Matt Wilson leads the Enterprise go-to market for UK and Ireland for Ekata, a Mastercard company, across eCommerce, Financial Services and Payments. With a background in the fraud industry and experience of over 10 years, he provides consultative advice for providers, merchants and financial institutions.
Below please find a Q&A with Matt to give you some insight into what you might expect from him at this year’s Financial Crime 360 event.
Q: What do you consider to be the current top 3 challenges in relations to fighting financial Crime?
Balancing the trade off between fraud mitigation and customer experience. Many in the industry acknowledge that you need to accept risk if you want more customers or tighten controls with the risk of losing good ones.
Understanding the true identity of the consumer. In a completely digital world, we have lost the ability to look a customer in the eye and challenge them face to face. This undoubtably is a better customer experience but I would pose the question of whether this had led to a playing ground for fraud and financial crime.
Protecting vulnerable victims. Unfortunately, those that are in this position tend to be more trusting and susceptible to fraud and financial crime. We must do better as an industry to protect those in this position
Q: What can financial institutions do to mitigate risks?
I always suggest a multi-faceted strategy to prevent fraud and financial crime. Nobody knows their customers data better than themselves but there is a wealth of technology and data sources in the market that further enhance prevention and detection. It’s important to recognise there is not one solution that can do everything in this market and in most cases, a combination of multiple techniques yields the best results.
Q: What is the value of industry/ network-level collaboration and innovation?
Thankfully, the fraud and financial crime space is a lot less competitive in nature, lending itself to a sharing culture amongst peers. Having insights from those in your industry and outside of it is extremely important to stay on top of the existing and emerging trends in financial crime.
Q: How will the industry evolve in the next 2-5 years?
For me, identity and specifically digital identity will become the most important area of financial crime strategy to get right. Being able to understand identity elements, device, biometrics, and other data points in a transaction paints a strong picture to any financial services company.
Q: What can we look forward to from your session at Financial Crime 360?
Having worked as a fraud manager for a well-known credit card company and some of the biggest players in the fraud prevention arena, I’m hoping to bring the perspective of both sides of the coin.
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