Real time. Dynamic. Personalized.
Accept this: what worked in combatting fraudsters 10 years ago is about as useful today as a 10-year-old PC or cellphone.
Accept this too: it’s a war on with fraudsters and smart financial institutions understand that very likely the criminals know a lot about the FI’s weaponry.
How to combat these criminals?
On the show today is Ravi Sandepudi, CEO of Effectiv.ai, a new-style anti-fraud platform that has been built by a cyber team with deep histories at Google and PayPal – and knows that PayPal is well known for how professional its anti-fraud group is and Google is where much today’s AI intellectual platform originated.
Go back a decade or two and much fraud prevention was built around hard-wired rules which worked reasonably well but also true is that criminals learned the rules and then dreamed up workarounds.
What’s needed today is an intelligent, evolving fraud toolkit and that is what Effectiv seeks to provide its customers.
Know that credit unions are a particular target for Effectiv and in the show Sandepudi tells his own touching story about being an immigrant in the US who had come to go to school and of course, he lacked a Social Security number because he had just arrived and banks, he said, showed him the exit door.
Then he went to a credit union affiliated with his school and a beautiful relationship blossomed. They accepted his student ID and US-issued visa as proof of identity and a credit union fan was made.
Nowadays too he also finds that credit unions quickly get why the Effectiv fraud-fighting tools are better than the old tools they had been using and, said Sandepudi, adoptions are coming fast.