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Deep Labs Featured in Payments Source on How Real Time Payments Require Real Time Defenses

Globally, both consumers and businesses now have the expectation of real time payments and transactions. With the exponential increase in customers performing real time payments than ever before, it’s not surprising that fraudsters continue to seek ways to exploit the digital channel where such payments are performed.

This makes it imperative to utilize the latest approaches to mitigate risk and defend against attacks. Existing legacy authentication measures that protect accounts such as login credentials and biometric authentication are important but have been proven to be circumvented by fraudsters.

Account takeover has continued to rise, with several contributing factors, including data breaches, social engineering, poor consumer hygiene on passwords and slower than desired adoption of biometrics, and the increasing sophistication of fraudsters by using bots and crimeware.

Read the full article here.

account takeover behavior analytics deep learning device recognition fraud detection fraud prevention Identity machine intelligence Open Banking Payments PSD2 real time defenses real time payments real time transactions risk analysis risk engine risk profiling signals intelligence supervised machine learning unsupervised machine learning

Deep Labs Featured in Credit Union Times on How Real-Time Payments Are Sparking Fraud Worries

Real-time payments may be booming, but they may also be growing targets for fraud — and credit unions and other financial institutions are getting worried, an industry pro warned this week.

The payment method, which allows financial institutions and members to pay bills and make payments almost instantaneously, can also enable criminals to avoid evade manual reviews, security measures that identify out-of-pattern activity and ACH service blocks, said Mike Lynch, who is chief strategy officer at San Francisco-based risk-profiling company Deep Labs. Growing account takeover activity, poor consumer password hygiene and social engineering vulnerabilities, among other things, may be helping criminals exploit real-time payments, he said.

“We have the perfect storm of many different factors at a high level, and now we’re moving money in real-time and we need to have a lot more security layers behind the scenes,” he said. “We can’t just have a rules-based approach. We need to correlate a lot of signals. So here is where you use device intelligence and behavioral analytics, et cetera.”

Real-time payment platforms aren’t necessarily the vehicles through which criminals are stealing data; they’re often the vehicles through which criminals can quickly exploit stolen data.

“It’s the tricking through social engineering or spoof calls for phishing,” he said. “That’s growing to be a pretty common technique and customers may be tricked into transferring funds to someone and never receiving the goods. So it looks like the money’s appeared in the seller’s account, but then a few days later [the platform] reverses the transaction.”

Credit unions and other financial institutions involved with real-time payment platforms should make sure they’re following best practices in terms of P2P security.

Read the full article here.
account takeover behavior analytics deep learning device recognition fraud detection fraud prevention Identity machine intelligence Open Banking Payments PSD2 real time payments risk analysis risk engine risk profiling signals intelligence supervised machine learning unsupervised machine learning

Deep Labs Featured in Bank Business on Whether Open Banking will come to the United States.

Bank sign on marble background. 3d illustration

Deep Labs Michael Lynch discusses in this Bank Business article whether open banking will come to the United States and if banks should start planning for it now.

Open banking is currently mandated in the EU, via a European directive. The regulation behind open banking is the second Payment Services Directive (PSD2). Open banking is designed to permit consumers’ data to be used by third party providers and thereby increase the competition and quality of products in the banking, payments, and credit cards space. Other benefits include ways to save consumers money with better interest rates or cash incentives, as well as making it easier to switch accounts, or to permit consumers’ data to be used by third party providers for helpful tools such as creating a dashboard of all their financial accounts.

PSD2’s main goal is to increase commerce, create a consumer-friendly ecosystem, while ensuring that the consumers’ data remains secure in the process.

One continual question is will we see open banking come to the United States under similar regulations? It is only matter of speculation at this point, but it seems thus far in the U.S. that the private sector will trend towards similar capabilities without a regulatory mandate.

Read the full article here.
account takeover behavior analytics deep learning device recognition fraud detection fraud prevention Identity machine intelligence Open Banking Payments PSD2 risk analysis risk engine signals intelligence supervised machine learning unsupervised machine learning

Deep Labs Featured in Credit Union Business on Whether Open Banking will come to the United States.

Businessman doing online banking

In this article, Deep Labs Chief Strategy and Product Officer, Michael Lynch discusses whether open banking will come to the United States and if banks and credit unions should start planning for it now.

Open banking is currently mandated in the EU, via a European directive. The regulation behind open banking is the second Payment Services Directive (PSD2). Open banking is designed to permit consumers’ data to be used by third party providers and thereby increase the competition and quality of products in the banking, payments, and credit cards space. Other benefits include ways to save consumers money with better interest rates or cash incentives, as well as making it easier to switch accounts, or to permit consumers’ data to be used by third party providers for helpful tools such as creating a dashboard of all their financial accounts.

PSD2’s main goal is to increase commerce, create a consumer-friendly ecosystem, while ensuring that the consumers’ data remains secure in the process.

One continual question is will we see open banking come to the United States under similar regulations? It is only matter of speculation at this point, but it seems thus far in the U.S. that the private sector will trend towards similar capabilities without a regulatory mandate.

Read the full article here.
account takeover behavior analytics deep learning device recognition fraud detection fraud prevention Identity machine intelligence Open Banking Payments PSD2 risk analysis risk engine signals intelligence supervised machine learning unsupervised machine learning
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