So, um, go ahead, introduce yourself and who you're with.
Sure. My name is Joyce Arnold. I'm with Thompson Reuters Risk and Compliance,
primarily Clear, um, which is due diligence, investigations,
information for financial institutions across industries.
I focus on financial institutions in Brooklyn, Queens, um, long Island,
Connecticut, New Jersey. So I'm here representing, um, this,
but we have folks across the country, um, and this is a great event.
We're really happy to be here again. Um, we're just in Miami. Awesome.
And go ahead and introduce yourself, man. Yeah. I'm Matt Banstra.
I'm a sales director for the United States with Authentics,
which is an ID verification company. Awesome. Uh,
I'm excited to have you guys here cuz I have a lot of questions for you guys cuz
you guys are definitely a different niche. Why don't we,
we move in a little bit more? Yeah, sure. Um, so first and foremost,
you guys aren't Mc like just regular brokers, lenders.
You guys have a specific niche. So in your, in your specific field,
what trends have you been seeing? You know, in regards,
especially the last six months, a lot of things are changing.
So what trends have you been seeing?
So certainly there's the response to regulations, um,
across the different states that are, you know, bringing them in.
I'm learning about them as everyone else is learning about them.
So it's interesting to see what response there's been among the, you know,
lenders and how they're, you know, how they're reacting. Some are embracing it,
some, you know, in the past we're avoiding it. Um,
the other one being the employee retention tax credit.
Certainly we're hearing a lot of buzz about that. Um, folks getting into it,
who, um, you know, who, who you should turn to for that,
those types of products and solutions. Um, and this industry is ever evolving.
There's always something new going on. Yeah,
and what we're here to talk about a little bit is, um, our partnership.
So Id verification is definitely one of those huge trends we're,
we're seeing that a lot of folks do collect government issue id.
They are getting burned by not necessarily doing a lot of verification using
what they have in their hands already. Um,
so Thompson Reuters is partnered with Authentics,
they're an Israeli based company with a global reach, um, to help with,
you know, an eight second verification of 164 point inspection across, um,
any type of global id.
But definitely those driver's licenses that people are collecting and looking at
doing their best. Seeing some mismatches, maybe, maybe not,
but we're here to help them not miss anything.
So that's why we're here to talk about that partnership.
So why don't you jump in? What,
what have you been seeing that's kind of a trend in your specific area too?
Yeah, absolutely. I mean, really since Covid we've seen a huge spike in fraud.
You know, specifically with remote verification fraud,
which I understand is also an issue with the funders. Uh,
and we've been lucky enough through our partnership with Thompson Reuters, uh,
to be introduced into this space that I know Joyce is already quite fluent in.
Um,
and authentics is being used by some funders already and we're looking to how we
can expand that reach because we do know that fraud, uh, is increasing. And,
and I'll kind of elaborate on what you said, Joyce. Um, yes, we can do, uh,
and 164.8 second verification of id.
We believe we're an industry leader in that regard. Uh,
but we have other products such as uh, what we call instinct,
which essentially ties any ID that's been used in fraud before in our database
and can flag that as fraud.
So even if it's a real ID that somebody's using that has been used in a
fraudulent transaction before, or even if the background is the same,
if the face is the same, uh,
if the birthdate or name or document number's similar, uh,
we can then flag that as fraud, uh, to help reduce some of this, uh,
increase in fraud that we've been seeing. So I have,
I definitely have a specific question for you guys because I've talked to a lot
of these guys and a lot of them they've said fraud is like number one on their
list. They're trying to maneuver that,
they're trying to like make sure that they're doing things right. Mm-hmm.
But then with everything changing so quickly,
they're also trying to keep up to date with like regulation and just trying to
maneuver this entire industry that change, you know, within the last year or so,
like things really like started to hit. Mm-hmm.
What advice would you guys have in regards to making sure everyone keeps up to
date and making sure that their business is afloat and making sure they,
they try to avoid fraud situations or how,
what's the best way to maneuver that? That was a handful. Ooh,
That's a good question. I would say,
generally speaking what I tell all of my clients,
but I would tell everyone in this room, don't work in a vacuum. Mm-hmm.
Don't work in a vacuum. If that's working with your, you know,
trusted partners like us. Great. Um, but also even just everyone in this room,
everyone has so much knowledge here that you can learn from, gain, you know,
information, don't go through those experiences on your own,
really understand what's out there,
what's working for people in terms of solutions, strategies.
Some people are really manual with it where they're like,
now I do zoom calls because I wanna have that face-to-face and I've been burned
this way. So I've learned from experience what I need to do more.
Zoom calls being an example, you know, but talk to people, see what's working,
see what's not working.
Maximize your footprint of knowledge based on what everyone in this room has
been. I mean, there's so many years of experience,
there's so much knowledge across the people that are here,
thankfully gathered in one place a few times a year for us to all talk with each
other. But just in general, go to your trusted partners,
see what they're doing that's latest and greatest to help,
but also talk amongst your community to understand what you can do to help avoid
those pitfalls. Yeah, for sure. That, that would be my biggest advice.
A lot of people, um, oh, I wouldn't say a lot of people,
but the mistake is always typically in figuring it out yourself,
executing on it yourself, not um,
collaborating and then that leads to a lot of frustration and potentially missed
potholes.
Yeah. That's really, really good. And what about you man? I mean,
what advice would you have for you to try to maneuver this?
This is a hard industry. Yeah, absolutely.
It is a hard industry and I would really say just use the tools at their
disposal. Uh, I mean,
they're lucky in the fact that IDs are already being collected,
which is one of the number one sources of fraud. Uh,
and so to collect those IDs and not put them through some type of inspection to
ensure that they're valid documents, I think is a, is a huge miss. Um,
and I think it's a big opportunity for this industry to, one,
reduce fraud and two, better know their customers, uh,
and be more certain of who they're dealing with. Awesome. Well you guys,
thank you guys so much for chatting with us. I mean,
cuz this is definitely a hot topic right now.
It's just fraud and just maneuvering this entire industry with all the changes
and, and it's a wealth of knowledge that you guys are bringing to us.
So thank you. Appreciate it. No problem. Thank you guys.
I'll let you guys enjoy.