Device Identification , Endpoint Security , Governance & Risk Management

How to Mitigate P2P Payment Fraud

Validating identity across every digital channel is essential to track money movement information and help control P2P payment fraud, two fraud-fighting experts say.

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In an in-depth video interview, John Buzzard, of Javelin Strategy & Research and David Ver Eecke of PSCU, the largest credit union service organization in the U.S., discuss the steps financial organizations can take to help prevent P2P payment fraud.

“Within the financial services space, it is very important to have the capability of identity proofing," Buzzard says. “We have to look at behavioral patterns and device biometrics. … There are many opportunities there to be able to identify if you are dealing with a true customer or a criminal.”

Ver Eecke adds: “Picking the right end-to-end authentication strategy is the key."

In this video interview with Information Security Media Group, the two experts also discuss:

• The challenges involved in preventing P2P payment fraud;
• Why credit unions are particularly vulnerable;
• Technologies that can play a critical role in fighting fraud.

Ver Eecke is a senior fraud product manager at PSCU. He’s responsible for managing fraud products that enhance payment security. He has worked in the financial services industry focusing on fraud and risk for over eight years.

Buzzard, lead fraud and security analyst at Javelin Strategy & Research, is a nationally recognized financial fraud and security expert. He has influenced the card fraud, risk and security services for financial institutions throughout the United States through research, writing white papers, public speaking and consulting. He has more than 20 years of experience within the areas of fraud, security and risk management.