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merchant refund fraud scheme that
might otherwise go undetected in a
"If there are any banks in the western bank's system, according to Bycroft.
world that do not have a fraud management Sentra also takes advantage of
system, we find that absolutely incredible." social media to combat fraud and
reputational damage. Bycroft said
Sentra scours sites like Facebook
– John Bycroft, Insider Technologies for the geolocation data of its users
to verify transactions when people
travel overseas, for example. Sentra
also "turns the firehose" on Twitter
of Scotland. But Bycroft said the last five years' advances in telecommunications to search for mentions of its banking
and data processing have multiplied the company's anti-fraud capabilities. clients so FIs can mitigate the effects
of negative publicity, he added.
"We can now analyze the data far more quickly, far more easily and far more Reputational damage incurred via
effectively," Bycroft said. "And we can analyze on the fly and in real time and social media is "a big issue at the
it is phenomenally powerful." moment for quite a few institutions,"
he said.
The company's new technology, Sentra, is based on its capacity to store and Boots on the ground
analyze big data. "We capture all the data and create a superior data set that
the bank is generally keeping," Bycroft said. "And we keep that data forever. Bycroft believes that the U.S. financial
We have banks that have got 10 years' history of every single transaction." services industry's transition to EMV
has been hampered by the very size
With that data, Sentra pinpoints, in real time, trends and patterns that may and scope of the marketplace, which
signal fraudulent activity. For example, Sentra can quickly red flag a $10 million comprises 8,000 credit unions and
10,000 banks. It is a far different
picture in the U.K., where a dozen
or so banks spearheaded the move
to EMV several years ago. In the
U.K. "it is actually much easier to
get a consensus of opinion and loose
confederacy of collaboration to take
something forward," Bycroft said.
The U.S. market's diversity makes it a
great opportunity, but a problematic
one, for Insider Technologies. Bycroft
said the U.S. market represents a
chance for Insider Technologies to
convince a lot of FIs of the benefits of
Sentra, but it is also a daunting task
because there are so many FIs that
need convincing.
It was this dilemma that convinced
the company to take Sentra on the
road. Bycroft stated, "The roadshow
idea really came out of an urgent
desire that actually we should be
shouting louder and we should be
making a bigger announcement in
saying, 'Hey, guys, the problems that
you are facing are the problems that
we've had in Europe. And quite a few
of the issues you are facing, we have
handled.'"
16
merchant refund fraud scheme that
might otherwise go undetected in a
"If there are any banks in the western bank's system, according to Bycroft.
world that do not have a fraud management Sentra also takes advantage of
system, we find that absolutely incredible." social media to combat fraud and
reputational damage. Bycroft said
Sentra scours sites like Facebook
– John Bycroft, Insider Technologies for the geolocation data of its users
to verify transactions when people
travel overseas, for example. Sentra
also "turns the firehose" on Twitter
of Scotland. But Bycroft said the last five years' advances in telecommunications to search for mentions of its banking
and data processing have multiplied the company's anti-fraud capabilities. clients so FIs can mitigate the effects
of negative publicity, he added.
"We can now analyze the data far more quickly, far more easily and far more Reputational damage incurred via
effectively," Bycroft said. "And we can analyze on the fly and in real time and social media is "a big issue at the
it is phenomenally powerful." moment for quite a few institutions,"
he said.
The company's new technology, Sentra, is based on its capacity to store and Boots on the ground
analyze big data. "We capture all the data and create a superior data set that
the bank is generally keeping," Bycroft said. "And we keep that data forever. Bycroft believes that the U.S. financial
We have banks that have got 10 years' history of every single transaction." services industry's transition to EMV
has been hampered by the very size
With that data, Sentra pinpoints, in real time, trends and patterns that may and scope of the marketplace, which
signal fraudulent activity. For example, Sentra can quickly red flag a $10 million comprises 8,000 credit unions and
10,000 banks. It is a far different
picture in the U.K., where a dozen
or so banks spearheaded the move
to EMV several years ago. In the
U.K. "it is actually much easier to
get a consensus of opinion and loose
confederacy of collaboration to take
something forward," Bycroft said.
The U.S. market's diversity makes it a
great opportunity, but a problematic
one, for Insider Technologies. Bycroft
said the U.S. market represents a
chance for Insider Technologies to
convince a lot of FIs of the benefits of
Sentra, but it is also a daunting task
because there are so many FIs that
need convincing.
It was this dilemma that convinced
the company to take Sentra on the
road. Bycroft stated, "The roadshow
idea really came out of an urgent
desire that actually we should be
shouting louder and we should be
making a bigger announcement in
saying, 'Hey, guys, the problems that
you are facing are the problems that
we've had in Europe. And quite a few
of the issues you are facing, we have
handled.'"
16
