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Session Description:
Today,
more than 36 million U.S. households use
online banking and by all reports that
number will continue to skyrocket for
years to come. As adoption of online
banking, including online account
opening and funding and online funds
transfers, continues to rise, so too
does the complexity of fraud and
consumer demand for additional
assurances of security. A recent
industry study revealed that 74 percent
of consumers hold their banks
responsible for preventing fraud and 50
percent would change banks if they
offered stronger risk management and
protection. This translates into
increased pressure on financial
institutions to act and to improve risk
management in the online channel.
While, all financial transactions
inherently contain some level of risk,
for online transactions, that risk be
mitigated by creating the ability to
identify, monitor, measure and prevent
that risk from translating into actual
loss. Successful risk mitigation for
online transactions begins with
comprehensive identity verification and
robust funding account ownership
verification and continues with
proactive, ongoing monitoring that
focuses on critical points in the life
cycle of an account and transaction.
Attendees will learn how to decrease
their fraud exposure and increase their
ability to recover funds from fraudulent
transactions without disrupting
legitimate customer transactions.
Specifically, this presentation will
discuss:
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The evolving trends and new
developments in online fraud,
including organized fraud rings
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Key success factors for mitigating
risk in the online channel including
the integration of automation and
human intelligence
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How to implement a solution to
create the ability to identify,
monitor and measure and prevent that
risk from translating into actual
loss
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The value of an integrated and
continuous approach that leverages
pooled industry knowledge
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Specific examples of successful
fraud prevention in the financial
services industry
This
session is appropriate for senior
financial services executives with
responsibility for Risk Management, Loss
Management, Online Account Acquisition,
Online Payments and Funds Transfers.
About Amir Sunderji:
Amir
Sunderji is responsible for risk
management and payment operations at
CashEdge. He has 15 years of experience
in the financial services industry.
Prior to joining the team, Mr. Sunderji
was with BarterTrust.com, a
business-to-business barter exchange,
where as chief credit officer he led the
risk and economy management efforts.
Previously, he was vice president of
risk management and credit policy at
Advanta Business Services, a subsidiary
of Advanta Corporation. Mr. Sunderji
also directed risk management efforts
for Mercedes-Benz Credit Corporation’s
$8 billion portfolio. Before that, he
held a number of positions at HSBC in
audit and risk examination, capital
markets and consumer finance, and was
vice president of risk management for a
$4 billion portfolio.
Mr. Sunderji earned an MBA in Finance
from the University of Dar-es-Salaam in
Tanzania and a BS in Accounting from the
University of Poona in India.
About CashEdge:
Recognized by Inc. magazine as one of
the 500 fastest growing private
companies in the United States, CashEdge®
provides innovative, online financial
applications for banks, credit unions
and wealth management firms. CashEdge
solutions include end-to-end online
account opening and funding, funds
transfer, and data consolidation.
Flexible, scalable and supported by
extensive risk management capabilities,
these proven solutions empower financial
institutions to create compelling online
offerings that attract customers,
generate revenues and reduce costs.
CashEdge currently serves more than 600
leading financial institutions including
Bank of America, Citibank, HSBC,
Wachovia, and Royal Bank of Canada.
CashEdge employs more than 330 employees
worldwide and has offices located in New
York City, Silicon Valley, Chennai and
Gurgaon.
www.cashedge.com
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