- This file was automatically generated by VIMEO

0
00:00:00.220 --> 00:00:02.920
So, um, go ahead, introduce yourself and who you're with.

1
00:00:03.070 --> 00:00:06.440
Sure. My name is Joyce Arnold. I'm with Thompson Reuters Risk and Compliance,

2
00:00:06.440 --> 00:00:09.640
primarily Clear, um, which is due diligence, investigations,

3
00:00:09.640 --> 00:00:13.640
information for financial institutions across industries.

4
00:00:13.680 --> 00:00:17.360
I focus on financial institutions in Brooklyn, Queens, um, long Island,

5
00:00:17.360 --> 00:00:21.080
Connecticut, New Jersey. So I'm here representing, um, this,

6
00:00:21.260 --> 00:00:25.280
but we have folks across the country, um, and this is a great event.

7
00:00:25.280 --> 00:00:28.960
We're really happy to be here again. Um, we're just in Miami. Awesome.

8
00:00:28.960 --> 00:00:31.200
And go ahead and introduce yourself, man. Yeah. I'm Matt Banstra.

9
00:00:31.300 --> 00:00:33.920
I'm a sales director for the United States with Authentics,

10
00:00:33.920 --> 00:00:36.800
which is an ID verification company. Awesome. Uh,

11
00:00:36.800 --> 00:00:39.360
I'm excited to have you guys here cuz I have a lot of questions for you guys cuz

12
00:00:39.360 --> 00:00:41.280
you guys are definitely a different niche. Why don't we,

13
00:00:41.420 --> 00:00:44.360
we move in a little bit more? Yeah, sure. Um, so first and foremost,

14
00:00:44.420 --> 00:00:47.160
you guys aren't Mc like just regular brokers, lenders.

15
00:00:47.160 --> 00:00:51.160
You guys have a specific niche. So in your, in your specific field,

16
00:00:51.710 --> 00:00:53.800
what trends have you been seeing? You know, in regards,

17
00:00:53.800 --> 00:00:56.160
especially the last six months, a lot of things are changing.

18
00:00:56.220 --> 00:00:57.600
So what trends have you been seeing?

19
00:00:58.100 --> 00:01:01.040
So certainly there's the response to regulations, um,

20
00:01:01.040 --> 00:01:03.600
across the different states that are, you know, bringing them in.

21
00:01:03.700 --> 00:01:05.960
I'm learning about them as everyone else is learning about them.

22
00:01:06.020 --> 00:01:10.000
So it's interesting to see what response there's been among the, you know,

23
00:01:10.030 --> 00:01:13.440
lenders and how they're, you know, how they're reacting. Some are embracing it,

24
00:01:13.440 --> 00:01:16.080
some, you know, in the past we're avoiding it. Um,

25
00:01:16.080 --> 00:01:18.080
the other one being the employee retention tax credit.

26
00:01:18.080 --> 00:01:21.800
Certainly we're hearing a lot of buzz about that. Um, folks getting into it,

27
00:01:22.100 --> 00:01:25.680
who, um, you know, who, who you should turn to for that,

28
00:01:25.680 --> 00:01:29.400
those types of products and solutions. Um, and this industry is ever evolving.

29
00:01:29.400 --> 00:01:31.240
There's always something new going on. Yeah,

30
00:01:31.380 --> 00:01:35.280
and what we're here to talk about a little bit is, um, our partnership.

31
00:01:35.340 --> 00:01:38.520
So Id verification is definitely one of those huge trends we're,

32
00:01:38.770 --> 00:01:42.000
we're seeing that a lot of folks do collect government issue id.

33
00:01:42.000 --> 00:01:45.840
They are getting burned by not necessarily doing a lot of verification using

34
00:01:45.870 --> 00:01:48.240
what they have in their hands already. Um,

35
00:01:48.340 --> 00:01:50.800
so Thompson Reuters is partnered with Authentics,

36
00:01:50.800 --> 00:01:55.200
they're an Israeli based company with a global reach, um, to help with,

37
00:01:55.620 --> 00:02:00.360
you know, an eight second verification of 164 point inspection across, um,

38
00:02:00.460 --> 00:02:01.960
any type of global id.

39
00:02:01.980 --> 00:02:05.840
But definitely those driver's licenses that people are collecting and looking at

40
00:02:05.850 --> 00:02:08.760
doing their best. Seeing some mismatches, maybe, maybe not,

41
00:02:08.900 --> 00:02:11.280
but we're here to help them not miss anything.

42
00:02:11.460 --> 00:02:13.640
So that's why we're here to talk about that partnership.

43
00:02:13.820 --> 00:02:15.240
So why don't you jump in? What,

44
00:02:15.240 --> 00:02:18.640
what have you been seeing that's kind of a trend in your specific area too?

45
00:02:18.790 --> 00:02:23.040
Yeah, absolutely. I mean, really since Covid we've seen a huge spike in fraud.

46
00:02:23.300 --> 00:02:25.440
You know, specifically with remote verification fraud,

47
00:02:25.440 --> 00:02:28.200
which I understand is also an issue with the funders. Uh,

48
00:02:28.200 --> 00:02:31.440
and we've been lucky enough through our partnership with Thompson Reuters, uh,

49
00:02:31.540 --> 00:02:35.080
to be introduced into this space that I know Joyce is already quite fluent in.

50
00:02:35.500 --> 00:02:35.720
Um,

51
00:02:35.720 --> 00:02:39.360
and authentics is being used by some funders already and we're looking to how we

52
00:02:39.360 --> 00:02:43.160
can expand that reach because we do know that fraud, uh, is increasing. And,

53
00:02:43.160 --> 00:02:47.240
and I'll kind of elaborate on what you said, Joyce. Um, yes, we can do, uh,

54
00:02:47.260 --> 00:02:50.120
and 164.8 second verification of id.

55
00:02:50.140 --> 00:02:52.640
We believe we're an industry leader in that regard. Uh,

56
00:02:52.640 --> 00:02:55.320
but we have other products such as uh, what we call instinct,

57
00:02:55.490 --> 00:02:59.680
which essentially ties any ID that's been used in fraud before in our database

58
00:02:59.740 --> 00:03:00.920
and can flag that as fraud.

59
00:03:01.020 --> 00:03:04.800
So even if it's a real ID that somebody's using that has been used in a

60
00:03:04.800 --> 00:03:08.080
fraudulent transaction before, or even if the background is the same,

61
00:03:08.080 --> 00:03:09.560
if the face is the same, uh,

62
00:03:09.560 --> 00:03:12.320
if the birthdate or name or document number's similar, uh,

63
00:03:12.320 --> 00:03:16.120
we can then flag that as fraud, uh, to help reduce some of this, uh,

64
00:03:16.560 --> 00:03:18.800
increase in fraud that we've been seeing. So I have,

65
00:03:19.040 --> 00:03:22.040
I definitely have a specific question for you guys because I've talked to a lot

66
00:03:22.040 --> 00:03:25.480
of these guys and a lot of them they've said fraud is like number one on their

67
00:03:25.480 --> 00:03:26.600
list. They're trying to maneuver that,

68
00:03:26.600 --> 00:03:29.200
they're trying to like make sure that they're doing things right. Mm-hmm.

69
00:03:29.320 --> 00:03:31.080
But then with everything changing so quickly,

70
00:03:31.470 --> 00:03:34.960
they're also trying to keep up to date with like regulation and just trying to

71
00:03:35.160 --> 00:03:39.760
maneuver this entire industry that change, you know, within the last year or so,

72
00:03:39.760 --> 00:03:42.440
like things really like started to hit. Mm-hmm.

73
00:03:42.560 --> 00:03:45.920
What advice would you guys have in regards to making sure everyone keeps up to

74
00:03:45.920 --> 00:03:49.200
date and making sure that their business is afloat and making sure they,

75
00:03:49.200 --> 00:03:53.240
they try to avoid fraud situations or how,

76
00:03:53.240 --> 00:03:55.960
what's the best way to maneuver that? That was a handful. Ooh,

77
00:03:55.960 --> 00:03:57.520
That's a good question. I would say,

78
00:03:57.790 --> 00:04:00.320
generally speaking what I tell all of my clients,

79
00:04:00.460 --> 00:04:04.160
but I would tell everyone in this room, don't work in a vacuum. Mm-hmm.

80
00:04:04.240 --> 00:04:06.800
Don't work in a vacuum. If that's working with your, you know,

81
00:04:06.800 --> 00:04:11.080
trusted partners like us. Great. Um, but also even just everyone in this room,

82
00:04:11.800 --> 00:04:15.640
everyone has so much knowledge here that you can learn from, gain, you know,

83
00:04:15.640 --> 00:04:18.120
information, don't go through those experiences on your own,

84
00:04:18.460 --> 00:04:20.200
really understand what's out there,

85
00:04:20.340 --> 00:04:24.000
what's working for people in terms of solutions, strategies.

86
00:04:24.350 --> 00:04:26.520
Some people are really manual with it where they're like,

87
00:04:26.520 --> 00:04:29.920
now I do zoom calls because I wanna have that face-to-face and I've been burned

88
00:04:29.920 --> 00:04:32.560
this way. So I've learned from experience what I need to do more.

89
00:04:32.870 --> 00:04:37.000
Zoom calls being an example, you know, but talk to people, see what's working,

90
00:04:37.140 --> 00:04:38.040
see what's not working.

91
00:04:39.400 --> 00:04:44.040
Maximize your footprint of knowledge based on what everyone in this room has

92
00:04:44.040 --> 00:04:45.840
been. I mean, there's so many years of experience,

93
00:04:45.840 --> 00:04:48.000
there's so much knowledge across the people that are here,

94
00:04:48.330 --> 00:04:52.560
thankfully gathered in one place a few times a year for us to all talk with each

95
00:04:52.560 --> 00:04:56.040
other. But just in general, go to your trusted partners,

96
00:04:56.060 --> 00:04:58.200
see what they're doing that's latest and greatest to help,

97
00:04:58.540 --> 00:05:02.160
but also talk amongst your community to understand what you can do to help avoid

98
00:05:02.160 --> 00:05:05.440
those pitfalls. Yeah, for sure. That, that would be my biggest advice.

99
00:05:05.520 --> 00:05:07.800
A lot of people, um, oh, I wouldn't say a lot of people,

100
00:05:07.800 --> 00:05:12.040
but the mistake is always typically in figuring it out yourself,

101
00:05:12.270 --> 00:05:15.240
executing on it yourself, not um,

102
00:05:15.510 --> 00:05:20.440
collaborating and then that leads to a lot of frustration and potentially missed

103
00:05:20.520 --> 00:05:21.150
potholes.

104
00:05:21.150 --> 00:05:23.240
Yeah. That's really, really good. And what about you man? I mean,

105
00:05:23.240 --> 00:05:25.360
what advice would you have for you to try to maneuver this?

106
00:05:25.360 --> 00:05:27.200
This is a hard industry. Yeah, absolutely.

107
00:05:27.220 --> 00:05:30.560
It is a hard industry and I would really say just use the tools at their

108
00:05:30.760 --> 00:05:31.920
disposal. Uh, I mean,

109
00:05:31.920 --> 00:05:34.600
they're lucky in the fact that IDs are already being collected,

110
00:05:34.730 --> 00:05:37.480
which is one of the number one sources of fraud. Uh,

111
00:05:37.540 --> 00:05:41.480
and so to collect those IDs and not put them through some type of inspection to

112
00:05:41.480 --> 00:05:45.000
ensure that they're valid documents, I think is a, is a huge miss. Um,

113
00:05:45.000 --> 00:05:47.680
and I think it's a big opportunity for this industry to, one,

114
00:05:47.680 --> 00:05:50.200
reduce fraud and two, better know their customers, uh,

115
00:05:50.200 --> 00:05:52.600
and be more certain of who they're dealing with. Awesome. Well you guys,

116
00:05:52.600 --> 00:05:54.400
thank you guys so much for chatting with us. I mean,

117
00:05:54.400 --> 00:05:56.560
cuz this is definitely a hot topic right now.

118
00:05:56.630 --> 00:06:01.440
It's just fraud and just maneuvering this entire industry with all the changes

119
00:06:01.540 --> 00:06:03.720
and, and it's a wealth of knowledge that you guys are bringing to us.

120
00:06:03.720 --> 00:06:06.480
So thank you. Appreciate it. No problem. Thank you guys.

121
00:06:06.870 --> 00:06:07.520
I'll let you guys enjoy.