Name: Navigating fraud prevention challenges with AI
Uploaded: 2024-07-04T13:09:14.620Z
Duration: 240.44
Description: Bryan Lewis, CEO of Intellicheck, explores contemporary challenges in fraud prevention, the limitations of traditional methods, and the role of AI in enhancing security measures.

FSPR.SP.01_Bryan Lewis_converted.mp4

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FSPR.SP.01_Bryan Lewis_converted.vtt

English

{{00:00:05}}
Hi, I'm David Penn, research
analyst with Finovate.

{{00:00:07}}
We're here at FinovateSpring in San
Francisco, and joining me is Bryan Lewis.

{{00:00:10}}
He is the CEO of Intellicheck.

{{00:00:12}}
He's fresh off the stage, having
delivered a keynote address,

{{00:00:15}}
discussing some of the contemporary
challenges in fraud prevention.

{{00:00:17}}
We're gonna discuss some of
his insights and key takeaways

{{00:00:19}}
in our conversation right now.

{{00:00:21}}
Thanks for joining us, Bryan.

{{00:00:22}}
My pleasure.

{{00:00:22}}
I thought before we started off, maybe
you could tell us a little bit about

{{00:00:25}}
Intellicheck for folks who aren't
especially familiar with the company.

{{00:00:27}}
Sure.

{{00:00:28}}
Intellicheck is an identity
validation company.

{{00:00:30}}
We we started off mostly working
with financial services, but that

{{00:00:34}}
has branched into everything from
social media to title insurance.

{{00:00:39}}
Anywhere somebody needs to know
that you are who you say you are.

{{00:00:42}}
We fit Interesting, Let's
start right up at the top.

{{00:00:45}}
What are some of the main fraud and
fraud prevention trends that are

{{00:00:47}}
happening right now that customers
and financial institutions are facing?

{{00:00:51}}
I think probably the number one thing
is people are realizing that the

{{00:00:54}}
traditional methods don't work anymore.

{{00:00:57}}
So many people were relying on
knowledge based authentication.

{{00:01:01}}
Is there a Bryan Lewis at this address?

{{00:01:03}}
With this social security number,
but given the data breaches that

{{00:01:07}}
have happened, all that information
is on the web available for sale.

{{00:01:11}}
You combine that with really
accurate fake government documents

{{00:01:17}}
that you can buy for about $40.

{{00:01:20}}
I've got the information.

{{00:01:21}}
I now have an I.

{{00:01:22}}
D.

{{00:01:23}}
That says I'm you.

{{00:01:24}}
It's your information.

{{00:01:25}}
My face.

{{00:01:27}}
I start committing fraud.

{{00:01:28}}
Wow, interesting, So what are some of the
things that financial institutions are

{{00:01:31}}
doing to try to help and protect their
customers from these sorts of threats?

{{00:01:34}}
Yeah, I think they're looking
at sort of two things.

{{00:01:36}}
One, how do we provide protection without
making the customer feel like a criminal?

{{00:01:41}}
So what's the fewest hoops you
can make them jump through,

{{00:01:46}}
but also validate who they are.

{{00:01:48}}
So I think that's a place that a lot of
people are looking and they're really

{{00:01:52}}
beginning to look at the accuracy
of the tools that they're using.

{{00:01:54}}
Because the more accurate the
tool that you're using to validate

{{00:01:58}}
somebody, less hoops you need.

{{00:02:00}}
Interesting.

{{00:02:00}}


{{00:02:01}}
We are hearing a lot of talk here
at the conference about artificial

{{00:02:04}}
intelligence, AI, no surprise to
you, of course, something that

{{00:02:06}}
you're all very involved in.

{{00:02:07}}
Yeah.

{{00:02:08}}
Where would you say AI fits into the
fraud and the fraud prevention situation?

{{00:02:11}}
I think it's a double edged sword
because the bad guys can also use

{{00:02:16}}
AI and so many tools that are used
to authenticate government issued

{{00:02:21}}
documents really are templating.

{{00:02:23}}
So they're going to say, is
the hologram in the right spot?

{{00:02:26}}
Those types of things.

{{00:02:27}}
So is the font the right font?

{{00:02:30}}
They run a few I.

{{00:02:31}}
D.s through machine learning.

{{00:02:33}}
They can make really good fakes.

{{00:02:35}}
And that's what our law
enforcement clients tell us.

{{00:02:37}}
They can barely tell by looking at
them, so they need tools like we have.

{{00:02:41}}
and then on the other side, you can make
your product better if you've got smart A.

{{00:02:45}}
I.

{{00:02:45}}
And machine learning.

{{00:02:46}}
Absolutely.

{{00:02:47}}
I thought maybe to finish up, we could
do something that maybe you mentioned

{{00:02:49}}
at the beginning of your special address
that sometimes people feel a little bit

{{00:02:53}}
disenchanted after your conversations.

{{00:02:54}}
So I thought maybe we could turn the
dial a little bit and say, what are some

{{00:02:57}}
of the things that individuals, maybe
not the CEO or the CTO, individuals

{{00:03:01}}
working companies can do to make it
harder for fraud to be a problem for

{{00:03:03}}
themselves and their organizations?

{{00:03:05}}
Yeah, 15 million Americans had
their identities stolen last

{{00:03:09}}
year, 23 billion in losses.

{{00:03:11}}
And then scams, another
20 billion that were lost.

{{00:03:15}}
So I think what people can do is be
vigilant, because so much of this happens

{{00:03:19}}
because you let the bad guys in, you
let them in, there's the data breach,

{{00:03:24}}
you click on a link, and now they've
got stuff on your computer that's going

{{00:03:27}}
to allow them to steal your identity.

{{00:03:29}}
We do a lot of training internally,
on, what you need to look for.

{{00:03:34}}
And then we fake out our employees.

{{00:03:36}}
If they click that button,
they go to remedial training.

{{00:03:40}}
those are the types of things that
I think everybody should be aware of

{{00:03:43}}
where password security, email security,
if you doubt it, don't click on it.

{{00:03:48}}
that kind of thing.

{{00:03:49}}
Excellent advice.

{{00:03:50}}
thank you for spending a
little bit of time with us and

{{00:03:51}}
sharing some of your insights.

{{00:03:52}}
My pleasure.

{{00:03:53}}
Thank you very much.

{{00:03:54}}
And thank you.

Hi, I'm David Penn, research
analyst with Finovate.

We're here at FinovateSpring in San
Francisco, and joining me is Bryan Lewis.

He's fresh off the stage, having
delivered a keynote address,

discussing some of the contemporary
challenges in fraud prevention.

We're gonna discuss some of
his insights and key takeaways

I thought before we started off, maybe
you could tell us a little bit about

Intellicheck for folks who aren't
especially familiar with the company.

Intellicheck is an identity
validation company.

We we started off mostly working
with financial services, but that

has branched into everything from
social media to title insurance.

Anywhere somebody needs to know
that you are who you say you are.

We fit Interesting, Let's
start right up at the top.

What are some of the main fraud and
fraud prevention trends that are

happening right now that customers
and financial institutions are facing?

I think probably the number one thing
is people are realizing that the

So many people were relying on
knowledge based authentication.

With this social security number,
but given the data breaches that

have happened, all that information
is on the web available for sale.

You combine that with really
accurate fake government documents

Wow, interesting, So what are some of the
things that financial institutions are

doing to try to help and protect their
customers from these sorts of threats?

Yeah, I think they're looking
at sort of two things.

One, how do we provide protection without
making the customer feel like a criminal?

So what's the fewest hoops you
can make them jump through,

So I think that's a place that a lot of
people are looking and they're really

beginning to look at the accuracy
of the tools that they're using.

Because the more accurate the
tool that you're using to validate

We are hearing a lot of talk here
at the conference about artificial

intelligence, AI, no surprise to
you, of course, something that

Where would you say AI fits into the
fraud and the fraud prevention situation?

I think it's a double edged sword
because the bad guys can also use

AI and so many tools that are used
to authenticate government issued

So they're going to say, is
the hologram in the right spot?

And that's what our law
enforcement clients tell us.

They can barely tell by looking at
them, so they need tools like we have.

and then on the other side, you can make
your product better if you've got smart A.

I thought maybe to finish up, we could
do something that maybe you mentioned

at the beginning of your special address
that sometimes people feel a little bit

So I thought maybe we could turn the
dial a little bit and say, what are some

of the things that individuals, maybe
not the CEO or the CTO, individuals

working companies can do to make it
harder for fraud to be a problem for

Yeah, 15 million Americans had
their identities stolen last

And then scams, another
20 billion that were lost.

So I think what people can do is be
vigilant, because so much of this happens

because you let the bad guys in, you
let them in, there's the data breach,

you click on a link, and now they've
got stuff on your computer that's going

We do a lot of training internally,
on, what you need to look for.

If they click that button,
they go to remedial training.

those are the types of things that
I think everybody should be aware of

where password security, email security,
if you doubt it, don't click on it.

thank you for spending a
little bit of time with us and

FinovateSpring

Expert Insight

Bryan Lewis, CEO of Intellicheck, explores contemporary challenges in fraud prevention, the limitations of traditional methods, and the role of AI in enhancing security measures.