The changing face of fraud & security with Holly McGregor

Holly McGregor has had an impressive career with Indue spanning more than 10 years, initially building and developing the Fraud & AML Service department, and now as Head of Service Fulfillment and Improvement. Holly is responsible for creating strategic change within the Sales and Services department, ensuring Indue delivers efficient and effective service for our clients and their customers. We interviewed Holly to find out the latest in security and innovation for the payments industry.


What are the changes facing the banking and finance industry?

The role of the customer is changing, and so too is their relationship with their financial service providers. Millennials in particular are changing the way financial institutions interact with customers.

The customer experience is increasingly important as customers demand simple and convenient services online and within the branch itself. We’re even starting to see coffee shops in banks!

The increasing speed of payments is also creating increased complexities around fraud and security.

What is the latest in security trends in the payment industry?

We’re starting to see the security implications of big data and real-time payment services. But technology is also allowing us to take a holistic view of a customer’s interactions, helping us improve how we service them.

How have these rapid changes in technology changed the fraud landscape?

Fraud is becoming more interconnected; no longer does each payment channel stand in a silo. As transaction speeds increase, so too will fraud. We are already working with our clients to improve fraud management in preparation for the New Payments Platform, which will see transactions settled in real-time.

What are the Indue products and/or services you are most excited about?

I did my Honors Thesis on Card Fraud and my interest in this area has only grown with the developments in technology. I’m particularly excited about Indue’s first banking app, our Card Management Platform and our move towards more customer-facing products and services.

You have been at Indue since 2003. What is it about the company that’s kept you there?

Indue has and continues to be on a journey. I’ve been lucky enough to drive the growth of the fraud management services at Indue, an integral discipline within the financial industry.

As the company and our clients’ have grown, so too has the complexity of our services. What keeps me at Indue is the constantly evolving nature of the business, clients and partners, and the challenges this brings.

I enjoy putting the pieces of our services together and arranging them in a way that meets or exceeds the expectations of our clients. It’s like working on a giant jigsaw puzzle, finding all of the edge pieces and then building through the middle to see the picture emerge.

What does innovation mean to you?

Innovation in a payments company used to mean we were clever with our products or early to market with the latest trends. Now, innovation comes in a variety of forms.

In its simplest form, innovation is making something more effective or doing something in a new way. Innovation can appear in the way we think or look at a problem, the way we do even the most basic day-to-day tasks.

Yes, it’s good to be innovative with the big prize items, such as a new product, but to excel, innovation must be at the heart of what we do every day.

What does the future of the financial payment industry look like to you? What are your predictions?

The payments space is changing so rapidly with the advent and integration of new technology. Paying with mobile wallets, watches or other wearables — whilst revolutionary in the past few years — will, in time, feel constricted and laborious.

I am personally not a big fan of bio-security (as it requires my physical self to be the barrier between my bank account and someone wanting to retrieve the contents). However, I do believe that bio-payments are the next step from wearables.

In fact, last year it was reported that the first bio-payment was made via Bitcoin using a chip implant. But for the channel to be successful, significant research is needed.

Bio-payments hopefully won’t require us to step into a sci-fi novel with a chip inserted into the skin or a lens worn over our eyes… though perhaps we are actually entering the sci-fi era. Just as well it’s my favourite genre!

What does an average day at Indue look like for you?

There is no typical day for me, but it always involves collaborating with a variety of different people across the business. My role takes me from a client meeting, to a brainstorming session, leading internal training sessions and working with my team to deliver new, and improve existing, services.

What inspires you outside of the office?

I’ve been trying to get outdoors more and have started cycling to work once a week. Having not been on a bike since the age of 10, I’m the wobbliest rider on the commute, but I do wear the biggest smile.

In fact, being innovative and evolving in the financial industry can be likened to riding a bike — as Albert Einstein said — to keep your balance, you must keep moving.

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