Webinar: Leveraging Digital ID to Combat Fraud Economy With Sift, Lord Chris Holmes and David Birch

Webinar: Leveraging Digital ID to Combat Fraud Economy With Sift, Lord Chris Holmes and David Birch

To watch the webinar in full, click here Moderator Mark Walker, Editorial Director at The Fintech Times was joined by panellists Kevin Lee , Trust & Safety Architect at Sift, Lord Chris Holmes , Member, Democracy and Digital Technologies Select Committee, UK House of Lords and David Birch , Author, Advisor & Commentator on Digital Financial Services. The session kicked off with Kevin Lee explaining what the term "fraud economy“ actually means, advising it's to do with all the different ways that companies can be taken advantage of. "The fraud economy has certainly grown up in the last year,“ he said. "But it's been a long road to this point. There are several key areas to fraud, the first is payment fraud, such as stolen credit cards, money laundering and fraudulent purchases. "The other areas to focus on were one: there are a tonne of siloed teams out there which can be a challenge as a lot of these teams don't necessarily talk to each other, certainly not as much as fraudsters do. For example, my team monitors the dark web and looks at different forums, and we know that fraudsters are quite good at collaborating and sharing. I wish