July 16, 2019
Digital Identity Summit Singapore: It Takes a Network to Fight Cybercrime
Posted April 22, 2019
If the digital economy has a real-world home, there’s a good chance it’s Singapore, the setting of our recent Digital Identity Summit. In fact, as a world-class technology hub, this thriving city-state in the heart of Asia’s diverse and expanding economies made it the perfect backdrop for the theme of this year’s Summit series, “Empowering the Network.”
After all, Singapore has long enjoyed the economic benefits that come from building connections, both in terms of geographic location and in the strategic prowess of its tech-savvy businesses. As Forbes puts it, Singapore has managed to successfully enmesh itself within the world’s complex value chains, attracting multinational businesses with a digital network infrastructure that extends to every corner of the globe.
But these same attributes have also made Singapore both target and haven for increasingly networked cybercriminal organizations that are joining forces to buy, trade, and augment stolen identity data to perpetuate a growing number of attacks—sometimes in alliance with rogue nation states.
As it stands now, traditional security technologies that rely on those same identity credentials have been rendered unreliable, and even dangerous. As a growing number of businesses are discovering, facing these cybercriminal networks alone won’t cut it anymore. Think of the fact that we are now grappling with terms like “cybercrime as a service” and “bots as a service” as a testament to how cybercriminals have embraced networks to further their exploits. Now more than ever, businesses need to also band together to successfully fight back against a cybercrime economy gone corporate.
Held at the magnificent Le Méridien Singapore on Sentosa Island, the Digital Identity Summit provided the perfect opportunity to connect person-to-person with our valued customers, prospects and partners, as well as hear from some compelling and insightful speakers addressing these rapidly-evolving dynamics. Part high-end networking event, part thought leadership symposium, the Summit offered attendees the chance to better understand the commercial applications of digital identities and how shared, crowdsourced digital intelligence can help drive secure, profitable growth through digital channels—in the APAC region and around the world.
Joining Forces: Finding Strength in Numbers
Our Chief Identity Officer, Alisdair Faulkner set the stage with an eye-opening keynote on the power of networked identity intelligence in neutralizing the threat of cybercrime. While fraud prevention teams have traditionally stepped-up existing security solutions in the face of constant cyberattacks, the result may indeed be lower levels of fraud. But unacceptable increases in customer friction and false positives can hobble the digital channels these security controls were meant to protect.
In the face of increasingly networked cybercriminal organizations, it takes a network to fight a network. To illustrate the effect of banding together to block fraud, Alisdair demonstrated how the ThreatMetrix Digital Identity Network analyzes millions of transactions in real time across billions of devices for thousands of businesses spanning every industry and geography. By joining forces to share an Internet-scale dataset of anonymized identity information, member businesses are able to instantly and transparently differentiate legitimate users from fraudsters using stolen identity credentials, without adding user friction.
He also shared results from a groundbreaking European banking consortium—an emerging form of industry-specific intelligence network that propagates security policies and protective measures across all member organizations to harden defenses in real time. It was the perfect primer for a full slate of presentations from customers and industry thought leaders about the real business value organizations are realizing through networked digital identity intelligence.
Combating Fraud in the Age of Global Cybercrime Networks
Notable highlights from the event included a customer keynote from Sanjay Nandrajog, Head of Retail Risk Operations at Standard Chartered Bank, who delivered a crisp, insightful look at the evolving fraud landscape for financial services organizations in this region and worldwide.
His first-hand perspective on how digital identity intelligence equips organizations with innovative ways of tackling fraud while ensuring a compelling customer experience was especially insightful.
Additionally, Rebekah Moody and Andy Renshaw from our Fraud and Identity Market Planning team took the stage with an exclusive look into our new APAC Cybercrime Report. This data-driven presentation included a look at the APAC region’s most vulnerable industries, as well as trends fueled by stolen identity data, automated bot attacks, and social engineering scams. Most important of all, it provided insights on key precautions FIs should take to defend against these rapidly evolving cyberthreats.
Managing Risk While Driving Innovation
A personal favorite from the event was a humorous and highly-engaging customer keynote from John Francisco, Head of Corporate Security and Operational Risk Management at OCBC. John shared the profound challenges of combating fraud risk while rolling out innovative new digital banking services for retail and commercial banking customers throughout Southeast Asia.
Antar Chahine, Chief Risk Officer of Qudos Bank shared the immediate and impactful contribution that digital identities have made in the bank’s dramatic mitigation of sustained fraud losses. And, Kasia Paszkowska, Head of Risk Innovation for Home Credit Vietnam shared some amazing information on how digital identities help authenticate customers in a region where traditional authenticating documents are unreliable, duplicative, or may not even exist. Deepak Sharma, Chief Digital Officer of Kotak Mahindra Bank further added his view of how digital identities facilitate onboarding customers in an explosive and hypergrowth mode.
And in a special fireside chat, Adam Leonardi, Head of Applied Digital Risk Controls for Westpac, and Kimberly Sutherland, our Vice President of Fraud and Identity, shared best practices for supporting digital channel operations in the banking industry, including an insider’s perspective on Westpac’s digital transformation journey.
Factor in keynotes, roundtables, plenary sessions, and breakouts featuring industry leaders from Tabcorp, Infinitium, and others, and you start to get a feel for the kind of insight the Digital Identity Summit offers.
The Power of Networked Insights
Looking back now on the event, I got to thinking about that old saying that “a problem shared is halved.”
Empowering the network by sharing data among trusted businesses and industry consortiums means challenges are reduced even further. By giving everyone an unprecedented level of visibility into the identity of the people they transact with, businesses also begin outnumbering, outmaneuvering, and even outgunning networked cybercriminals.
As hard as it is for me to fathom, this is the 9th year for the Summit. A real-world example of the power of networking, this event series has enlightened and empowered leaders in every industry in every region of the world in their fight to drive growth and security in the digital economy—here in Singapore, throughout the region, and everywhere around the world.
With that in mind, I’d like to extend a heartfelt thank you to all the delegates, speakers and contributors who made the 2019 APAC Digital Identity Summit possible and a huge success. We hope to see you again next time!
Download the H2 2018 APAC Cybercrime Report, and learn more about attending our upcoming Digital Identity Summit in London on June 24 and 25.