacing cards with "cheaper" stablecoin solutions overlooks the added value of cards (fraud protection, rewards, and consumer trust). As for ACH, it's already a low-cost option, so what makes stablecoins stand out? Then, we dive into how Stripe's $1.1B investment in Bridge made even the skeptics rethink stablecoins. While they may not replace traditional payment rails, stablecoins have huge potential in closed ecosystems like Starbucks or Disney (imagine paying for your coffee with “Starbucks Coins” or skipping the line with “Mickey Bucks”—seriously, picture it!). Next, we tackle the UX hurdles of stablecoins. Right now with crypto, if you send funds to the wrong address, poof! They're gone. For stablecoins to really take off, they need to be as smooth as the Starbucks app, making payments simple and rewarding users without them even noticing the tech behind it. Stablecoins need that same familiarity, aka dollar-backed balances and real-world incentives, to drive adoption. In the end, stablecoins could outpace prepaid and pay-by-bank systems with their flexibility, liquidity, and potential for ecosystem-wide adoption (which comes with major advantages), although regulatory hurdles loom. They won't topple cards overnight, but in the long run? They could really reshape retail ecosystems. It's a slow burn, but the potential is huge. Sign up for Alex's Fintech Takes newsletter for the latest insightful analysis on fintech trends, along with a heaping pile of pop culture references and copious footnotes. Every Monday and Thursday: https://workweek.com/brand/fintech-takes/ And for more exclusive insider content, don't forget to check out my YouTube page. Follow James: LinkedIn: https://www.linkedin.com/in/jameswester/ X: https://x.com/jameswester   Follow Alex:  YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos LinkedIn: https://www.linkedin.com/in/alexhjohnson X: https://www.twitter.com/AlexH_Johnson

In Episode 8 of Digital Tells we speak with Suzanne Sando, Senior Fraud and Cybersecurity Analyst at Javelin Strategy and Research. BioCatch recently published a report written on our behalf by analysts at Javelin Strategy and Research titled New Account Fraud A Threat Down Every Avenue.In this discussion, Suzanne discusses many aspects of new account fraud, including identity theft and synthetic identities, stimulus fraud, the rise of Buy-Now-Pay-Later (BNPL), money laundering and anti-money laundering compliance, and opportunities for financial institutions to address these increasingly hot challenges.Peter Beardmore BioCatch recently published a report written on our behalf by analysts at Javelin Strategy and Research. It's titled New Account Fraud A Threat Down Every Avenue. There's a link to the report in the show notes. And in the run up to the report's publication, I had an opportunity to talk with its principal author, Javelins Suzanne Sando. We talked about a range of topics from scams to mule accounts to buy now, pay later, and identity theft, all relating to the challenges institutions face when it comes to new account fraud and strategies for dealing with these challenges. If you're a regular listener to the podcast, you know that normally I script a narrative infused with clips from conversations I've had in preparation for each episode. But for this episode, we've decided to switch it up a little, mostly because I don't think there's really anything to improve upon Suzanne's commentary on all the topics we discussed. So here it is, my complete discussion with javelins. Suzanne Sandow, thanks for taking the time to talk with us today.Suzanne SandoAbsolutely.Peter BeardmoreSo, Suzanne, let's get started with just some introductions. Can you tell us what you do and what your origin story is, how you got to where you are?Suzanne Sando Sure. I wish it was interesting in some of these Marvel movies I've been watching, but. So my name is Suzanne Sando. I am a senior fraud and cyber security analyst at Javelin Strategy and Research. And I've been there about two years prior to getting into the analyst role. I was actually doing a lot of behind the scenes coding work. So I worked for a major financial institution in the U.S. and I did a lot of payment systems, back end coding, worked a lot of personal information, a lot of private data. So I kind of have that technology background that I bring to this new analyst role.Peter BeardmoreSo you've been working on a number of reports. Javelin just released, a fairly large identity related study, and you're also soon to release. Probably by the time this podcast comes out, we will have released a paper that you've done that's been sponsored specifically by BioCatch can you tell us a little bit about both pieces of research?Suzanne SandoSure. So the main identity fraud report, the larger report that you referenced, that's something that's in its 19th year and that we've been putting out. And, you know, we kind of take a look at all aspects of identity fraud, both traditional identity fraud and identity fraud scams. And we kind of look at the losses to financial institutions, the consumer impact. Where are the pitfalls? What are the things that some of these industry verticals can be doing better? What can consumers do better to try and mitigate some of this loss that's happening in tandem with what's going on in the world? You know, because obviously we've had a lot going on with the pandemic. I mean, that has just changed every single facet of life. And the report that you mentioned, that's kind of an offshoot of that larger report that I wrote for you guys for BioCatch that's more specifically targeted to new account fraud and how that has sort of taken off between 2020 and 2021.Peter Beardmore Okay. So let's jump right into new account fraud, which is going to be the focus of our conversation today. What are the overall trends related to new account fraud? What are the highlights?Suzanne SandoSo 2021 was unfortunately just another year of record losses across the board. Overall, consumers lost 52 billion between identity fraud scams and traditional identity fraud, like, you know, account takeover, existing card fraud, and then, of course, new account fraud that we're going to talk about. And of that, 52 billion, 7 billion is attributed to new account fraud. So if you compare that with last year's losses of 3.2 billion, that's like a 109% increase in new account fraud losses for consumers. You know, I think new account fraud is so attractive to criminals because just the nature of our world and e-commerce and, you know, digital banking activities, it's not going to go away. We continue to get more and more digital centric as that technology advances. So that means that that, you know, attack surface for new account fraud just keeps growing, especially as our daily activities evolve from both, you know, like a necessity and a convenience standpoint. So once you give consumers that convenience, like opening accounts online, applying for loans online, it's so hard to take that convenience away without impairing the customer experience.Peter BeardmoreOr impairing your revenue.Suzanne SandoExactly. Exactly.Peter BeardmoreAs a as a lender or as a credit card issuer or what have you, for sure.Suzanne SandoYou know, we've also noticed that, like, it's not just checking and savings accounts and, you know, credit accounts that are driving this growth. Criminals are going to be motivated by any single thing that puts more money in their pocket. So payday loans, mortgages, even car loans are appealing to criminals. They don't need to know every single piece of a legitimate account holders information. It's just enough to get that application approved and get that fast cash. And of course, like, you know, I mentioned the pandemic, and that's a part of, you know, what we do for these reports. We look at what's going on in the world. The government is not immune to these problems. You have government assistance programs like the Unemployment Assistance Paycheck Protection Program. They're all facing huge issues with fraud. I read recently, I think that it. The Department of Labor reported 163 billion had been, quote, improperly dispersed, which could mean many things. But one thing it for sure means is fraud. It means that a lot of these funds went to fraudulent sources and there's a high chance that this money isn't going to be recovered. So I think the thing to take away from this is that criminals are so crafty in their exploitation and the techniques and the lengths that they're going to go to commit fraud.Peter Beardmore Out of curiosity, you mentioned the Paycheck Protection Program and the unemployment assistance. I just saw a headline recently that talked about the DOJ was had been appropriated some X hundreds of millions of dollars for an investigation related to, I believe, unemployment fraud. Is that good money chasing, bad? I mean, is there anything that's going to come of that, given that those programs are effectively over at this point? What's to be gained by even chasing that do you know?Suzanne SandoYou know, part of me thinks that it's sort of a goodwill type of situation where we're trying to make good on these funds that were supposed to go to consumers who were really in need, small businesses who really needed that aid. But the fact of the matter is, if you you know, there's that 163 billion I mentioned, there's a full report from the testimony from the Department of Labor about that, you know, those missing funds. And I believe they mentioned that 4 billion at this point had been recovered, but 4 billion out of 163 not great. So, you know, like I said, I think it's it's a goodwill we're trying, but it's probably going to come to a very not great ending.Peter BeardmoreJust for clarity, you didn't mention those numbers, 52 billion and 7 billion in new account fraud? Are those global numbers or those?Suzanne SandoThose are good. Thanks for for asking that. Those are United States. Those are U.S. numbers.Peter BeardmoreOkay, good. I just want to be sure.Suzanne SandoSure.Peter BeardmoreAnd so with the new account fraud, the identity specific new account fraud, do you have any sense for are these legitimate ID legit, these stolen IDs? Are these synthetic IDs? You know, what what are the what are the sources?Suzanne SandoCriminals are using all types of identities between actual stolen identities and synthetic identities to carry out this new account fraud. Some are legitimate consumers. They, you know, have had their information exposed in the data breach. And then it's sold on the dark web for extremely high prices. And then other identities are pieced together using some real consumer PII. And then fake information is kind of thrown in the mix to create that synthetic identity, which then ideally, ideally for the criminal (chuckles) ideally is untraceable back to a real person. So, you know, when it comes to. What… What it is that they're using? I think it always goes back to what's available. You know.Peter Beardmore Let's shift focus here a little bit. One of the big trends we hear a lot about in the news lately and there were mentions in in your reports was related to buy now pay later and also I guess there's some other related fintech type offerings that are out there with respect to making credit more available to consumers in different forms. Can you talk a little bit about what buy now, pay later is and why it it is so attractive to fraudsters?Suzanne SandoThat's a great question because I think that there's a lot of gray area around bnpl for consumers. So the main difference between Bnpl and, you know, a traditional credit card like a store credit card is that, you know, your site, you're getting these products by signing up for installments, but there's typically no interest on the purchase. And there's also not like this huge approval process standing in the way of you actually making that purchase. You don't have to have this amazing credit to get approved for a bnpl plan. So, you know, it's it's good for the consumer because they can get the thing they want and it's good for the retailer because they can draw in more people to buy their product and make more money. And they're not just having to target, you know, higher incomes. So, you know, if you want to buy, I don't know, a guitar, for example, but you can't afford the full purchase price upfront. The idea behind Bnpl is you make one payment upfront, which includes usually a fee for the Bnpl platform because you know they're going to make money too, with the promise then of making the other payments on an agreed upon schedule. The consumer, you know, is able to take advantage of bnpl with as many merchants that offer that option as within the checkout process. Whereas, you know, a traditional store credit card is obviously going to be tethered to a specific retailer. And then even interestingly enough, there's now been this explosion of financial institutions and credit issuers who are getting in on the competition. They're offering their own version of, you know, installment plans to kind of keep up with what consumers want and the competition in the market. And as far as fraud goes, you know, it's certain it's just like everything else. It's not without its faults, you know, besides the effects that it can have on a consumer in terms of if they miss or make late payments, they rack up debt. I think bnpl providers face a really difficult road with fraud in terms of detecting and preventing it by stealing a consumer's identity, a real consumer's identity, and opening up a bnpl account, a criminal can then purchase a significant amount of goods and stuff the consumer with the bill, and it's one that, you know, they might not find out about until those payments start rolling in. So since the plans, it kind of depends on the platform you're using and the customer's needs. That repayment can start within days or it could be months after the fact, which leaves that fraud undetected for a significant period that that can cause real problems, not just in terms of late payments. It could ding your credit. If you've got these missed payments, it can have real consequences. And then I think even trickier to kind of go back to the synthetic identity that you had mentioned after successfully setting up that account using real PII mixed with fake information to fill in those gaps, criminals will start making those big ticket purchases and then when it comes time to pay again, this time there's nobody left to make those remaining payments. So that creates substantial loss for retailers who now have no way to make good on these installment payments. And so I think Bnpl fraud is really lucrative for criminals because they can make these highly priced purchases for a fraction of the cost. They're just making that first installment payment and then they can turn around and sell it for full price. I feel like I'm giving away secrets of the trade, but yeah, you know, so I think the the good thing here is we're kind of getting to a point now where there might be some regulation for Bnpl. You know, people are talking about it. The government wants to get in on regulation for this in order to protect consumers. And we kind of have to hope that maybe there's going to be some fraud guidance and protection baked in as well.Peter BeardmoreWho's ultimately left with the liability? So is it the is it the Bnpl company or is it the retailer itself when the payment is not made?Suzanne SandoThat's a good question. And again, I think that's kind of another gray area that we're working with, because you have to imagine that there is an agreement that's that's built into when a retailer gets set up with a bnpl platform. But it also, I think, kind of depends on the circumstances of the individual fraud event. It may vary between fraud types. It may vary if the consumer can prove that it was scam or whatnot. It kind of depends on what really happened. And that's another thing that I think it would be good for both bnpl platforms and financial institutions and retailers and the like to have that regulation in place that also addresses fraud.Peter BeardmoreYeah, because also somebody has to go and investigate this.Suzanne SandoExactly.Peter BeardmoreThere's a cost associated with that as well.Suzanne Sando Yep. Those operational costs can really add up.Peter Beardmore I want to shift focus again here and talk a little bit about money laundering. You know, we've seen over the course of the past six months a couple of major fines, one in Europe with HSBC, I believe one recently here in North America with USAA, both sort of relating to not ignoring AML requirements, but sort of neglecting the full force and effect of AML requirements. Is there an identity component here as well? And if so, how does that work?Suzanne SandoYou know, one of the trickiest things about anti-money laundering practices is the balance between observance of AML policies adhering to these to these policies. But then the competition to gain account holders and revenue. So while you're following regulatory guidelines, financial institutions want to entice new customers and members. They want to have incentives for opening up accounts like, for example, policies for immediately available funds. So as soon as you open up the account and you make a deposit, those funds are ready and available for you to withdraw and use. And I think that this attracts a certain group. That is constantly monitoring what these policies are and they're looking for vulnerabilities that they can exploit for their own financial gain, and that that fits in perfectly, I think, with that identity component.Peter Beardmore And where in particular are the and you may not have an answer to this question, I'm not sure. But what are the weak points? Right. If you look at this in terms of a kill chain, if you will, of protection. Right. What are the weak points in the chain that institutions are failing at?Suzanne Sando I think right from the get go, when you have someone opening up a new account and you cannot, you think you know who's on the other end of that interaction, but you don't necessarily know. And that's kind of where money mules come into the picture here. It fits in perfectly with that because, you know, once those organized groups, as organized crime groups find that vulnerability that they want to take advantage of, that's sort of when they recruit their consumers, their money mules, to start laundering that money with the promise, you know, of some financial reward for very little effort. And so how that starts is they start opening these accounts, they start pounding these financial institutions to get these accounts open and immediately start using their account to get those funds. And I think the difficult part here is the layering and the concealing of funds. When we talk about AML, it's really difficult for law enforcement to trace when there are so many different hands in the pot and so many different ways that that money is being moved. You know, once you get that account open, you might be depositing a counterfeit check and you might be using a prepaid debit card, opening up traditional bank accounts. And then on top of it, you kind of add this complexity to the mix of consumers who they know what they're doing, they know what they signed up for, they're willingly doing the muling. And then there's those who are scammed into it through like employment scams, romance scams. And if you look at the guidelines and the guidance that the FBI has put out about money, muling they mention very specifically that like even if you don't know what you're doing, it's still a crime. So I think the two main points here to take away for, you know, financial institutions is, number one, it's that new account opening where you don't know who it is that you're working with. So if you're not verifying that identity, you're not using good ID proofing, you are going to be overwhelmed with new account fraud. And then on top of it, it's that element of you need to make sure that your consumers, your customers and members know what to look for when they are getting scammed into doing the dirty work for the criminal.Peter Beardmore And it's really difficult to be able to detect when this is happening when you're the bank, because in most cases it's legitimate people with legitimate Social Security numbers and addresses and.Suzanne SandoExactly.Peter BeardmoreCredit histories and other accounts. Right. So the traditional KYC approach to validation of a user or an account holder, they don't necessarily apply in the circumstance.Suzanne Sando And it's interesting that you bring that up because in Javelin's research, we noticed that 55% of consumers said that new accounts were opened in their name at their existing primary financial institution. So if I have this history, like you said, they've got this this history of we know who this person is. We know Suzanne Sando. She has an account at ABC Institution, so she's got to be legit. Of course, she wants to open up another checking account. Of course she wants to open up a savings account. And so, like you said, that aspect I think is what is really tricky. It's knowing at that point then what are the important pieces of information to look at? How do we assess this person who's opening this account and make sure I know who this is for sure?Peter BeardmoreSo obviously this will be a self serving question. You can answer it however you like, but I would imagine that you get into conversations with financial institutions frequently about how do you go about doing this? Obviously BioCatch is in the game of behavioral biometrics, but what are the conversations like when you get into this? You know, okay, there might need to be another technology in the stack here to figure this out or to identify an indicator of risk in the circumstance where you've got a legitimate applicant applying for a seemingly legitimate account, but for nefarious purposes. How does behavioral biometrics fall into that discussion?Suzanne Sando So this is another one where I have a lot of thoughts. You know, something that (chuckles) something that we talk about a lot with our clients specifically, you know, financial institutions is that balance of the customer experience. And making sure it's frictionless, but still maintaining that level of security. And I think for a lot of institutions, they don't want to introduce additional friction, what they perceive to be additional friction into the process to kind of drive consumers away. And in my eyes, the account opening process is kind of make it or break it for a lot of organizations. If the application is too confusing, if it takes too long, you're risking application abandonment. So you have to make sure that what you're doing works for both the consumer and it works for your organization. So to kind of bring that back to behavioral biometrics, that is one of the things that we really impress upon FI's as being incredibly important for this I.D. proofing. Consumers want to know that their PII is protected and they should be able to trust that the organizations have solutions in place to ensure that, you know, accounts aren't being fraudulently opened in their name. But equally as important when balancing that user experience and that friction. Consumers want to know that they're not going to have to jump through all these extra hoops to prove who they are and that they are who they say they are. So for me, the best solution takes full advantage of behavioral and device use biometrics. One of the hardest things for a criminal to fake or recreate is the inherent behaviors of a consumer. You know that thing that is distinguishing you from me? People are very hesitant to give up their passwords because it's very easy for consumers to use, but it's equally as easy for a criminal to crack. But as soon as you introduce behaviors and habits, that really adds a layer of complexity to the entire process. An important to note here is that very little friction is going to be introduced for legitimate consumers. Because when you use behavioral biometrics, it's all it's a combination of PII that they should already know and behaviors that they already have. So when you pair some of those behavioral biometrics, so for example, keystroke your mouse movements, the way you move around on your phone, the way you hold your device, that really gives a financial institution key data into the identity of the person on the other end of that interaction. And there are even, you know, more nuanced things that can be used during that account opening process. So the way a consumer moves throughout the application, the way they scroll, how they type, not just the speed but the cadence and all of that, it's very telling. The way you type in the PII that you should be familiar with your birthday, your Social Security number. Consumers who are really familiar with that info, they enter it differently and they move around a session differently than a criminal is going to do it. A criminal is attempting new account fraud. They're trying to overwhelm the system and open as many accounts as they can in a short period of time. And so all they're going to do is the bare minimum they're going to bring to that application. They're going to do everything as fast as they can. They're not paying attention to optional fields. They're not reading disclosures and agreements. Whereas genuine consumers who are opening these accounts, they're going to take the time to review more than just the bare minimum.Peter BeardmoreHave you had conversations? We talked a little bit about scams at the beginning, but also mules, right where you've got these situations where you've got a legitimate user that may be in a position where they're doing something that is not in their best interest because they're being coached by a scammer or they've been recruited in the mule activity, which again is not in their best interest because they'd be violating AML laws or what have you. Have you had discussions with financial institutions who are using any of that technology and got any insights to how they're actually communicating with those victims in those circumstances?Suzanne SandoYou know, I think that well, a lot of our research relies on self-reporting. So if the consumer doesn't know that they're being scammed, we won't know either. And there's also sort of this stigma around scam victims, and I would imagine also unwitting mules who don't know that their, you know, what they're doing because they're also scammed into it. There's this negative connotation around scam victims that, you know, sometimes might feel ashamed of what they did because they can't believe they got scammed into doing something. And so that data is not readily available to us. But I do think that having some of those contextual clues with a consumer who is legitimate, like let's say I'm opening another account, I'm being scammed in opening another account where I'm already an existing cardholder. My financial institutions should be able to use some of those contextual clues to say this is not how she normally acts when she's opening up an account. Maybe it's taking me a little longer to do something than it should, or maybe it's taking me even faster than it should. So I think that some of those aspects should play into that identity proofing solution.Peter Beardmore Let me just ask you a little bit about the decision making process and the factors that go in to financial organizations or even fintechs decisions around their anti-fraud stack. Could you shed any light on what are conversations like in 2022 when when organizations are looking at what should be in that stack or maybe what should we trim, or is there a high degree of risk of new tack or anything along those lines?Suzanne Sando Sure. I think that one of the main things that we hear a lot is what is our investment? And I don't just mean monetary, you know, am I able to take the solution and almost immediately plug it into what I'm already doing? Am I able to mold it to be what I need it to be? So that's kind of where having a solution that is rules based is very helpful because you can take these aspects of the account opening process and say, okay, Suzanne's application has a score that's kind of low because this is a rule that we have set up on our end. We can say, let's send this for a manual review. So I think that one of the important things here is, is it configurable and is it something I can easily get going and start using almost immediately with very little integration or deployment on our end? And I think that's another important aspect of this too, is to go back to manual review. I think that going into using a solution like this, you know that (chuckles) it's not going to take away every manual review. It shouldn't if you're never having to manually review an application that might come through this solution. Something might be wrong here. (chuckles) But the point is, is that if you can help cut down on the time that it takes for an employee to do that manual review, you're cutting back on operational costs because now that employee can do what they are really supposed to do, which isn't just necessarily manual reviewing every new account application that comes through. So I think those are some of the really important things to to consider when you're looking to add to your your broad technology stack.Peter Beardmore So there's a let me just surmise and make sure I get you correct is that there's a technical integration piece here, which obviously we want to minimize the the impact or the the disruption that goes along with that. There's the workflow that occurs in relation to that. In other words, is it substantially affecting the workflow that we currently have in place to the point that it would be too disrupting? And then there's the what's the overall impact on operations? Ideally, if it can lower the total operational time it takes per application or what have you, all the better.Suzanne Sando Exactly. That's exactly it. And really, at the end of the day, are we weeding out these new accountants that are fraudulent? That's another obviously important piece of it. But yeah, I think that about sums it up.Peter Beardmore And that was my conversation with Javelin's, Suzanne Sando. As I mentioned at the top of this episode, you can find that report, Suzanne, authored for BioCatch, New Account Fraud, a Threat Down Every Avenue. It's on the BioCatch website. There's a link to it in the show notes. Digital Tells is written and narrated by me, Peter Beardmore, in partnership with my producer, Doug Stevens of Creative Audio and Music and with support and sponsorship from Bio Catch. Special thanks to Suzanne Sando from Javelin Strategy and Research. For more information about this episode, behavioral biometrics, or to share a comment or idea, visit biocatch.com/podcast. Until next time, take care.

With consumers continuing to take a digital-first approach to everything from shopping to dating and investing, fraudsters are finding new and innovative ways to commit fraud. Traditionally, when a person would walk into a bank branch to open an account, they would need multiple forms of identification. But online, customer onboarding has turned into a riskier process for banks and consumer fintechs, with fraudsters trying to take advantage of their systems. Reducing the stress of fraud allows for a more streamlined application process, making it easier for consumers to get approved for a loan or bank account. This aspect also has implications for groups of consumers that previously had a hard time accessing credit or other types of financial products and services, as banks can verify the applicant in a way they weren't able to before. I talk about this today with my guests Kimberly Sutherland, vice president of fraud and identity strategy at LexisNexis Risk Solutions and John Buzzard, Lead Analyst, Fraud & Security at Javelin Strategy & Research.

This recording is from Fintech Nexus USA (formerly known as LendIt Fintech USA) held at the Javits Center in New York City on May 25-26, 2022. It is from the track: Banking Crosses into its Digital Future: Sponsored by Galileo Financial Technologies and is titled: Building Familiarity and Sustained Confidence into the BNPL Ecosystem. Speaking at this session is Chiro Aikat, Mastercard,  with Moderator: Daniel Keyes, Javelin Strategy & Research.

Jason talks to Will Trout from Javelin Strategy and Research. He is the director of Digital Wealth Management. We brought him on the show to talk about some of the bigger trends in the wealth and assessment market and how they are potentially going to transform the industry in the next ten years.Episode Highlights:00.48: Will says that as the name implies, and from a technology standpoint, we focus on strategy for financial services institutions and large fintech providers and look at the intersection of strategy and technology as to how firms can advance their competitive position using tech.09.04: Will says that the friction that inhibited advisor access to private capital investments still largely remains. iCapital and Cais alone will not solve this problem, particularly when it comes to private equity.15.48: To productize direct indexing, you can kind of rule about how it scale and overcomes margins, but the most direct indexing strategies are built around the public equity markets, suggests Will. 16.31: To move towards retirement income focus demographics are pushing, the boomer generation is retiring, yields are low, and that are fueling interest in annuities and marketplace, says Jason.21.16: Industry as a whole needs to figure out ways to pull back and truly look at the complete lifestyle picture of the entire client and consider when it comes time to design whatever portfolio they're investing in traditional markets, suggests Jason.25.58 Jason asks that the planning industry, with the advent of things like financial therapy and other concepts around financial wellness, is saying we have reached the point where we can be taking care of people's assets, but now, how do we give them the ultimate version of their lives? 31.16: There is a lot of demand where the firm's wealth managers fall short on life coaching and addressing the human frailties that define us all, says Will.39.03: More relationship-centric advisors trying to diversify into monetized areas rely on their CRM. But, there is a strong split between CRM at the enterprise level and the sales forces that offer a ton of functionality, says Will3 Key HighlightsThe definition of alternative investment is changing, but the theme is the same: looking for something different and something new. But the question remains, though, how can financial advisors access these new instruments, says Will.The growth of platforms like Simon markets has started offering structured notes and bank issues equities and now offering all sorts of non-securities products for most annuities, says Will.In the Financial therapy association or some specific people in the industry, speak out on the need for personal advice and write about dealing with people in grief, crisis, etc., says Jason.Tweetable Quotes“We can also survey financial advisors on an ongoing basis that serves as the fuel that drives our insights and works in support of our clients.” – Will Trout“We created systems to make it cheaper for the people who can't afford to pay people who know how to give the advice.” – Jason“The therapist might be more adept at figuring out the real emotional issues, which will only help enhance the advisor's experience.” – JasonResources Mentioned:Facebook – Jason Pereira's FacebookLinkedIn – Jason Pereira's LinkedInWoodgate.com – Sponsor See acast.com/privacy for privacy and opt-out information.

This week Ned is joined by William Trout, Wealth Management Director at Javelin Strategy and Research. Will tells him about the most recent reports he's worked on which center around the needs of retail investors and advisors. They also discuss Next Best Action and Direct Indexing amongst other things.

The third episode of Digital Tells: A BioCatch Podcast tackles the global epidemic of identity theft, and the resulting fraudulent accounts that ruin personal credit ratings, perpetuate mule activity and money laundering, and drain institutions of $Billions annually. Tom O'Malley joins us again to discuss why most account opening fraud occurs online. Raj Dasgupta from BioCatch, discusses the peculiar online behaviors exhibited by cybercriminals, versus those of genuine account applicants; The Digital Tells that help Behavioral Biometrics distinguish between criminal and genuine activity. Ayelet Biger-Levin discusses BioCatch's newly-announced Age Analysis Capability. And Howard Edelstein shares a story of account opening fraud detection that has become BioCatch lore. Tom O'Malley, a retired U.S. Department of Justice financial crimes prosecutor, founded a website, FrozenPII.org, which helps consumers protect their identity. Check it out!TranscriptHave you ever been the victim of identity theft? Ever applied for a loan or a credit card, only to find out someone else has masqueraded as you and negatively effected your credit standing? Identity theft and new account fraud is a global problem. If you live in the United States, chances are you've been a victim – and if not ~ it's likely someone close to you has been.I was chatting with Tom O'Malley, the former federal financial crimes prosecutor you met in Episode 2, and we were discussing identity theft. The U.S. federal trade commission reported recently that $3.3B was lost in 2020 due to identity theft – that's nearly double the $1.8B lost in 2019. And where are those stolen identities put to work? well, online of course – in the form of new accounts – credit card accounts, lines of credit, deposit accounts, you name it. Here's Tom O'MalleyTom O'MalleyMost often they're being opened remotely because it presents a little risk to the person who's opening an account. I mean, if you show a physically token something besides whatever documents you present, which are going to be fake driver's license, et cetera, you put yourself as a criminal at risk because there surveillance cameras. Nowadays, there's the ability to match surveillance footage with driver's license, facial recognition, driver's license. So typically criminals are not going to do this physically in a branch bank. They're going to do it remotely and they can do it remotely from anywhere in the world and depending on a bank's processes and fraud methods to detect fraud, it can be done from anywhere in the world, even though they're supposed to be a customer in the United States, opening up a bank account.This is interesting, unlike the scams and account take over stories that we discussed in earlier episodes – crimes that disproportionately target older folks – Identity Fraud victims are more likely to be young… like under 40. In fact, in 2019 of the 1.6 million identity fraud reports in the U.S. – 44% were from people between the ages of 20 and 29. According to Equifax Canada, nearly half of all suspected fraud applications are for those between 18 and 24. Ok – so – somebody gets ahold your personal information, enough to open a credit card account in your name. Maybe they obtained your personal info on the dark web – maybe it was originally stolen in some big corporate data breach. And then that info, your data, is applied to an online form to open an account. Oh, by the way – it might not be a credit account – it could be just a bank account, so instead of obtaining false credit in your name – is used for shuffling money between accounts – for scams – or mule activities – both issues we'll be taking a closer look at in later episodes. For this episode of digital tells, we're taking a close look at the act of opening fraudulent accounts. Which, for those of us who have been victims, happens silently in the background… Before that heart-in-your-throat moment when you realize your credit rating has been ruined… or perhaps even worse, you're contacted by law enforcement about scams or mule activities perpetrated in your name.Also – very important note here – your credit rating – or mine for that matter – isn't the only fall-out of identity theft. Financial institutions, credit issuers, they're the ones usually taking the hard financial losses. A study released earlier this year by Javelin Strategy & Research, reported that combined fraud losses climbed to $56 billion in 2020 globally. Of that, traditional identity fraud losses totaled $13 billion. Well, back to that initial account opening, in episode 2 we got a glimpse into the sophistication and scale of cybercrime syndicates…. Scale meaning LOTS of accounts and lots of victims. It's sendom just one account, rather it's usually hundreds or even thousands of accounts opened in each campaign. And therein lays an opportunity for institutions to differentiate between legitimate and fraudulent applications. The Digital Tells of fraudulent applications – if you will.Act 2My colleague Raj Dasgupta and I were recently talking about what typically happens during the act of applying for fraudulent accounts. Raj is the Director of Fraud strategy at BioCatch, and has two decades of experience in the trenches – dealing with identity fraud issues at organizations like TransUnion, HSBC, and Symantec, among others. OK, so before I go to Raj – for just a moment – think about what you do when you open an online account… maybe your taking advantage of a great credit card deal with lots of hotel rewards points. Then put yourself in the seat of one of these highly specialized cybercriminals we discussed in episode 2 – how would you go about your job of applying for multiple fraudulent accounts – hour after hour – all day long?OK – here's Raj - Raj DasguptaYeah, sure, I think copy pasting in online interaction can be on two different scenarios. One is account opening where you are copy pasting stolen information or made up information onto a form which is used for a new account opening. And it can be copy pasting the name, address or certain parts of the PII, quite likely from an application like an Excel sheet where you have all the stolen data. And within that copy pasting behavior. One is it's unusual for somebody applying for a new account to be copy pasting their own data. And the other is there can be copy paste and then erasing the pasted data, putting it in another form. As I was saying, it could be that the first name, last name are together in the Excel sheet. It's copied over to the first name field and then you cut the last name and place it in the last name for you. Very, very unusual scenarios or online behavior. Peter BeardmoreLet's transition to somebody actually reading this information. Right. So it's like long term memory versus short term memory. Can you can you talk about that a little bit?Raj DasguptaSo again, imagine in the context of account opening, you're typing in your name and address, Social Security number. You've been doing it for many, many years. It comes very fluently. You can type all the nine digits in at a steady cadence without stopping or without having to delete any digit and retype it in because you're essentially pulling it out of your long term memory and typing in the fraudster has stolen that information from somewhere else. That information does not belong to them. And they're either copy pasting the Social Security number or the name or address or typing it in. But because they're not familiar with that data, they'll make mistakes and they'll correct those mistakes. And then there type it again. Peter BeardmoreSo that behavior – cutting and pasting – the pace and pauses exhibited when entering personal information – those are just some of the Digital Tells that are the underlying indicators for behavioral biometrics to distinguish between genuine and fraudulent online account opening.In episode 2 we met Ayelet Biger-Levin, VP of Market Strategy at BioCatch. Later in the conversation we featured in episode 2, she went a little deeper into some of these indicators, and how BioCatch technology can make those distinctions.Ayelet Biger-LevinSome classic examples of the way that with this type of technology, we can distinguish between cyber criminal activity and genuine activity is by looking, by profiling the population and detecting differences between activities that correlate with fraud or correlate with genuine activity. So, for example, one thing that we observe when we track account opening activities is that there is a big difference between a cyber criminal and a legitimate actor and their familiarity with the process. A cyber criminal will be very, very familiar with the account opening process because they open many, many accounts every day. So they'll be very familiar with what are the mandatory fields. When you have a dropdown, they don't stop to select fields. They just go really quickly. They don't read the Ts and Cs, they won't select a credit card design. They'll just go very, very quickly and fill out the form, whereas the legitimate user will read the terms and conditions, will select their favorite credit card design, will think about their annual income, will select their interest rates and make decisions and selections. The process will be much longer. So that's one example. A second example is familiarity with data. A legitimate actor will be very, very familiar with their personal data. And when someone uses the data that they're familiar with, they will display use of their long term memory. So when they type, they will type continuously without pauses and they will, of course, know the data they might have Autofill, which is legitimate, and they'll enter the data fairly quickly. However, cyber criminals, when they need to enter personal data, they'll either copy or paste it from a list. They might type it because they try to memorize it. But we will see that they're using their short term memory and we'll see segmented typing along the way. They often have errors that they need to fix and they really display low familiarity with the data. It's interesting that some fields are actually not known to legitimate actors like think about part of the application process. You need to fill in a hotel rewards card. That's not something that number is not something that you have in hand. You probably have to log into your email, look for that number, whereas a cyber criminal who knows the process and wants to fill out that that number potentially will have that readily available. Hopefully at this point the idea is pretty clear by now – cybercriminals and legitimate applicants behave differently. Form formality. Short term and long term memory access. And obviously cut and paste and autofills can also make great indicators. BioCatch can leverage these Digital Tells to help organizations that rely on online applications for their business - protect themselves from fraud losses. And they also help and protect society – people like you and me – from being victimized by identity thieves and cybercrime syndicates. But wait, there's more. You may recall in episode 1 when I teased the idea that behavioral biometrics can actually guess your age. Not too long ago a BioCatch customer had an idea – if an application indicates the applicant is say 18 or 19 years old – or 75 or 85 years old for that matter – but the data is entered by someone say in their 40's… could we detect that? It turns out, to a degree of certainty – we can! Here's Ayelet again.Ayelet Biger-LevinWhen looking when analyzing the data and trying to find those correlations between ages and the use and the interaction. We found a shocking truth that for every year over 40, your keystrokes become slower. But specifically, there were nuances in things that we can look at, like shift to letter. So when you want to capitalize something, there are a few milliseconds added for every year over 40, and we could see a dramatic difference between someone in their 20s and someone in their 60s or 70s when conducting these activities. Another element is the use of a mobile device and the area in which users interact. So their swipe or the use of two thumbs versus a finger. A lot of indicators of age, very, very subtle things. But again, looking at the combination of those we're able to detect within five years, the age group that the user really belongs to.Act 3Alright, so, with all this technology to help differentiate between real and fraudulent account applications, you've got to figure that occasionally – some really interesting results follow. You're going to want to listen up to this story… it's a good one. If you're like me, you may have worked for a company or two in your career that has its own folk-lore. I've actually worked for 3 or 4 . You know those stories that everyone's heard – inside and outside the organization that make it fun to talk about. I once worked for a company whose founder “allegedly” ran over the car of a pizza delivery driver with his tank while the poor guy was carrying the pizza to the front door. That story still occasionally comes up in conversation – and I still can't confirm or deny it.Fortunately, BioCatch has no such infamous lore – but the story you're about to hear I heard more than a few times. And this one I can not only confirm is TRUE, but it helps to make another really important point about the value of detecting accounting opening fraud using behavioral biometrics.In episode 1 you met Howard Edelstein, BioCatch's chairman . In a second here I'm going to drop you into more of the conversation he and I had. In this part he was talking about winning the business of a major financial services company and the early stages of their work with BioCatch. Here's Howard.Howard EdelsteinAnd the story in point was we identified this is a particular case that came out of an analysis while where they were becoming a client, a particular case where someone was applying for a credit card. We thought it was perfectly legit. They filled out the entire application. And anyone who filled out the application that way had to be OK. Well, the credit card company turned down the application and they turned it down because they told us it was fraudulent. And we said, OK. And we went back. And you were always trying to figure out, you know, if the model works and the AI is humming along and the data science team came back and said, listen, you know this. We looked at the data. This can't be a fraudulent applications the guy really knew what he was entering. And the credit card company said, you know, we don't want to piss you guys off or anything, but just want to tell you it really is fraud. And we went back and forth a few times and we said, well, how do you know that? And they said, it's really simple. The guy's dead. Well, that's one of those New York binary kind of answers, right? Dead not dead, you know? Well, our data science team doesn't exactly take that at face value. They said, I think we better call them and tell them the guy's not dead. And everyone kind of looked at each other and said, you got to be effing kidding. Really? What am I going to do with this gem of a piece of information? Right. Because in the end of the day, it turned out they actually called the guy for the reported the guy. And someone answered the phone purporting to be to the dead guy who was applying for a credit card. And one thing led to another, and it turned out that, believe it or not, the guy was far from dead. And this was determined through the use of behavior. So it's a really simple explanation, quite frankly. But the explanation was that someone, a legitimate person entering a legitimate information for legitimate credit card application mistyped a digit of his Social Security number in the U.S. that social corresponded to a social of someone who was deceased. The byproduct, well, that was actually decreasing false declines and increasing number of credit cards to give out, which also was a real revenue opportunity for them. So it's a win win win situation and behavior had never been used this way before.Peter BeardmoreSo this is a great story – which raises a few important points – none of which pertain to BioCatch resurrecting the dead.But it's important to understand, as we mentioned previously, that behavioral biometrics isn't the only fraud detection technology out there. There are others. But none are infallible. And some may introduce friction (like asking life questions or imposing other obstacles) that prospects potentially just don't want to deal with. And business spend lots (and lots) of money on marketing and customer acquisition… for organizations to lose a potential customer at the very point of filing out an account application / only because the anti-fraud tech is too cumbersome – or they accidently mistyped something – well – that's just heartbreaking for marketers like me.In episode 6 we'll talk about the return on investment (or ROI) of behavioral biometrics. But suffice, it's not just about stopping fraud. It's at least equally about winning and retaining good customers. By reducing friction – and making for a great customer experience. Digital Tells is written and narrated by me Peter Beardmore, in partnership with my producer Doug Stevens of Creative Audio and Music, and with the unwavering support and sponsorship of my employer, BioCatch.Special thanks to Ray Dasjupta, Ayelet Biger-Levin, and Howard Edelstein. We once again opened our episode with Tom O'Malley. Since Tom retired from the US Department of Justice, he's started a website called FrozenPII.org. Pie is spelled PII (as in Personally Identifiable Information). The site helps consumers protect their identity. You can find a link in our show notes, check it out!For more information about this episode, behavioral biometrics, or to share a comment or idea, visit biocatch.com/podcast.Join us for episode 4, in which we'll explore Scams. Did you know your car warrantee is about to expire? More importantly, what can be done to help detect when someone is about to be victimized by a scammer?Until then, take care.

Adam Desmond, UK Country Lead, Mitek Systems The pandemic has had a dramatic impact on consumer financial behaviour around the world. Unfortunately, it has also inspired a major shift in how criminals approach fraud. Mitek Systems is one of the sponsors of the 2021 Identity Fraud Study by Javelin Strategy & Research. The report suggests total combined fraud losses climbed to $56 billion, of which, identity fraud accounted for $43 billion. Robin Amlot of IBS Intelligence speaks to Adam Desmond of Mitek Systems about what's being done and what banks and financial institutions need to do.

This is the first episode of the Q1 2021 “The Pulse of Payments” series. My special guest this week is Krista Tedder, the Director Payments for Javelin Strategy and Research. During this episode we’re discussing how the payments industry will be affected by the new Biden administration here in the U.S. and the fact that the Democrats hold majorities in both the House and Senate. Krista talks about how interchange revenue could be regulated – both debit (again) and credit. She also covers topics like digital currencies, cannabis and online betting. She also discusses what the payments industry will look like post Covid-19 as well her thoughts on the continuation of M&A activity and PE/VC investments.

Finovate Expert Analysis on COVID-19, a Recession, and the Fintech Ecosystem with host Greg Palmer and guest Jacob Jegher.

Online audience measurement body, UKOM, has named Ipsos as their new supplier, starting in January 2021. Measure Protocol has added 2 million pounds to its funding, led by Dynata and Blockchain Valley Ventures. Steve Henke of Harpeth Marketing, a Marketing & Sales Solutions firm targeting the Market Research Industry, posts on Twitter, “I'm really getting excited! Our SELLER-DOER WORKSHOP kicks-off [online] this Friday! And there's still time left to register. Just sayin'!” In today’s mergers and acquisitions, Escalent acquires Javelin Strategy & Research, a research-based advisory firm that helps its clients make informed decisions in a digital financial world. In human capital news, Cambridge Market Research has a new CEO! The former Managing Director of Future Thinking, Adele Gritten, will now be serving as their Chief Executive Officer. Ian Griffiths has been appointed as the Chief Financial Officer at Kantar. He will begin on January 16. Find links to these stories in our show notes. For more detailed commentary, be sure to signup for our weekly newsletter at www.happymr.com. And that’s your daily briefing of marketing research news. Find Jamin Online: Email: jamin@happymr.com LinkedIn: www.linkedin.com/in/jaminbrazil Twitter: www.twitter.com/jaminbrazil Find Us Online: Twitter: www.twitter.com/happymrxp LinkedIn: www.linkedin.com/company/happymarketresearch Facebook: www.facebook.com/happymrxp Website: www.happymr.com Sources:  UKOM: https://ukom.uk.net/newsandviews/169-ipsos-named-as-ukom-research-supplier-from-2021.php  Measure Protocol: https://www.dynata.com/press/measure-protocol-announces-new-funding-to-advance-its-blockchain-powered-marketplace-for-person-based-data/  LinkedIn: https://www.linkedin.com/in/adele-gritten-7a477822/?originalSubdomain=uk   Kantar: https://www.kantar.com/company-news/CFO-appointment  Escalent: https://escalent.co/news/escalent-acquires-javelin-strategy-research/

In this episode of #IMM, Christine and Tony Welz speak with Sean Sposito, a senior analyst at Javelin. "Sean Sposito is an analyst in the fraud & security practice at Javelin Strategy & Research. His primary focus is the intersection of retail banking and information security. The topics he’s keenly interested in are vulnerability disclosure, cybersecurity insurance, threat intelligence, and the overall challenges facing security executives inside financial institutions. "

Guest Opportunity: Randy Weir --- Networking and Cyber Threat Specialist, Fictional Crime Writer, and Author of the “Jarvis Mann Detective” Series We’ve gotten to a point where we accept identity theft as a part of our lives. Between data breaches, skimming, phishing malware and more, we simply try to do our best. To be vigilant in protecting our information, monitor our accounts for suspicious activity and hope we will catch fraudulent charges early. According to Javelin Strategy, in 2017, identity theft victims in the U.S. totaled 16.7 million, one million of whom were children. As for the big business of data theft? Well, that cost nearly $17 billion. Debt collection, identity theft and imposter scams were the top three categories of the 2.7 million reported. When will it cease? Networking and Cyber Threat Specialist Randy Weir uses his extensive knowledge to explain how you can stay protected against identity theft. His fifth book, “Dead Man Code,” dealt with an IT software engineer being murdered as part of a conspiracy by a crooked tech company to steal user’s identity. Randy Weir can answer the following questions: * How can you protect yourself from identity theft? * What kind of protection is needed in order to make sure you remain safe? * Why is it so important to protect your personal information? * What can happen if these documents are compromised? * Will there ever be a way to stop this kind of criminal activity? ***The Front Range Butcher: A Jarvis Mann Detective Novel is #7 in the Series and is Available Now at www.amazon.com/FrontRange*** Meet Randy Weir: *Networking and Cyber Threat Specialist * Independent Writer * Fascinating Storyteller and Fictional Novelist * Best Selling Author of "Jarvis Mann Detective" Series For more information - www.rweir.net and www.amazon.com/R-Weir

Click Here Or On Above Image To Reach Our ExpertsSelling And Shopping Safely Online For Consumers And MerchantsDespite stability in the number of victims and losses last year, the ways that credit card fraud occurs have changed. With the switch to chip-enabled EMV cards in 2015, identity thieves are moving from cloning counterfeits of that existing plastic and, instead, are focusing on opening new fraudulent accounts with stolen Social Security numbers and other sensitive data.In its 2016 Identity Fraud Study, Javelin Strategy & Research reports that new-account fraud more than doubled in 2015 from the previous year — and with that 113 percent increase, it now accounts for one-fifth of all fraud losses.Meanwhile, using stolen credit card numbers on counterfeit clones for in-store shopping dropped by 4 percent but increased by 5 percent for fraudulent online purchases. PRO-DTECH II FREQUENCY DETECTOR(Buy/Rent/Layaway)Other trends worth noting from Javelin's analysis, based on a survey of more than 5,000 consumers: More victims, fewer losses. More than 13 million Americans fell victim to identity fraud last year; that's up 3 percent from 2014 and the second highest number in the past six years. But losses decreased by 6 percent to $15 billion, the lowest amount since 2010. Overall, identity thieves have stolen $112 billion in the past six years — roughly $35,600 per minute, or enough to pay for four years of college in just four minutes.CELLPHONE DETECTOR (PROFESSIONAL)(Buy/Rent/Layaway)Hacked here, used abroad. About 18 percent of identity fraud involves using stolen U.S. credit cards outside our borders. That amounts to $2.4 billion, with an average of $1,585 per incident. Because of government-mandated protections and zero percent liability policies offered by most providers, credit card companies, not their customers, typically eat those costs. Issuers are estimated to proactively detect two-thirds of these cases, according to Javelin.PRO-DTECH III FREQUENCY DETECTOR(Buy/Rent/Layaway)You may be your worst enemy. Consumers who say they don't trust their financial institutions fare worse: Their stolen information is used 75 percent longer by fraudsters, with expenses averaging 185 percent higher than those of customers who use services such as transaction monitoring and alerts, credit freezes and black-market monitoring.PRO-DTECH III FREQUENCY DETECTOR(Buy/Rent/Layaway)How To Protect Yourself1. Get A Credit Freeze. Once enacted, a credit (also known as a security) freeze restricts access to your credit report, which creditors check before issuing new financial or service accounts in your name. Without seeing your report, creditors won't approve accounts to ID thieves posing as you. A freeze must be placed with each of the three major credit-reporting bureaus — typically free for those 65 and older (state laws vary) — and can be unthawed when you are legitimately applying for credit.2. Secure Mobile Devices. If your financial life is on a smartphone or tablet, apply software updates that patch known vulnerabilities as soon as they become available. Use security features built into Android and iOS devices, such as passcode or biometric (fingerprint) protection, and programs that encrypt data and remotely wipe contents if the device is lost or stolen.PRO-DTECH III FREQUENCY DETECTOR(Buy/Rent/Layaway)3. Use Strong Passwords. They “remain the de facto first line of defense for most online accounts, which has motivated criminals to compromise them whenever possible,” Javelin notes. Using a password manager is a convenient way to maintain good password practices without resorting to writing these codes down, which could also place them at risk of physical compromise.4. Sign Up For Account Alerts. Offered by banks, credit card issuers and brokerages, these free notifications, via email or text message, provide you with real-time alerts of suspicious activity. When fraud occurs, contact the account issuer immediately.WIRELESS/WIRED HIDDENCAMERA FINDER III(Buy/Rent/Layaway)5. Take Data Breach Notifications Seriously. One in 5 data-breach victims suffered fraud in 2015, up from 1 in 7 in 2014. While data breaches at retailers remain an issue, the biggest jump in breaches was at government agencies and health care organizations, with a 64 percent rise in exposure of SSNs.PRO-DTECH IV FREQUENCY DETECTOR(Buy/Rent/Layaway)

The very reason we love mobile is the very reason we should protect our device with a password or some sort of security. Think about it, the phone is the most personal device we own and 50% of us don't lock it down. Do you leave your front door open when you aren't home? Why then would you not put a password on your device? Even those of us that do use some sort of lock on our smartphones, it is often the same one that we use elsewhere - this according to a recent study by Nok Nok Labs and Javelin Strategy & Research. The key results of that study, Smartphones, Tablets and Fraud: When apathy meets security, are summarized here by Chuck. Hey folks, it's time to get your password on...

  As consumers adopt more forms of mobile payments and retailers adapt to accept them, fraudulent behaviour begins to draw attention as well as drain bank accounts. Chuck summarizes a recent study from Javelin Strategy & Research on behalf of LexisNexis that takes a look at the impact of fraud on the nascent mobile commerce industry.