Latest opinions that Stan Cowan has shared on Finextra

Adapt to Shifting Fraud Trends with an Omnichannel Data Strategy

As more and more banks implement an omnichannel experience to serve their customers, it’s clear that fraud management needs to follow suit. Consider the limited scope of branches as digital transactions and applications become normalized. Or even digital and embedded lending services or multi-platform customer service options. All of these channel...

20 December 2022 /regulation /crime Transaction Fraud Systems and Analysis

How to Automate Risk Management and Grow Faster

New fraud cases and scams are increasing faster than ever. Over 70% of finance professionals reported that their institution suffered from payment attacks in 2021. Consumers alone lost $5.8 billion to scams. As a result, financial institutions (FIs) have found themselves facing new anti-fraud legislation and imposing stricter controls. The probl...

15 December 2022 /payments /crime Financial Risk Management

Fraud Risk Should be Part of Your Risk-Based Pricing Strategy

Risk-based credit pricing can be a great way to expand community-based financial institutions’ loan portfolios while providing the communities they serve with a way to repair credit and obtain needed funding without having to engage with predatory lenders. But it must be done carefully to ensure the financial institution is not unnecessarily expos...

01 December 2022 /identity /crime Financial Risk Management

Yes, It’s Possible—Frictionless Account Fraud Protection

Over the past few years, bank account fraud has become one of the largest threats against financial institutions (FIs). Just last year, there’s been over $52B in identity fraud losses affecting 42 million U.S. consumers. And this grew 79% y-o-y. Community banks and credit unions must find a way to balance methods of managing fraudulent activity wi...

27 November 2022 /payments /retail Frictionless Payments

Safeguarding Zelle and P2P Transactions with Real-time Fraud Protection

Changes in the financial regulatory environment always bring upheaval, but recent initiatives by United States Senators to reduce P2P transaction fraud could add significant challenges for smaller banks, credit unions, and other financial institutions (FI). A proposed amendment to the Electronic Fund Transfer Act (EFTA) to cover authorized payments...

27 November 2022 /payments /crime Peer-To-Peer

Gain a Competitive Advantage with ML-Driven Fraud Prevention

Customized Machine Learning: The secret sauce of world-class risk stacks In today's world, the most successful companies work data-driven. The data science and machine learning (ML) advancements over the past ten years are truly remarkable. With breakthroughs in complex statistics and deep learning, companies have more tools and data today than ev...

28 October 2022 /identity /crime Artificial Intelligence and Financial Services

Effective Case Management for Reduced Friction and Improved Protection

Generally, when you talk to a team who handles fraud at financial institutions, fintechs, or other similar organizations, one of their biggest goals is to reduce the overall number of suspicious events that require a human in the loop to manually review an application, transaction, or newly onboarded account. With today’s modern automatic decisio...

14 October 2022 /identity /crime Artificial Intelligence and Financial Services

Drive Top-Line Growth with the Right Fraud Prevention Solution

We’re now entering a new age of digitalization. Simply providing banking consumers with digital access to accounts and services is no longer enough to remain competitive, retain account holders or improve cross-sell ratios. Financial institutions (FIs) must do all of this quickly, accurately and seamlessly end-to-end. In other words, experience is...

12 October 2022 /retail /crime Financial Risk Management

Surviving an economic crisis with the right fraud and risk processes

Economic downturns and an increase in fraud go hand in hand. It happened during the great recession in the 1920s, in 2008, and during the COVID crisis starting in 2020. You don’t have to be clairvoyant to predict if it will happen again in the next few years, during another recession. During the last few weeks, a gloomy outlook started to emerge o...

11 October 2022 /markets /predictions Financial Risk Management

Machine Learning to Reduce End-User Friction

Digital change happens at the speed of light, and fraudsters move nearly as quickly to exploit vulnerabilities and gaps in fraud prevention capabilities. Financial institutions cannot afford to leave protection up to chance. Consumer demand for digital-everything has been steadily rising for years but has sped up since the height of the pandemic. S...

10 October 2022 /identity /crime Artificial Intelligence and Financial Services

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