{"id":36518,"date":"2019-09-19T13:55:31","date_gmt":"2019-09-19T05:55:31","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=36518"},"modified":"2019-09-19T13:55:33","modified_gmt":"2019-09-19T05:55:33","slug":"data-science-and-consumer-awareness-used-to-safeguard-digital-transactions","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2019\/09\/19\/data-science-and-consumer-awareness-used-to-safeguard-digital-transactions\/","title":{"rendered":"Data science and consumer awareness used to safeguard digital transactions"},"content":{"rendered":"\n

The digitization of money, widespread access to the Internet, and mass-adoption of smartphones are positive headwinds in the Philippines’ journey towards a digital economy. While the potential is undeniable, there is also concern that cyberattackers are shifting their focus to Asia-Pacific.<\/strong>[1]<\/strong><\/a><\/p>\n\n\n\n

Cybercriminals are growing in sophistication, and they are constantly\nfinding new ways to victimize consumers and breach enterprises. This calls for\na re-evaluation of safeguards against cyber threats. <\/p>\n\n\n\n

\u201cFor consumers, there is really no subsitute to awareness,\u201d said Nagesh\nDevata, General Manager of Southeast Asia Cross Border Markets for PayPal. \u201cFor\nenterprises, we need to move from reactive to predictive models in risk\nmanagement.\u201d<\/p>\n\n\n\n

PayPal, the global leader in digital payments, outlined five consumer\ntips to secure online payments: (1) protect your personal information; (2)\nchoose a strong password that combines alphanumeric characters; (3) share\npersonal information only through authentic online banking features (4); opt\nfor a 2-factor authentication, where a user is granted access only after\nsuccessfully presenting two or more pieces of evidence to an authentication\nmechanism; and (5) ensure that authentic apps are downloaded for payment.  <\/p>\n\n\n\n

According to PayPal consumer research, 43 percent of consumers in\nAsia-Pacific identify security as the primary motivation when choosing a\npayment method while 38 percent choose convenience.[2]<\/a><\/p>\n\n\n\n

With over 286 million active accounts made up of consumers and merchants.\nPayPal has a foothold on both equations of the purchasing process. \u201cThis puts\nus in a unique position to find insights [for consumers and merchants] in the\nentire process. Cybersecurity is a team sport, and everyone has a part to\nplay.\u201d described Devata.<\/p>\n\n\n\n

Using data to mitigate risk<\/strong><\/p>\n\n\n\n

PayPal anchors its risk management on data science as it bridges\ntechnology and business. Through its two sidednetwork, it is able to study both\nsides of the transaction while providing buyer protection, data encryption, and\na seamless experience for its customers.<\/p>\n\n\n\n

For PayPal, data not only enables better customer experiences, but also\nenables it to take on more risk. \u201cAt the heart of everything we do with data,\nwe do for our customers and to help our customers connect better,\u201d said\nDevata.  <\/p>\n\n\n\n

\u201cThere is a strong network effect in the digital payments business. And\nwe want to enable the good guys while keeping the bad guys out. This allows us\nto provide security and value to both merchants and consumers,\u201d added Devata. <\/p>\n\n\n\n

Story-based analytics\nfor risk assessment<\/strong><\/p>\n\n\n\n

Matching users poses a series of analytical and technical challenges,\nPayPal uses advanced machine learning combined with proprietary story-based\nanalytics to drive better risk decisions. \u201cWe run multiple models and rules\nbefore making decisions on transactions\u2014all within milliseconds,\u201d Devata added.<\/p>\n\n\n\n

PayPal leverages the network effect for risk management by evaluating all\nthe accountsit recognizes for its customers when making real-time assessments.\nAccording to Devata, the task is to identify accounts with suspicious\nfraudulent behaviors, and that requires a lot of science and analytics.<\/p>\n\n\n\n

\u201cThere is a human story behind every transaction, and we combine data\nanalytics and human oversight to find this story and try to protect our customers,\u201d\nsaid Devata.
<\/p>\n\n\n\n

\n\n\n\n

[1]<\/a>Banks step up battle vs\ncybercrime<\/a><\/p>\n\n\n\n

[2]<\/a>On behalf of PayPal,\nIpsos interviewed approximately 34,000 consumers from 31 markets to examine how\npeople shop online and across borders. Research in the Philippines was carried\nout with 1,006 respondents between 16 to 27 April 2018. Data was weighted to\nadjust for panel bias based on external trend data on incidence of online\nshoppers in the country<\/p>\n","protected":false},"excerpt":{"rendered":"

Cybercriminals are growing in sophistication, and they are constantly finding new ways to victimize consumers and breach enterprises. This calls for a re-evaluation of safeguards against cyber threats. <\/p>\n","protected":false},"author":6,"featured_media":29992,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[5762,4483,828],"class_list":["post-36518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-digital-payments","tag-digital-technology","tag-paypal"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/36518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=36518"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/36518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/29992"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=36518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=36518"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=36518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}