jingdong finance publishes the white paper on digital financial anti fraud for the first time

Posted by santillano at 2020-03-12

On May 31, the white paper against fraud in digital finance, jointly written by Jingdong Financial Research Institute, financial technology and Internet Security Research Center of Renmin University of China and China Criminal Police Academy, was released in Beijing!

At present, the risk of financial fraud continues to expand, and the anti fraud situation is grim. The traditional anti fraud means have single dimension, low efficiency and limited scope, so it is difficult to deal with the new fraud means. In this context, Jingdong Financial Research Institute issued a white paper, which specifically combed the new ways of fraud, anti fraud means, and the practice of identifying and combating fraud in eight financial scenarios.

As the risk of financial fraud escalates, anti fraud faces great challenges.

With the support of digital technology, the volume and development potential of financial market are gradually enlarged. At the same time, the risks exposed by it are increasing day by day, and the phenomenon of fraud is emerging in endlessly. The means of digital financial fraud has evolved from simple number stealing and swiping to the current cutting-edge technology, such as big data, which has changed from the network spreading type to the precision type, and superimposed more complex and diverse means, such as pyramid selling, part-time earning, online shopping refund, financial management, virtual currency, etc.  

The main technical means of digital financial anti fraud.

Today, fraud gangs are industrialized, large-scale, and widely used in big data, artificial intelligence and other cutting-edge technologies, the anti fraud technology ability directly affects the actual effect of digital financial anti fraud. From the perspective of technology application level and focus point, digital financial anti fraud technology can be divided into data collection, data analysis, decision engine and other types.  

On the basis of summarizing the manifestations of different fields of digital financial fraud, the white paper selects eight typical fraud scenarios. Aiming at the fraud techniques in each scenario, it focuses on the real cases of anti fraud technology and its application, and analyzes the portability of technology application. Eight digital financial scenarios, namely, online payment, online freight insurance, online lending, online marketing, supply chain finance, consumer finance, mobile banking, pig insurance.  

The reference function of anti fraud experience to prevent financial risk.

The white paper points out that the future digital financial anti fraud road should be balanced from three aspects: data, technology and mechanism.

Data is the foundation

Data acquisition is the fundamental premise for the establishment of anti fraud system. It is an urgent task for the development of anti fraud system to strengthen the security protection of data use and information disclosure.

Technology is the support

On the one hand, we need to constantly optimize the anti fraud model and system construction, and comprehensively use a variety of technical means to accurately crack down on fraud; on the other hand, we need to share advanced technology in the industry, and the technology output of excellent enterprises is worth encouraging.

Mechanism is guarantee

First of all, we should build an anti fraud alliance with the participation of regulatory authorities, industry associations, financial institutions and science and technology enterprises, and establish cooperation and exchange mechanisms in data, technology, talent and other aspects. Secondly, to strengthen the protection of consumers' rights and interests at the industry level, we can jointly establish customer rights and interests protection center, and establish industry risk mitigation and mutual assistance mechanism.

The white paper is a comprehensive summary of fraud and anti fraud in the field of digital finance. This paper introduces the advanced experience of anti fraud, which can be used for reference in anti fraud and financial risk prevention, and promote the healthy development of digital financial industry in the whole society.

Digital financial anti fraud is a long-lasting battle, it is impossible to finish the battle, only in the continuous iteration of technology to achieve their own dynamic optimization, can we achieve a real victory. Meng Zhaoli, President of Jingdong Financial Research Institute, said that through the release of the white paper, on the one hand, we hope to provide the industry with a "warning record" of the real cases of new fraud and introduce the advanced experience of anti fraud; on the other hand, we call on all circles inside and outside the industry to work together to strengthen the research cooperation and data information sharing of anti fraud technology for digital finance The blue sea and blue sky contribute a lot.

{the big guy said}

Due to the "marriage" of digital and finance, financial fraud shows new features such as specialization, industrialization, concealment and cross region, which greatly challenges the traditional anti fraud means. Therefore, the anti fraud technology in the financial field should also be constantly innovated. We should not only attack the existing risks accurately, but also play chess first, so as to prevent risks before they occur. ——Meng Zhaoli, President of Jingdong Financial Research Institute

The way of anti fraud must change from fighting alone to fighting together. Anti fraud is not only for the fraud that has already happened, but also for the prevention work in advance. The best choice is to prevent the trouble before it happens and fight against the invisible. ——Yang Dong, research center of financial technology and Internet security, Renmin University of China

From the practical experience, the anti fraud war is not a single fight of a certain technology or method, but a comprehensive defense war integrating data, technology and mechanism. Data is the core and premise of the anti fraud system construction, technology is an important support to win the anti fraud war, and mechanism is an important guarantee to optimize the anti fraud effect and improve the anti fraud ability. ——Qin Yuhai, Professor of network investigation department of China Academy of Criminal Police

{eight fraud scenarios}

In the process of online payment, the swindlers steal the user's account through social workers and technical means, and carry out such acts as stealing and money laundering.

Fraud case: fraud process of payment with account embezzlement

Fictitious transaction to defraud premium is a common method of online freight insurance fraud. Using big data and machine learning technology, we can make differential pricing for insurance products in advance and predict the probability of fraud afterwards.

Fraud case: Online freight insurance fraud process

Identity fraud is a common fraud in network lending. Using face recognition and user portrait technology can describe the characteristics of customers, and be used in the whole process of fraud identification before, during and after the network loan transaction.

Fraud case: online lending fraud process

Using the false number to register and order in bulk is a common method in the marketing preferential fraud.

Fraud case: online marketing preferential fraud process

In the final analysis, supply chain financial fraud is to take the false business data as the basis of supply chain credit.

Fraud case: supply chain financial fraud process

In the field of consumer finance, fraudsters swindle identity information and cash out on the installment shopping platform or cash loan platform.

Fraud case: fraud process of consumer finance cash out

In the field of mobile banking, scammers use Trojans to control victims' mobile phones and steal money from their mobile banks.

Fraud case: mobile banking fraud process

In the field of pig insurance, insurance fraud and repeated insurance fraud seriously erode the profits of insurance companies.

Fraud case: Pig insurance fraud process

For more detailed fraud cases and countermeasures, please refer to the full version of the white paper.

Concerned about the "Jingdong financial security" of WeChat official account, the background reply to the white paper, get the full version download link of the digital finance anti fraud white paper.