ValueWalk’s interview with Michael Lynch, Chief Strategy and Product Officer, Deep Labs. In this interview, Michael discusses his and his company’s background, fraud-prevention strategies for real time payments, the problems with Zelle, Venmo and other big fintech giants, the three-day good funds model that banks use for wire transfers, if Chase is offering safe real time transfers, fraudsters using social engineering to transfer money, FedNow, the role of Libra and crytocurrencies in real time payments, using AI or machine learning to predict problematic payments, legislation related to consumer protection, and the the potential for fraud in persons to person payments.
Interview with Deep Labs’ Michael Lynch
Can you tell us about Deep Labs?
Founded in 2016 by a team of experienced payments and signals intelligence experts, Deep Labs has created a machine intelligence platform that leverages persona-based dynamic risk & propensity profiles.
Deep Labs’ context-aware platform can use persona-based intelligence to better differentiate between a fraudulent transaction and a legitimate one. We are therefore able to provide a solution, based on our ability to distinguish between different contexts, that allows the banks, the payment networks and the various merchants to really understand the context surrounding that transaction.
The use of personas improves consumer activity verification and engagement by determining the likely needs or activities of that individual, based on past behaviors and external variables.
Deep Labs’ patented machine learning technology provides key insights on identity behavior through billions of calculations, iterative insights and process analytics.
Our platform connects authentication, device, behavior, and transaction data for modeling across customer interaction points and solves for siloed views of customer interactions across channels.