The Banking Buzz: Fast-Tracking Fraud Remediation and Safeguarding Consumer Privacy with FASTdocs

Hello everyone and thank you for joining us, this afternoon. My name is Cara Talcott. I am the marketing communications coordinator here at Allergan and I'll be your moderator for today's webinar. In this session, we're gonna show you how to streamline fraud remediation and consumer privacy requests with FastDocs new entities utilities feature. We have two wonderful speakers here with us today, Cameron Marks, the Director of Product Management for FastDocs, and Jason Urie, one of Alligent's sales engineers. If any questions come up during the webinar, feel free to type them into the chat box. We'll have a designated Q and A segment at the end to answer any of those. With that, I will hand it off to our speakers to kick things off. All right. Thank you, Kara. And thank you, everyone, for attending today. I'm Cameron Marks, Director of Product Management for FastDocs, and we'll take you through our agenda, for today's webinar. We'll touch briefly on, who is Allegiant and and really kind of the focus of, the input for this innovation we brought to market. I'll talk a little bit about that. We'll talk about what the entity utilities module is, and we'll explore some fraud remediation challenges and consumer privacy challenges in our feature showcase. I'm pleased to have Jason here, our our sales engineer on the FastDocs, team, hosting this this webinar with me, and he'll be walking us through some actual product functionality as well. So very excited about that. So just touching briefly on on Allegiant as a whole. You know, we we bring new approaches and technology solutions to market really with the goal of enabling efficiencies in the operations of of your financial institution. Our our product, ecosystem consists of three, three main areas, our our payments and deposit solutions, our omnichannel digital banking offering, and then what we're talking about today with our content and loan management. And, really, you know, what we've brought to market in in this in this entity utility solution originated, in in two basic ways. Firstly, from feedback from our customers around, what it takes to, to remediate, documents as they relate to a a fraud situation, for a for a member customer. And then also with the advancements in regulatory and compliance legislation, responding to that. So we had a couple of goals when we, embarked on the journey to to bring our entity utility solution to market. And so with the introduction of entity utilities, we brought this feature to market to, to target, those two main areas, fraud remediation and and and then security and compliance with respect to consumer privacy. And this is available it's a feature available to all customers that upgrade to, FastTalk seven point three. And, really, this centered around listening to our customers' feedback. And we found that there's manual processes currently happening behind the scenes, and and we can certainly help optimize those things. So that's really what we wanna showcase today. And we took advantage of this opportunity, to streamline the process and introduce some features, some accelerators, and some safeguards, to provide some structure around the process. And then these tool sets, that we'll explore today, they they can have an impact on how, the system is moderated, and that's and that's done, with specific, permissions designed for administrative users of FastOps. And then, as always, all of the actions performed, within the entity utilities module are recorded and logged, to the audit system and available in the reports section of FastOps. So we'll dig into some of the challenges related to fraud remediation. So when suspicious or fraudulent activity occurs, that can necessitate a change in a in a member number and account number, and that results it can often result in account closure. And this presents a data continuity concern, with respect to your documentation, that's stored, and associated with that compromised account. So there's a need to retain that historical documentation, and that and that leads to, some required remediation steps. And currently, prior to this release, there was a manual remediation involved, and that was a stop gap implemented to ensure, access to that historical data and provide a transition, from the old account to a new account. And so with the introduction of the the, the update entity number feature in the entity utilities module, we we're providing the ability, to administer some robust automated features. So first of all, a new account mapping, providing the ability to designate a target account, that will require mapping to a new account number as part of that fraud remediation step. Then document linking. This association step provides document linking for all documents and document structures, for a given person and account and allowing that smooth transition to a new account number. And then, compromised account blocking. So additional to that, if you should desire to, resign an account number and and never use that again, we want to create mechanisms that will prevent the misfoldering of documents coming into the system and flowing in, following that that new account creation and association. So compromised accounts can be blocked within Fast Stocks. So the update entity number screen, this this provides the ability to designate, a person and account pair or an individual person or or actual account entities, that are intended to be updated. Additionally, there are optional capabilities, for the following, the an archive entity, the ability to store, the old legacy, person or account number, in an extra field, a mechanism within Fastox. And this provides the ability, to search for previous account numbers, and you so you don't lose that historical data. Additionally, this will include the feature includes the ability to traverse an index to traverse index only documents. So documents that aren't associated to a member tree specifically, but they are index only documents that provides the ability to reindex, that search capability for those documents that aren't stored directly in that person's, tree folder. And then as I mentioned previously, the ability to block an old entity number, and this prevents the misfoldering, of documents entering into the system. Alright. So at this point, I'm gonna hand over to Jason to to walk us through, that account number mapping, component of the entity utility solution. Alright. Perfect. Appreciate it, Cam. And, yeah, thank you everyone for for joining this afternoon. But like Cam mentioned, this new feature is designed to to really optimize and simplify that that typical complex process of, you know, transferring those documents, any data, account details, from one account to another. And and, again, whether that's a part of the fraud remediation process or in compliance, with data privacy laws. Alright. So let's look at the case of fraud remediation. So let's consider that mister Blackburn here, listed as number one thousand. He's a long time account holder. You know, he receives an alert about suspicious activity on his account, through an investigation. It's confirmed that there were, in fact, unauthorized transactions. And as Cameron mentioned, it necessitates the need to to close those old records and and transition him, to new records. So, again, to protect his assets, we're gonna need to provide mister Blackburn with that new member number and thus transfer these existing records to that new member number. And just to show the, you know, how many records mister Blackburn has or how many documents he has in his multiple accounts, so he's a really good long long time customer. I can see, you know, all these documents for his accounts. Maybe he's got some identification records in here as well. So it's really important, as Cam mentioned, that we're able to transition all of this, documentation and data, to that new member record, that's gonna be residing in Fastdocs. So, again, so we can see the driver's license there. So, by using that entity utilities, update tool that Cam was mentioning, this is gonna allow me to do it in a optimized and simplified process, alleviating a lot of those manual steps in that process. And as Ken mentioned, there there's a couple options that I have with the update entity number, tool. I can update the member and accounts. I can update just the member number, and I can even update just the account number. I'll go ahead and start by, qualifying the old member number, which was one thousand as we saw in the previous screen. I can go ahead and identify the new member number that we're gonna, migrate his, data and documentation to, so we'll use two thousand. And here are those extra options that Cam mentioned, that are that are critical in this step and are simplified, with just a simple checkbox. So there was the store old number in the extra field. As Ken mentioned, this allows for the ability to use that old member number, essentially as a cross reference, so it can still be searched within the system. Maybe in this case, mister Blackburn is still getting used to his new member number. He still refers to that old member number. You can still search by it by using this, store old number and extra field option, keeping that, historical tied to that to that member. There's the include index only documents for index changes as Cam mentioned. And, additionally, another critical step, which is just a a checkbox in this process, is adding the old member number to the blocked entity numbers list. Again, very critical process in this or a step in this process where, in this case, we've identified fraud attached to that member number. So we wanna make sure that it's not used in in the future. So we're gonna go and add it to that block number dashboard, and and the system allows us to do that with just a simple checkbox. Really, really automating that process. As I go to get a display of those entities, really a visual comparison, if you will, for what the old member tree, looks like versus the new member tree, you'll start to actually see, the system in a way is gonna make sure I don't get ahead of myself. So you can see this message here. The new member is named differently from old member. So if I look at my new member tree, it's actually indicating that that member number two thousand is already assigned to Patricia Davis. So, you know, if I'm, keying the wrong number, maybe I transpose numbers, the system is gonna allow me to have this visual, comparison to make sure, that the records match and are supposed to be verified or that they're supposed to look the way that I intend them. So in this case, let's go and change that member number. We'll just use five thousand. As I update that, we'll see now I'll get that new updated message that that new member does not already exist. We'll see on that visual comparison, everything looks correct now. Some okay to proceed. Additionally, another step in this process where the system, allows you to get some, impact analysis, if you will. So how is this going to to impact the system transitioning this data from one member record to another? In this case, maybe a a smaller record set, but you can see at the bottom, it's indicating to me that there's nineteen, containers in the tree and forty two documents. So so everything that's gonna be involved in this process, just giving me that, again, impact analysis of what is going to take place in this, update. So as I proceed to go ahead and submit that update, I'm also gonna be, presented with a with a prompt. And there's a lot of important information in this prompt, so much so that you can see we've also included a number verification that's required, for the user to proceed. So they so they must, you know, read this prompt because it is, again, very important. In this case, a couple of things to point out. It's gonna tell me that the member James Blackburn, will be updated to member five thousand, so that is what we are intending. But it's also going to point out that this update may take some time to process and may block other operations within Fast dot, so very important. This action should be done outside of normal business hours. So definitely wanna stress that that this, action should be done outside normal business hours. So, again, that's why we've kinda built in this, number verification, make sure that the user isn't, rushing too fast through the process and is able to to read all the information that's presented. So in this case, we'll go ahead and proceed with the process. And once I confirm that update, I can actually go to the top of the screen. We have a a status bar here, if you will. We can see that James Blackburn's status is pending. So it's gonna start processing that new member, transition. I can actually go ahead and refresh it. It's a smaller record set. So we can see here that upon refresh, it's already completed. So it's indicating to me James Blackburn's record has now been transitioned to, member number five thousand. Of course, an additional verification step that I can take is to actually search for, mister Blackburn under member five thousand, and we'll see with the search results, there's James Blackburn's record with, member number five thousand, associated. I can do a refresh here as well. So we'll see under his tree that he's now designated James Blackburn member five thousand with all those same documents, all that same data that we saw previously under member one thousand. Again, very, simplified process. We're able to transition all those documents from, one member number to another. Also, if you remember, we indicated that we wanted that number one thousand, to still reside within his record as as a bit of a cross reference. So in case the member still refers to number one thousand, we'll see here here in the search results, it's not a member number per se, but it's in that extra field box where we indicate in the process that we want it to be stored. So if he still uses, one thousand, I'm still gonna be able to access his member record five thousand, if he's still using that old reference number. And lastly, that last checkbox that we had, was the blocked, number dashboard. So, again, also an important step in this process, made very efficient by just a checkbox. But if I go to my block number dashboard, this is where I'm gonna be able to verify that, indeed, that member number one thousand is blocked from future use. So, again, protecting, from misuse of a a number that, in this case, has been exposed to fraud. Of course, we don't want that reused, so it's very easily added to that blocked, number dashboard. But with that, I think I'll go ahead and pass it back over to you, Kim. Okay. Great. Thanks, Jason. Thanks for walking us through that. Alright. So at this point, we're gonna transition to discuss, the consumer privacy management aspect of our entity utilities. So in the landscape of of consumer privacy, individual states are implementing laws and and regulations similar to what they did in the EU with the the GDPR. So with respect to some of the current challenges there, and and consumer privacy laws and regulations, California, Virginia, and Colorado have all implemented some some form of consumer data privacy law or regulation, and others are in various phases of that legislation process. Now with respect to data privacy and security, some of these, components of the legislation include, a right to know what data is collected, a right to delete data, which is something we'll touch on touch on, you know, Jason will demonstrate that in a moment, the right to opt out of date of sale, the right to correct inaccuracies, and then the purpose limitation in the collection of data. And then the audit and compliance aspect, you know, when action is taken, within the system, making sure that it's tracked accurately, and reporting is available. So we'll move on and and discuss, how some of the the features are implemented to make sure there's alignment between, those regulatory, legislation and and the features and functionality within FastDocs. So for data identification and association, FastDocs has the ability, as Jason showed, to visualize and connect, those relationships between different entities, whether it's a person, account, or collateral. So when performing a delete action, those relationships can also be included. And then the impact analysis, a critical piece prior to executing an an action, an analysis can be performed to show, the impact of that selected action. Just a a safety measure to make sure that you're you're doing what you intend to do. And then those safeguards are in place, to ensure that a delete action, is intentional. And Jason's gonna show, again, how that manifests when using the solution. And then, again, as I mentioned, audit reporting, keeping records of all of the actions, and taken, and that's essential for traceability, to actions performed within the system. So I'll just touch briefly before we get into the demo, just touch briefly on a couple of this of the screens. So as Jason showed, in the prior example, that, analyze feature, it effectively gives you a preview to actions being being performed. And this includes, you know, which entities, persons, accounts, or collateral, and the associated documents, and even workflows, web share upload requests, and Steam and eDelivery options. All of those things, can potentially be impacted in a transition either from a deletion perspective or from an old member a customer number to a new one. And then the audit and and reporting screen. So for audit and reporting, around the functions we've reviewed today, each action is logged, along with some operational details on what was performed, old and new account numbers, elapsed time to perform a function, and the individual that performed that act that action, and also the date and time, when it was performed. Alright. And so, again, at this point, I'm gonna hand over to Jason, to talk about, that delete entities, component of the entity utilities feature. Perfect. Alright. Thanks again, Cam. So, yeah, so now let's consider we'll use mister Blackburn again that now he's decided to to close his account. And he's submitted that request to, you know, have his personal data erased, under the consumer privacy guidelines. So, again, we can we can see the the whole list of all this, data documents that that mister Blackburn has, with us, but we can go ahead and manage that with the delete entity, tool. And we'll go ahead and pull up, mister Blackburn under his new member number, member five thousand. And as we saw, on one of Cameron's screenshots, it'll give us an, a bit of a data identification and association, summary screen, so as member information. It's also gonna provide some alerts that might be, critical, before proceeding. So you can see there's some action items, you know, indicating, this account has other related entity. Please review before deleting. So really just, making sure that the user's aware of all the other ancillaries that might be affected by this process being that it is the such a critical process of deleting an entity. So so being able to provide that information, front and center for the user so that that they don't overlook something is very critical, especially in a process like this. But, similar as before, we and as Cameron mentioned, we have the, impact analysis tool to be to be able to identify, you know, what kind of impact it'll have on the system. Same as before, you know, those nineteen containers in the tree, forty two documents, really kinda just getting that that overview of of what's gonna, be affected in the system. And, again, just like before as well, we wanna make sure that, what is being processed is intentional. So we have this, prompt against, similar information, calling out that we're going to delete James Blackburn, from the record, also indicating, like before as well that, this delete action may take some time to process. So it's, should be done outside of normal business hours, and we have that same, number of verification prompt to be able to proceed. But once I go ahead and confirm that, deletion, again, I have that, status bar at the top to indicate the progress. If I wanted to come in and check, maybe it's a larger, job process, I can come in here. I think if I hit refresh, though, we have a yep. We'll get a hundred percent completed status for James Blackburn. So it's gonna confirm that for me there. But, naturally, I can also then do a member number five thousand lookup, and I'll see that there is no member five thousand, return result returned, verifying that that record has been deleted from the system. Additionally, though, as Cameron mentioned at the end there, there are a series of real time reports that, I have access to. So it includes all, things related to document movements, transfers, deletions. Every every document movement and deletion or even update is logged with detailed information. So we can see that block number, the updated entity number, that delete entity we just processed, and it really creates that, immutable record, to satisfy the compliance and regulatory requirements, that are out there. So you can really see how the the bulk data handling capabilities of this entity utilities feature, really significantly reduce, the complexity of what's usually a large scale data operation that can automate the bulk transfer of documents and and data, those those transaction histories, and really allows for back office to perform these complex tasks, without the need to to manually move each item or or have any manual intervention. And and, again, it also provides those those real time reports, that we're looking at here now as well. So, but with that, I'll actually go ahead and open it up for, q and a. Kara, I don't know if, any questions might have come through during the the presentation. Yeah. It seems, it seems we had a couple rolling through the chat, so let's see. First one, who has access to this utility within FastDocs? I'll I'll go ahead and take that one, Kara. Yeah. This is it's an important aspect to this. It's a very powerful, set of functionality. So there are permissions, specific for utilizing and and getting access to the entity utility screen. So, yeah, that's it's all controlled through permissions in in FastHawks. Awesome. Let's see. Is is there a rollback option for these features? Yeah. It's a great question. I I could take that one, Kara. So there isn't a rollback option, for these, particular features. And so for this reason, we've included, as you saw before, those those appropriate prompts and numerical code verification to really ensure, that the activity that is, being processed is is in fact intentional. Thank you for that. Can these functions be used during normal business hours? Yeah. Also a great question kind of piggybacking on on the previous one where you know? So with these functions, again, the database transactions involved in the process, can can interfere with the regular operation of Fast Stocks just because a lot of records can be locked until it it's completed. So as a result of that, these processes should, be done outside of regular business hours. Thank you for that. And it looks like we just have one more. When updating an account number, what happens to the old account number? Can it still be used for research? Yeah. I I think Jason touched on that, you know, pretty adequate adequately. We have the ability to, store an old account number, as part of an extra field, and that's a general functionality already available in Fastdocs. And that provides the ability to to research and have that continuity existing in FastOx and that universal research capability. Thank you so much for that. That looks to be the last of the questions that I see in chat. Thank you everyone for joining us today. If you have any additional questions, please feel free to reach out to marketingalligit dot com or visit us on the website. Please make sure to check out our events page for all future webinars. We appreciate your time with us this afternoon and we hope you have a great day.