As the digital payments landscape grows, data theft and fraud continue to become more complex. The added layer of a global pandemic brings new security risks and opportunistic fraud to the payments industry and requires special consideration. Companies like Interac, at the centre of the financial services and payments ecosystem, have an essential role to play to combat financial crimes.
The current shift to digital payments accelerated by the pandemic has resulted in Canadians transacting online in new ways, many for the first time. As consumers and businesses experience first-hand how easy, secure and convenient these payment forms can be, many may never turn back.
Since mid-March, Interac has seen a 43% increase in first-time Interac e-Transfer users compared to the same time last year, with businesses receiving more Interac e-Transfer transactions than expected –35% more. (1) While this growth in digital payments is exciting, it also results in more opportunities for fraudsters to strike. Interac must continue to amplify our countermeasures strategies.
Behind the scenes, Interac plays a dynamic role against fraudsters. We are sharply focused on protecting Canadians so they can continue to transact digitally with confidence.
Our fraud experts protect millions of Canadians from fraud and data theft daily through an industry-wide fraud strategy created with financial institutions and supported by law enforcement. We are connected to Canada’s largest and smallest financial institutions, acquirers and merchants, and can uniquely detect and prevent fraud patterns to help keep Canadian customers safe and secure when transacting online.
This has enabled us to construct a consortium view of data across the entire industry – a key advantage for fraud reduction. This view provides an additional layer of protection that is independent of financial institutions and enables us to block fraudulent transactions, known fraudulent users and report these patterns to financial institutions as they hold the relationship with the bank account holder and their data. Through real-time analysis and monitoring for trends, our fraud experts identify malicious activity by cybercriminals.
Interac Expands to New Markets – Extends Fraud Capabilities
As cybercriminals scheme to uncover new vulnerabilities and perpetrate fraud, Interac welcomes a seasoned cyber crimefighter to its team.
Jason Paguandas, Vice President, Fraud Mitigation & Strategy, brings a unique and specialized skillset to Interac. Previously at Visa as Senior Director in North America Risk, he was tasked with solving complex fraud and security problems for the network’s largest and most sophisticated financial institutions.
With more than 20 years of international fraud management experience across a diverse set of industries, including banking, payment processing, merchant acquiring, insurance and telecom, Jason has also held senior fraud and security roles at RBC in its Personal & Commercial Banking function and at the SAS Institute leading its Canadian Fraud and Financial Crimes team. Jason started his career as a management consultant at FICO in its Global Fraud Practice.
At Interac, Jason is charged with maintaining and strengthening Interac’s security leadership position in Canada. He will amplify fraud risk countermeasures strategies focused on identity theft, money laundering, fraud detection and investigations. Working closely with our financial institution partners and law enforcement agencies across the country, Jason will further strategies to monitor and mitigate financial crimes and risk.
For more information about how Interac is helping Canadians improve their cyber savvy, visit www.newsroom.interac.ca/fraudprevention.
(1) Based on Interac e-Transfer transaction data from March 16, 2020 – May 3, 2020