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Pandemic underscores growing need for anti-fraud technology

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Pandemic underscores growing need for anti-fraud technology 1

As pandemic-fuelled fraud reaches new heights, SAS and the ACFE commemorate International Fraud Awareness Week’s 20-year anniversary

As the global coronavirus pandemic rages on, another costly pandemic has taken shape. According to the Association of Certified Fraud Examiners (ACFE), 77% of members surveyed reported increasing levels of fraud amid COVID-19 disruption, one-third of them describing it as significant – and 92% expect it to climb further still.

SAS, the leader in analytics, joins the ACFE in spotlighting International Fraud Awareness Week, Nov. 15-21. Now in its 20th year, Fraud Week is a call for all organisations to fight fraud with awareness and education. The week’s opportunities to engage and learn about fraud prevention include:

  • Pandemic-Driven Pressure: Impacts of the Coronavirus on Digital Fraud, Wednesday, Nov. 18 at 16:00 GMT – This ACFE-hosted webinar will gather industry experts from SAS to discuss the pandemic-driven uptick in digital banking and its effects on the fraud landscape and customer experience. The experts will also explore the advanced analytic technologies that offer financial services organisations the quickest and best ROI.
  • Modernising retail fraud prevention, Friday, Nov. 20 at 14:00 GMT – Join Capgemini and SAS for a spirited #SASchat on Twitter. A panel of retail fraud experts will focus on strategies for connecting data on customer behaviour, credit history and dozens of other factors, in milliseconds, to prevent fraud and accelerate decision making.
  • The Escalation of Digital Fraud: Global Impact of the Coronavirus – Download the new research report from SAS and Javelin Strategy & Research, examining how the COVID-19 pandemic is fuelling digital payments fraud. The study’s findings are based on 120 independent interviews of payment and security executives in 20 countries, conducted from December 2019 through September 2020.

“Criminals are capitalising on the pandemic’s drive to digital interactions, using it as an opportunity to commit fraud,” said Alex Boothroyd, Senior Banking Fraud Solutions Specialist at SAS UK & Ireland. “Ensuring fraud prevention and detection systems reflect the changing behaviours ushered in by the pandemic is crucial, particularly for those leaders working in industries most at risk of fraud, such as healthcare, financial services and government.”

Government agency cracks down on insurance fraud

North Carolina’s State Insurance Commissioner last year reported that, for every dollar paid for insurance premiums in the state, nearly 20 cents was lost to fraud. To better manage its caseloads and gain an investigational edge, the North Carolina Department of Insurance (DOI) turned to SAS for a new case management and reporting system.

Built on SAS® Viya®, the Insurance Crimes Investigation System (ICIS) launched in March. It is the central investigational hub for the DOI’s investigators, from initial evidence intake and case development through prosecution and beyond. Algorithms replaced manual processes, helping filter and categorise data, assign resources and facilitate workflows, and even build cases.

According to Frank Rodriguez, Deputy Commissioner of the DOI’s Criminal Investigation Division, the ICIS has improved case management efficiency 90%, while the number of insurance fraud related arrests has doubled.

AI-powered chatbot to help victims of identity crimes

Identity theft can happen at any time, day or night. To better serve victims of such crimes, the Identity Theft Resource Center (ITRC) turned to long-time ally, SAS, to create a chatbot, or virtual identity theft assistant.

Using AI technology, including natural language processing (NLP), SAS has developed ViViAN, short for Virtual Victim Assistance Network, in collaboration with the ITRC. Now in beta testing for an early 2021 launch, ViViAN is intended to be a clients’ first line of communication with the ITRC, helping staff minimise wait times and assist more people. The non-profit has seen a steep rise in contact volume around unemployment benefits identity theft, from fewer than 20 reports in 2019 to nearly 750 in 2020 through October.

“Behind every instance of fraud is a human victim,” said ITRC President and CEO, Eva Velasquez. “ViViAN will provide an invaluable lifeline to victims of such crimes, helping them find the resources they need at any hour of the day or night, whenever they need it most.”

Insurance consortium curbs claims fraud with AI and analytics

In 2015, Brazil’s insurance consortium, CNseg, launched an initiative to centralise fraud prevention operations throughout the Brazilian insurance sector. FenSeg, Brazil’s national P&C insurance federation, is the first of four federations benefiting from CNseg’s collaboration with SAS.

SAS® Detection and Investigation for Insurance uses multiple techniques, including advanced analytics with embedded AI and machine learning. Through these capabilities, FenSeg gained the ability to score claims in real-time and a visual interface for spotting linked entities and crime rings it may have otherwise missed. The platform has brought more suspicious claims to light through a speedier, automated process while increasing alerts by 286%.

“But the key to fraud prevention isn’t just more alerts – it’s more accurate alerts that insurers can act on,” said Ricardo Pereira, Insurance Fraud Prevention and Combat Manager at CNseg. “I’m pleased to say that the number of suspicious claims that proved to be fraudulent has increased 67%, thanks to SAS’ fraud-detection solution.”

Learn more and join the conversation

The pandemic has upended “business as usual,” allowing all manners of fraud to flourish. The impacts these schemes are particularly acute now, as organisations struggle to adjust their operations and stay afloat. Learn more about SAS’ fraud analytics solutions online, and follow #fraudweek on Twitter to join the conversation.

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U.S. inauguration turns poet Amanda Gorman into best seller

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U.S. inauguration turns poet Amanda Gorman into best seller 2

WASHINGTON (Thomson Reuters Foundation) – The president’s poet woke up a superstar on Thursday, after a powerful reading at the U.S. inauguration catapulted 22-year-old Amanda Gorman to the top of Amazon’s best-seller list.

Hours after Gorman’s electric performance at the swearing-in of President Joe Biden and Vice President Kamala Harris, her two books – neither out yet – topped Amazon.com’s sales list.

“I AM ON THE FLOOR MY BOOKS ARE #1 & #2 ON AMAZON AFTER 1 DAY!” Gorman, a Los Angeles resident, wrote on Twitter.

Gorman’s debut poetry collection ‘The Hill We Climb’ won top spot in the online retail giant’s sale charts, closely followed by her upcoming ‘Change Sings: A Children’s Anthem’.

While poetry’s popularity is on the up, it remains a niche market and the overnight adulation clearly caught Gorman short.

“Thank you so much to everyone for supporting me and my words. As Yeats put it: ‘For words alone are certain good: Sing, then’.”

Gorman, the youngest poet in U.S. history to mark the transition of presidential power, offered a hopeful vision for a deeply divided country in Wednesday’s rendition.

“Being American is more than a pride we inherit. It’s the past we step into and how we repair it,” Gorman said on the steps of the U.S. Capitol two weeks after a mob laid siege and following a year of global protests for racial justice.

“We will not march back to what was. We move to what shall be, a country that is bruised, but whole. Benevolent, but bold. Fierce and free.”

The performance stirred instant acclaim, with praise from across the country and political spectrum, from the Republican-backing Lincoln Project to former President Barack Obama.

“Wasn’t @TheAmandaGorman’s poem just stunning? She’s promised to run for president in 2036 and I for one can’t wait,” tweeted former presidential candidate Hillary Clinton.

A graduate of Harvard University, Gorman says she overcame a speech impediment in her youth and became the first U.S. National Youth Poet Laureate in 2017.

She has now joined the ranks of august inaugural poets such as Robert Frost and Maya Angelou.

Her social media reach boomed, with her tens of thousands of followers ballooning into a Twitter fan base of a million-plus.

“I have never been prouder to see another young woman rise! Brava Brava, @TheAmandaGorman! Maya Angelou is cheering—and so am I,” tweeted TV host Oprah Winfrey.

Gorman’s books are both due out in September.

Third on Amazon’s best selling list was another picture book linked to politics and projecting hope: ‘Ambitious Girl’ by Vice-President Kamala Harris’ niece, Meena Harris.

(Reporting by Umberto Bacchi @UmbertoBacchi, Editing by Lyndsay Griffiths. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers the lives of people around the world who struggle to live freely or fairly. Visit http://news.trust.org)

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Why brands harnessing the power of digital are winning in this evolving business landscape

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Why brands harnessing the power of digital are winning in this evolving business landscape 3

By Justin Pike, Founder and Chairman, MYPINPAD

Delivery of intuitive, secure, personalised, and frictionless user experiences has long been table stakes in digital commerce, well before the era of COVID-19. As businesses harness the revolutionary power of digital technologies, they have pursued large-scale change to adapt to evolving consumer preferences (some more successfully than others, but that’s a blog for another day). Digital transformation is a term we hear repeatedly, and it looks different for each organisation, but essentially, it’s about utilising technology and data to digitise, automate, innovate and improve processes and the customer experience across the entire business.

As I said, this was already well underway but then came 2020 and no industry escaped the disruption of the coronavirus outbreak, which has had an indelible impact on businesses performance, operations, and revenue. Regardless of whether the impact of COVID has been very positive or very challenging, it has forced organisations globally to re-evaluate and re-orient strategies to adapt.

As lockdowns and pandemic-related restrictions continue to change daily life, this raises the question of how we can balance a dramatic shift to digital and the benefits it brings, while ensuring business continuity and innovation both during and post-COVID, and protecting everyone against fraud?

Digital is an essential survival tool, and even more so in a COVID world

No one could have predicted the dramatic digital pivot that has taken place over this year. Indeed, within weeks of the COVID outbreak cash usage in the UK dropped by around 50%. Digital solutions including delivery applications, contactless payments, mobile commerce, online and mobile banking have become essential components of a touchless customer experience in the era of social distancing. It’s no longer just about an enhanced and superior customer experience, it’s also about health, safety and survival.

In store, businesses have benefited from contactless payments enabling faster throughput and reduced need for consumers to touch payment terminals (therefore requiring greater cleaning, which degrades the hardware much faster). Mastercard reported a 40% increase in contactless payments – including tap-to-pay and mobile pay – during the first quarter of the year as the global pandemic worsened. Digital has also become an essential sales channel for many B2C brands. Where brick and mortar stores have been required to close, digital commerce enables continuity of customer relationships and revenue. This channel also provides brands with rich customer data, which can be used to enhance and personalise the customer experience and typically results in greater levels of engagement and uplifts in revenue.

Industry forecasts estimate that worldwide spending on the technologies and services enabling digital transformation will reach GBP 1.8 trillion in 2023 – a clear indication that the process represents a long-term investment and a global commitment to digital-first strategy. The key point here is that digital brings significant benefits, and regardless of COVID, is here to stay.

The challenges that rapid digital transformation brings to businesses

Justin Pike

Justin Pike

Regardless of whether businesses are operating in developed or less-developed economies, these times of crisis have levelled the playing field in the sense that all businesses are facing similar issues. Access to products and supplies, maintaining customer relationships, accelerating sales for some and declining sales for others, health and hygiene are just a few of the unique challenges brought about by COVID.

Many businesses in physical environments have had to swiftly implement changes to significantly reduce safety risks for staff and customers, such as contactless payments, mobile ordering and delivery options. But with these changes come a host of other benefits of digitisation, such as faster transactions, and reduced human error at the point-of-sale.

The reliance on technology, however, can also expose organisations and consumers to certain vulnerabilities. In particular, the risks of fraud and cybercrime have dramatically increased since the onset of the pandemic as scammers have taken advantage of digital technologies to target both businesses and individuals.

As a McKinsey report illustrates, new levels of sophistication in the activities of fraudsters have placed more pressure on companies that have been previously slow to go digital, bringing “into sharp relief how vulnerable companies really are”, and damaging the financial health of small and large businesses. In fact, the Bottomline 2020 Business Payments Barometer reveals that only one in 10 small businesses across the UK report recovering more than 50% of losses due to fraud.

But take these stats with a grain of salt. While it is important to be aware of the risks and challenges this new business landscape brings, it’s equally as important to have a lens firmly across your own business, industry and audience, and to identify the changes you can make internally to mitigate risk as well as improve your customer experience. Where can you make some quick wins? Do you have the right skillsets internally to achieve what you need to achieve? What technology is out there that will enable your business goals? There are tech companies like MYPINPAD that are making huge strides in software development, which will transform businesses globally.

A digital world post-COVID

Almost a year in, the line between business success and failure remains fragile. However, an ongoing transition towards greater digitisation will be the difference between survival and the alternative.

There is a wide range of initiatives businesses can implement to weather this storm. If we look at the space MYPINPAD operates within, secure digital consumer authentication is crucial to the ongoing success and security of not only financial products but also identification and verification across a range of different industry verticals. Shifting the authentication of consumers securely onto mobile devices enables businesses to completely reshape their customer experiences. By bringing together a more seamless, frictionless customer experience, accessibility, privacy, security and access to consumer data, businesses are able to drive digital transformation across day-to-day activities.

Against this backdrop, software with stronger security standards continue to play an ever more vital role in supporting society, protecting consumers and businesses from the increase in risks that rapid digitisation brings. Already, merchants can deploy PIN on Mobile technology from companies like MYPINPAD, onto their smart devices to speed up the digitisation process many are now tackling.

Essentially, opening up universal payments and authentication methods that feel familiar, for both online and face-to-face transactions, will be key to opening up a world of possibilities when it comes to redefining how businesses engage with consumers.

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Brexit responsible for food supply problems in Northern Ireland, Ireland says

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Brexit responsible for food supply problems in Northern Ireland, Ireland says 4

LONDON (Reuters) – Food supply problems in Northern Ireland are due to Brexit because there are now a certain amount of checks on goods going between Britain and Northern Ireland, Irish Foreign Minister Simon Coveney said.

British ministers have sought to play down the disruption of Brexit in recent days.

“The supermarket shelves were full before Christmas and there are some issues now in terms of supply chains and so that’s clearly a Brexit issue,” Coveney told ITV.

The Northern Irish protocol means there are “a certain amount of checks on goods coming from GB into Northern Ireland and that involves some disruption,” he said.

(Reporting by Guy Faulconbridge; Editing by Tom Hogue)

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