EXECUTIVE THINK TANK:
Fraud Prevention in the Digital World – The Role of Early and Accurate Detection
The COVID-19 crisis has led to a much wider adoption of digital technologies for payments, commerce and customer engagement. Organisations have realised that digital platforms make it easier for them to transact with customers efficiently and, at scale. And the spending on digital tech will only go up.
Ecosystm research finds that:
- 52% of organisations in Southeast Asia will implement more collaborative platforms and tools in 2021
- 46% will increase use of digital technology and platforms to improve customer experience
- 40% will use more digital technology for product delivery
This increase in use of digital technology will also increase exposure to fraudulent digital interactions. With the availability of so much identity data, it is easy for fraudsters to impersonate customers and create fake identities. Account abuse and account takeover are becoming a major challenge across all industries. Organisations are aware of it with 45% increasing their spend on data security in 2021.
However, to minimise fraud, it is essential to understand the importance of detecting fraudulent behaviour early and accurately, while maintaining a frictionless experience for customers. Companies must assess risk for each transaction and do it fast. As fraudster tactics evolve, organisations will look to data science and machine learning to stay proactive and vigilant.
This Ecosystm Executive ThinkTank will deliver an expert-facilitated peer discussion on best practices for fraud detection. It will provide insights into:
- Common types of fraud
- The challenges organisations face in identifying fraud
- The financial and broader implications of fraud
- The use of data science and machine learning to detect and address fraud rapidly
Facilitators
Andrew Milroy is a well-known and respected thought leader and speaker in the APAC region. With more than two decades of experience in the technology sector, Andrew has worked with clients in a variety of tech domains including cybersecurity, cloud computing, IoT, blockchain, service provider strategies, and customer experience. His most recent work has been focused on the current challenges in technology markets, cybersecurity and digital transformation.
Since moving to Singapore in 2011, he has held regional leadership roles with Frost & Sullivan and Ovum (now Omdia). Prior to working in Singapore, Andrew gained invaluable technology knowledge and insights while working in Europe, the United States, and Australia.
Andrew is frequently invited to speak, chair and moderate at major technology events. He is also widely quoted on the global broadcast media, including BBC, CNBC, Bloomberg and Channel News Asia.
Andrew has a BSc from Newcastle University (UK), an MA from Middlesex University (UK) and an MBA from MGSM (Australia). Andrew is a long suffering Sheffield United supporter and enjoys hiking and running in his spare time.
Dan Jiao is Ekata’s Director of Asia Pacific, based out of Singapore. He is spearheading Ekata’s growth into Asia Pacific markets, including Southeast Asia and Australia. Prior to his move to Singapore, Dan worked with Ekata’s most strategic accounts, including card brands, payment service providers, and large merchants, to maximize the value of global identity verification data in both machine learning models and rule sets. His knowledge of fraud prevention, data science, and regulations has allowed him to effectively consult enterprise-grade organizations on how to better improve conversion rates and decrease false positives. Dan holds a Bachelor of Science degree in Chemical Engineering from the University of California, Berkeley and worked in the chemicals industry before his time at Ekata. In his free time, Dan enjoys playing ping pong and traveling to new places.
