The Most Concerning Developments in P2P Payments FraudOutseer's Jim Ducharme and MUFG Union Bank's retired Director Ken Palla on Authorized Versus Unauthorized Fraud
Whether or not a bank customer authorized a fraudulent P2P payment can be the difference between whether or not the customer is able to get reimbursed by their bank. Outseer COO Jim Ducharme and MUFG Union Bank retired Director Ken Palla break down the significant legal and regulatory differences between authorized and unauthorized P2P payments fraud.
In a video interview with Information Security Media Group at RSA Conference 2022, Ducharme and Palla also discuss:
- Direct and indirect effects of P2P payment fraud on clients;
- Controls that can help organizations mitigate damage;
- Regulatory changes across the globe tied to P2P fraud.
Ducharme is responsible for the overall business strategy and execution of the Outseer Fraud & Risk Intelligence product portfolio and works to increase the effectiveness of fraud detection and prevention techniques with the use of cloud-based data science and machine-learning innovations. He has more than 25 years of experience leading product organizations in the identity, integrated risk, and fraud management markets.
Since 2000, Palla was responsible for implementing internet-based technology for MUFG Union Bank. During his final 14 years at the bank, he researched the growing problems of online security, including both web and mobile. He was responsible for identifying the security problem, searching for viable solutions and managing the implementation of the chosen solution. Currently, he is researching what future authentication will look like for web and mobile banking, along with how to better mitigate online scams and social engineering.