Knowing as many details as possible about the customer, the payment and the recipient is a critical component of stopping fraud as payments become faster, says anti-fraud specialist David Barnhardt.
Organizations need to determine "the absolute smallest, minute piece of metadata about the identity, about the payment" that they can collect, Barnhardt says in an interview with Information Security Media Group. Then that data can be used to answer a critical question before each payment goes through: "Does the payment and the identity make sense?"
More information is needed throughout the payment process, Barnhardt argues. "Every touch point that a business deals with its consumer, whether that be in enrollment, the payment, re-identification or in compliance - you need to understand and holistically look at the entire lifecycle of that customer," Barnhardt says.
In the interview (see audio link below photo), Barnhardt also discusses:
- Best practices in threat mitigation for account onboarding;
- Threats that are specific to faster or real-time payments;
- Emerging changes to the threat landscape.
Barnhardt is executive vice president of product at GIACT, where he is responsible for directing product development for a suite of fraud reduction and compliance solutions.