Today’s payment ecosystem is evolving rapidly. Banks are not only faced with the need to support a higher volume of digital payments and prepare for instant payments roll-out, but also combat increasingly innovative fraudsters looking to exploit weak links. As technology, particularly AI, grows more sophisticated, so do criminals; relying on legacy counter fraud systems and processes no longer cuts it. In the digital era, signatory rights have become too easy to circumvent, while banking details shared via emails or PDFs are easily forged – current processes are simply inadequate to fight payment fraud. This roundtable will discuss how banks can navigate increasingly sophisticated fraud in e-payments, as well as strategies to ensure bulletproof security and robust verification / authentication within the new payments ecosystem.
Attend to gain insights on:
- How to move beyond legacy approaches to counter fraud and ensure robust verification
- How to overcome the lack of visibility when verifying payment transactions
- Practical steps to go beyond just credentials and signatory rights in the digital era
- From deepfakes to synthetic reality: how to stay ahead of fraudsters in an AI world
Welcome and participant introductions
Scene Setter | Payments fraud in North America: the evolving landscape
Speaker: Jen Martin, Head of Fraud and Disputes, Citizens Financial Group
Discussion:
- The fight against fraud: how is the payments ecosystem evolving and how must counter-fraud measures adapt?
- Deepfakes, synthetic reality, forged documents: what are the risks of AI and how can they be mitigated?
- Advanced analytics and AI: how is AI set to transform real-time fraud detection?
- Ensuring uncompromisable verification: moving away from email, letters and PDFs
- Lack of visibility during the payment process: to what extent is this the weakest link in the process? How can this be improved?
- Beyond credentials and signatory rights: how can banks strengthen security for electronic payments?
- Transforming counter fraud systems and processes at speed: where do the priorities lie?
Closing remarks
(60 minutes)
Speakers:
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This roundtable is designed for senior figures working across banking and financial services.
Fill in this short form if you meet the above criteria and would like to participate in the discussion on 16 September. All invitation requests will be vetted and approved (or declined) by the organiser.
About nsKnox
nsKnox is a fintech-security company enabling banks and corporations to prevent fraud and ensure compliance with B2B payments. We help organizations avoid significant financial losses, heavy fines, and reputational damage.
nsKnox can:
- Prevent corporate payment fraud across different fraud vectors, including deepfake AI;
- Remove major inefficiencies for the bank’s corporate clients as a result of manual labor to verify new vendors (payees) and safely maintain data and
- Create potential new revenue streams for the bank as part of their Cash and/or Treasury Management solution portfolio.
Through:
- Replacing unsecured bank letters with secure, verifiable, and trackable bank letters;
- Positive Pay for Electronic Payments: for any electronic payment – ensures the payee and transaction are correct, legitimate, and internally approved by your customer BEFORE processing this transaction
- Account Validation that is truly global and deterministic, resulting in end-to-end payment security, well beyond any partial solutions you may have in place.
To learn more, visit https://nsknox.net/
