Managing Fraud and Risk in the Digital World

#AskTheCEO Podcast

Connect with DataVisor on the Azure Marketplace: https://azuremarketplace.microsoft.com/en-us/marketplace/apps/datavisor.datavisor_uml_for_insurance Yinglian Xie is CEO and Co-founder of DataVisor, a company that is the leading fraud detection company powered by transformational AI technology. As part of this discussion, we shared how their partnership with Microsoft, their use of Azure, and the Azure Marketplace has empowered them to scale and grow their business. Contact Yinglian: Web: https://DataVisor.com LinkedIn: https://www.linkedin.com/company/datavisor/ Twitter: @DataVisor Personal Twitter: @YinglianXie Contact Avrohom: Web: https://asktheceo.biz Facebook: AvrohomGottheil Twitter: @avrohomg Instagram: @avrohomg INTERVIEW HIGHLIGHTS: [00:54] Covid-19 sparked a major wave of digital transformation for businesses in every industry, which resulted in exponential growth of online transactions. Unfortunately, one of the byproducts of removing the human from the equation is an increase in fraud. After all, no one’s watching, right? Given that DataVisor specializes in fraud detection, what are the challenges that businesses struggle with regarding eliminating fraud when trying to go digital? Yinglian: When we switch to the digital world, a number of things are different. The first is that we are dealing with the customers without being face to face. And that’s a significant switch. That the information we receive about the customer is through online transactions. In that case, some of the identifications of the users will be very different. And businesses may not be able to be ready to face that new change. And second of all, when you open up to online, you could potentially have a broader set of customers than you faced in the past. The demographics and the geographic locations of the customers could shift or change. And that makes companies not ready to prepare for dealing with the customers they have typically not worked with in the past. And the risk of profiles as well as the fraud risk might also be very different. [01:50] During the pandemic the fraud rate increased significantly, compared to previous years. [02:15] One of the drivers of online fraud is that transactions are not face to face. [05:34] What can businesses do to overcome some of these challenges? [05:42] We need a mindset change. We’re dealing with a different demographic of users online, and we’re dealing with a different type of fraud online when compared with offline transactions. [07:53] DataVisor recently launched a new offering on the Microsoft Azure marketplace, called DataVisor AI-Powered Fraud Management Solution. Tell us about it and how it addresses some of the challenges we just discussed. Yinglian: Using proprietary unsupervised machine learning algorithms, DataVisor restores trust in the digital era by enabling organizations to proactively detect and act on fast-evolving fraud patterns and prevent future attacks before they happen. Combining advanced analytics and an intelligence network of more than 4B global user accounts, DataVisor protects against financial and reputational damage across a variety of industries, including financial services, marketplaces, e-commerce, and social platforms. [10:39] How do you protect yourself from insider fraud? [13:37] How would a company use your solution with Azure? [14:33] How can customers find out more about the DataVisor AI-Powered Fraud Management Solution, and procure it through the Azure Marketplace? Yinglian: The best way to learn more about our solution is to go to the Microsoft Azure Marketplace and search for DataVisor. [15:06] How has partnering with Microsoft helped DataVisor scale and grow your business? [16:43] How do people connect with you? [17:09] Do you have any parting words of wisdom that you’d like to share with the audience? #AskTheCEO With Yinglian Xie