Thought Leaders in Cyber Security: Bill Bruno, CEO of D4t4 (Part 2)

Bill Bruno: Another thing that’s picked up in the last few years because of the speed of digital transformation is fraudsters trying to take advantage of that. We have a customer that’s using both systems – our marketing system and our fraud system. In many ways, you can look at it as a hand-off. On the marketing side, we’re helping eliminate friction.

For example, customers were going to these banking sites, in particular, to get some answers. They were worried about everything that was going on. What we ended up doing was capturing and contextualizing better the interactions that consumers were having with things like the online chat functionality and trying to help route people as quickly and as efficiently as possible to the areas of digital presence where the information was. There was quite a bit to deal with there.

If you think of it more from a shopping perspective, it would be things like researching for a mortgage. Perhaps, they’ve been to the site or mobile app a few times. They’ve played around with the mortgage calculator. What can we do knowing that to intervene and try to create some value both for the consumer and the bank themselves and try to win that customer’s business?

As all those things are happening, it’s not always a customer. You’ll have situations where, perhaps, you’re a banking customer and you’re on your banking website, and you have a set of behaviors that you use to interact with that bank. What about the situation where your login information was stolen or someone is trying to take over your account? There’s nothing more personal than someone trying to break into your account.

On the fraud side, it’s about building an evidentiary profile about you. How do you type – when you fill out forms, are you copying and pasting or manually putting them in? It’s largely in a category of what most people refer to as behavioral biometrics. In those cases, it’s leveraging that to compare to what’s happening in the moment to say, “Is this actually you?”

The scary thing in today’s marketplace is that roughly only about 25% of fraudulent activities is returned. Once the transaction happens, the money is gone in most cases. Because of its speed, you have to be out in front of it, create better evidence, and should be able to intervene.

When you look across the marketing and the fraud side, they compete. You could argue the easiest way to get rid of fraud is to make you jump through all these hoops. As a consumer, if you block that transaction as fraudulent because you don’t think it’s me even though I’ve exhibited that behavior every other month, I’m not going to be happy about that. You have the marketing side building these experiences. On the flip side, you’ve got the fraud side monitoring that and saying, “Is this really you? What can we do to better protect you?”

This segment is part 2 in the series : Thought Leaders in Cyber Security: Bill Bruno, CEO of D4t4
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