Getting Value from Payments Data By Mark McKeever (@PrimoAnalytics) The massive amount of data generated by payments creates risks of breach and opportunity for financial crime, both where it is stored, and at the edge as it moves across systems and organisations. However, it also comes with a huge opportunity to generate value from that data, to detect potential breaches and patterns of behaviour of financial crime and monetize the data to provide value for both sides of the payment transaction. With the implementation of the EU GDPR directive, the financial impact of a breach has significantly increased across the Eurozone with other countries following closely. At the same time criminals are also increasing their attacks not just directly against financial institutions but against other large organisations such as British Airways (BA). An example of the possible relates to a UK challenger bank – Monzo – who identified from their own customers reporting fraudulent transactions, that 70% were originating from their customers use of an online merchant – Ticketmaster. By leveraging their data, they were able to analyse the transaction information enabling them to proactively deal with replacing their customers cards preventing further fraud, contact Ticketmaster and other banks about the potential fraud. It took Ticketmaster 2 more months to announce they had been breached because of malware in their customer support product. Monzo were able to take action: “Within four and a half hours, the team rolled out updates to our fraud systems to block future transactions on other customers’ cards that looked suspicious in a similar way.” This shows that use of the right technology, thinking beyond their own immediate needs, they can do right by their customers, and their customers will advocate for them: “Who needs advertising, when transparency and pro-activeness can prove that Monzo is nothing but a good move for your banking !”To have a future in payments, providers must leverage data to provide value by protecting and serving their customers on both sides of the transaction.