TECH BUYER Jun 2019 - Tech Buyer Presentation - Doc # US45212019

Securing Faster Payments: Monitoring the Transaction, Entity, and Network

By: Rivka Gewirtz Little

On-line Presentation

Abstract

This IDC Tech Buyer Presentation, delivered to the U.S. Faster Payments Council (FPC), explores the unique fraud threats and challenges facing real-time payments and offers a vision of an ideal fraud strategy, which requires multilayered, data and analytics-driven monitoring at the account, transaction, institution, and network level.

On May 29, 2019, the U.S. Faster Payments Council met for a day of agenda setting and knowledge sharing at the Chicago Federal Reserve. The FPC, made up of financial institutions (FIs), technology providers, merchants, consumer groups, and industry associations, has a mission to "drive the emerging faster payments infrastructure toward ubiquity" in the United States, making it as secure as possible.

The latter part of that statement — securing faster payments — is no simple feat. It requires data and analytics-driven fraud-monitoring systems, which detect and stop attacks in milliseconds without resulting in mountains of false positives. The driving force here is that faster payments are irrevocable, so they require accuracy and speed in detection. While machine learning–driven, real-time monitoring is required for faster payments fraud prevention, it's by no means enough to handle the new attack vectors arising in the faster payment world. Total coverage requires monitoring of transactions, entities, and the payment networks themselves.

IDC proposes that the ideal fraud strategy is one that forces FIs to look beyond using fraud and security as a competitive differentiator and compels them to share data (although obfuscated in many cases) with the goal of achieving the utmost vision of every transaction and event to prevent fraud before it can ever occur.

The attached presentation includes the original slides presented to the FPC with bulleted notes interspersing slides to reflect the overall message.


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