Webinar Sneak Peek: Fraud Orchestration With Datos Insights

Jim Young

Jim Young welcomes Jim Mortensen from Datos Insights for this mini-episode providing a preview of a March 13 webinar on fraud orchestration and how it can help financial institutions build stronger defenses.

Listen

Transcript

Jim Young

Hi, and welcome to The Purposeful Banker, the leading commercial banking podcast brought to you by Q2, where we discuss the big topics on the minds of the today's best bankers. I'm your host, Jim Young, senior content strategist at Q2. Now we're breaking away from our usual episode every two weeks cadence here with this mini episode because we want to give you a quick preview, about four to five minutes, of an upcoming webinar that Q2 is co-hosting with Datos Insights. Think of it as sort of like a movie trailer, but in podcast form. The webinar is called Fraud Orchestration: Stay a Step Ahead of Financial Fraud, and it will be held on Thursday, March 13, 3 p.m. Eastern, 2 p.m. Central. There will be a link to the webinar in the show notes. You can also reach it at q2.com/webinars. Webinars with an s slash fraud. Again, q2.com/webinars/fraud. And that's just it. Leave out the www part if that's confusing to you. Again, don't worry, there's the link to the webinar in the show notes. But more importantly here to give us a sneak peek into the webinar's content is one of its co-hosts, Jim Mortensen, strategic advisor at Datos Insights. Jim, welcome to the show.

Jim Mortensen

Thanks, Jim. I appreciate it and happy to be here.

Jim Young

So let's just start right off and start at the beginning. At first, can you give us sort of a quick explainer of what you mean when you say fraud orchestration, and then tell us what prompted Datos to do research into this area?

Jim Mortensen

You bet. Yeah. Fraud orchestration. I think the best way to think about it is that it's basically a conductor that coordinates all of your fraud prevention tools to play sort of in harmony or to be leveraged in harmony, just like an orchestra needs someone to ensure all the instruments come in at the right time with the right level of volume. Financial institutions need a system that can coordinate their various fraud detection tools, data sources, and authentication methods in real time. Now, to your second point, we undertook this research because we were seeing a lot of financial institutions struggling with fragmented fraud prevention approaches. What I mean by that is they have a lot of good individual tools, but they're not working together effectively. The survey that we did revealed that over 80% of respondents face challenges with siloed data and limited visibility across channels, and I think this fragmentation is making it harder to fight increasingly sophisticated fraud attacks.

Jim Young

OK. As I mentioned in the intro here, the goal here is to give folks a sneak peek into the webinar. So can you pull the curtain back just a little bit and share maybe one finding from your research that when you came across it maybe raised your eyebrows a little bit because it was different from what you were expecting to learn going in?

Jim Mortensen

Sure. It's a good question. I think as I think through all of the insights, and there were quite a few in the research, one finding that really surprised me was in relation to the implementation barriers. So going into this, we expected cost to be the primary obstacle to adopting orchestration solutions, but what we found as we started to talk to fraud professionals across the industry is that integration complexity and organizational alignment were actually bigger hurdles. Many institutions already have the budget allocated. What they really struggle with is the technical complexity of connecting all of their systems together and getting different business units across the organization to align on a unified approach. Several respondents even described their organizations as sort of a Frankenbank, so to speak, due to having multiple legacy systems that really don't talk to each other.

Jim Young

That's interesting. Yeah. The irony is almost the more you try to treat it, the harder it gets to treat it when you have that situation. So to put you in the shoes of the audience here. If you are the CEO of a financial institution, who at your bank or credit union are you going to say, "Hey, you need to be the person who attends this webinar?" Basically, what titles or roles are the ones who should hear what you have to say?

Jim Mortensen

Yeah, yeah. I think this research has a number of critical insights for several of the typical stakeholders across a financial institution. Obviously, fraud prevention leaders and their teams should attend, but I'd also strongly encourage CIOs and CTOs as well as digital banking executives to join the webinar. The findings that we have highlighted are that really successful fraud orchestration solution implementation requires a strong partnership between fraud technology and other business teams. One interesting finding that institutions that have implemented orchestration solutions are seeing reductions in false positives while improving fraud detection efficacy as well as the customer experience. But what we kind of found is that achieving these results really requires breaking down those organizational silos, and as you think about those types of results, they have benefits not just to fraud prevention, but to the broader organization in terms of the customer experience.

Jim Young

Absolutely, absolutely. And yeah, to your point about this CIO, you just made the point about the implementation, that sort of thing being the biggest problem. Well, if you purchase this thing, you're going to be coming to those guys, the organization, to say help me figure out how to do this. So that certainly makes sense.

Jim Mortensen

Yeah, and I would add that what a big aspect is to the selection implementation is getting a tool that aligns with an organization's technology stack. So that's a really key aspect to have the CIO/CTO involved.

Jim Young

OK. Well, I promised we keep this short. So just one last question. What's one thing you think attendees will take away from this webinar?

Jim Mortensen

Yeah, I think a key takeaway from this study is that a fraud orchestration is not just a technology solution. It's really a strategic approach. The research shows that financial institutions can no longer fight modern fraud vectors with disconnected point solutions. I think that attendees will come away understanding both the urgency of migrating to an orchestrated approach, and they'll obtain some practical insights on how to overcome some of the common implementation challenges. Both myself and my co-host, Jeff, will share concrete examples of how leading institutions are successfully orchestrating their fraud prevention capabilities to both improve detection while enhancing the customer experience.

Jim Young

So reminder, again, webinar is called Fraud Orchestration: Stay a Step Ahead of Financial Fraud and will be held on Thursday, March 13, 3 p.m. Eastern, 2 p.m. Central, and you can register for it at q2.com/webinars/fraud. And if you have a hard time remembering that link, there will be a link to the webinar in the show notes. Jim, thanks again for coming on the show, and I'm looking forward to learning more about fraud orchestration at your webinar.

Jim Mortensen

You bet. My pleasure. I'm looking forward to the webinar as well, and the discussion with Jeff. It should be really interesting,

Jim Young

And thanks again for listening to this special mini episode of The Purposeful Banker. We'll be back on schedule next week with a regular-length episode. If you want to catch more episodes, subscribe to the show, wherever you listen to podcasts, including Apple Podcasts, Spotify, Stitcher, and iHeartRadio. As always, we'd love to hear what you think in the comments, and you can learn more about the company behind the content by visiting q2.com. Until next time, this is Jim Young and you've been listening to The Purposeful Banker.