How Unit21 Looks at the Fraud Landscape

February 9, 2023

During our third session of Fraud Office Hours, an attendee asked, "How does Unit21 look at the fraud landscape overall?" Watch this video clip and read below to see how Unit21's Head of Fraud Risk, Alex Faivusovich, responded.

How to Keep Up With the Changing Face of Fraud

"We will help you to take your data to Unit21, ingest it, and really have a customized fraud strategy for your needs.

In general, we put a lot of emphasis on being data agnostic. We understand that fraud is no longer what it used to be 15 years ago with traditional banking. At that time, all the data was in-house, most of the data looked the same, and it was very rigid. Today, we have enriched data that can facilitate faster, more fruitful investigations.

Today, companies operate in different financial industries; we have Fintechs, Buy Now Pay Later services, as well as companies that focus exclusively on either B2C or B2B. Even from an infrastructure standpoint, it’s very different. There are multiple stakeholders, including "banking as a service" (BaaS) organizations, partner banks, payment providers, and transaction processors. In this case, the data from one customer to another is very different.

This makes it increasingly valuable to be data agnostic. With the current landscape, this is the best approach we can offer to the market, empowering teams to know and understand their data. Here at Unit21, we’ll help you ingest data and develop a customized fraud strategy for your needs.

It’s also critical to look beyond just the transaction. Collect as many signals as you can around the transaction, the entities involved, and look for other ways that you can enrich your data further. Always be on the lookout for ways to enrich your decisions using more risk insights (other than just the transactions themselves).

One of the best features we offer for this type of deeper analysis is our link analysis tool. This actually shows you how different users interact on your platform with each other. It’s a great way to understand if you have money mules, as you can track money movements and identify all parties involved.

It’s a great way to understand if you have users who are connected to each other (as well as if you have users who are connected that shouldn’t be). In general, it’s an ideal tool for operations and investigations."

Looking for more insights? Check out our third session of Fraud Office Hours on-demand for a deeper dive into current fraud trends and which preventative measures to consider.

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