How Crypto and Digital Marketplaces Can Defend Against Scalable Fraud

This presentation will provide data-driven insights into the rapidly changing landscape of payments and fraud. We will delve into payment methods acceptance and management, as well as the reasoning behind different payment strategies in today's commercial environment. We will also share the latest industry fraud data and global fraud management methods, alongside a comprehensive set of performance benchmarks, to help optimize your fraud management and prevention practices.

This session will delve into the real impact of identity-based attacks, drawing from ITRC's work providing assistance to victims of identity compromise, and ITRC’s published research reports. It will cover insights on the latest data breaches that fuel identity fraud, and attack trends across ecommerce, social media, online dating, etc. The session will explore how bad actors circumvent multi-factor authentication to gain access to accounts and conduct malicious scams. 

Hear from first hand a merchant experience in evaluating, implementing and delivering a payment orchestration payment platform. Corey will take you through a three part journey from "How we secured internal investment to go after Payment Orchestration?" to "What I wish I knew then that I know now on our implementation journey." and finally "Was it worth it, and would we do it again?"

In this session, you will learn about the main fraud types and scenarios per type of marketplace, how to implement effective marketplace fraud prevention, and how a robust holistic payments infrastructure allows any type of platform to transform threats and challenges posed by malicious activity into accurate, profitable business decisions.

Bot protection is the foundation of online fraud prevention. With the proliferation of bots and their potential to cause financial losses and reputational damage, it is crucial for website owners to defend themselves against automated threats.

Yet our recent analysis of 2,400+ UK websites found that a significant majority of UK-based digital businesses are inadequately protected against simple bot attacks.

Leading subscription companies are constantly evaluating and optimising their payment flow. They use data to make decisions in areas such as checkout design and feature development.

To continue to improve our understanding and develop the right solutions, we asked consumers in 6 Northern European countries about the wants, needs and barriers related to their subscription payments.

Results with impact: Key Highlights

Our consumer survey shows how payment preferences are different across countries. It’s important to create localized, customer-centric payment strategies that will lead to:

• Increased customer value
• Higher conversion rates
• A seamless customer experience
• Stronger customer relationship

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The Merchant Risk Council (MRC), Cybersource, and Verifi present the results of the 2022 Global Fraud and Payments Survey in an educational report that conveys transparent and unbiased research. This report is based on a survey of MRC and non-MRC merchants from around the globe, who were asked about their eCommerce fraud and payments practices. The survey sample included a diverse mix of small businesses (SMBs), mid-market, and enterprise merchants, representing organizations based throughout the North American, European, Asia-Pacific (APAC), and Latin American (LATAM) regions. The research was conducted in November and December of 2021.

The survey results provide the MRC merchant community with the latest industry fraud data and fraud management methods used by their peers, along with a robust set of performance benchmarks that members can use to help optimize their fraud management and prevention practices. In addition, the survey delves into today’s rapidly changing payments landscape to examine the range of different payment acceptance, management, and partnership practices merchants are deploying, globally and across key subsegments, as well as the reasons why they are adopting these payment strategies and tactics in the current commercial environment.

Over half of digital consumers transact on their mobile phones at least once a week. These behaviors span multiple industries, impacting how consumers engage with retail stores, order their morning coffees, arrange transportation and plan their next vacations.

While this change in consumer behavior has led to an increase in revenue through online and mobile channels, it has also come with a sinister partner: an increase in digital fraud losses.

In an increasingly anonymous purchasing environment, businesses and platforms need to take precautions to reduce risk while avoiding placing undue friction on good, low-risk customers. The key is connecting consumers’ digital information to their devices, understanding device risk and identifying signals of fraudulent behavior.

In this webinar, we will discuss:

• How the current state of eCommerce and Marketplaces has changed and what it means for digital fraud
• Why account takeover, loyalty fraud and other forms of fraud are rising and the impact to merchants and platforms
• A new, unique solution for improving digital fraud capture without negatively impacting good customers
• How one merchant uses device and digital insights to deliver smooth, efficient digital experiences

The holiday season may seem like it’s a long time away, but the season is approaching more quickly than you may like to admit. To best prepare your business for the holiday season, now is the time to make sure you understand your greatest fraud threats and what you should be doing to protect your business.

Join Vesta’s very own Chief Product Officer, Hrishi Talwar and VP, Machine Learning Engineering, Jack Kohoutek, as they discuss the eCommerce fraud landscape (threats and trends) and the strategies merchants should be taking to prepare for this holiday season.

Don’t miss out on this opportunity to get ahead of fraud this holiday season! 

Learning Objectives:

• Current fraud trends and prevention strategies
• Stats specific to holidays – why you are at greater risk during the holidays
• The changing nature of attacks to watch out for during the holidays
• Checklist of steps you can take now to protect yourself
• Strategies for increasing approval rates amid growing attacks 

The Payment Card Industry Data Security Standard (PCI DSS) was created to protect payment card data and ensure all members of the payments ecosystem are securely storing, processing and transmitting card holder data securely. The current version of the PCI DSS, v3.2.1, will be replaced on March 31, 2024, with v 4.0. There are a number of noteworthy changes in the new version and the sooner merchants understand the impact the sooner they can start working to ensure that they remain PCI compliant when v3.2.1 is retired.

Just a few of the new or updated requirements in the PCI DSS v4.0 include:

• Password length and complexity requirements
• Management of all e-commerce payment page scripts
• PCI DSS scope documentation
• Security awareness training
• Incident response procedures

During the course of the webinar, we will cover how to prioritize and comply with the upcoming changes and share helpful PCI DSS compliance resources for merchants. 

With 1 in 6 online purchases returned, merchants saw $212B in returns, of which, 10.7%, or $22.8B, were fraudulent*.

Online returns have enabled fraudsters to exploit policy loopholes and illegitimate returns are now a complicated issue merchants are facing taking on various forms, such as manipulating a shipping label, returning a different item than originally purchased or claiming the item was never received.

Accertify's C.A.R.E. - Claims, Adjustments, Returns and Exchanges - is a purpose-built solution that detects fraudulent patterns in shopper behavior.

Join this webinar to hear all about the launch of C.A.R.E. and how merchants can monitor, measure and act to prevent future abuse. 

Learning Objectives:

• Introducing C.A.R.E. – Claims, Adjustments, Returns and Exchanges – a purpose-built solution by Accertify that detects fraudulent patterns in shopper behavior.
• Hear all about C.A.R.E. and how merchants can:
  • Monitor, measure and act to prevent future abuse.
  • Use aggregated data to gain insight into a purchase and transaction.
  • Implement policies and controls to identify fraudulent returns.
• Benefit from Accertify’s community data to help solve this growing problem. 

Consumers are changing how they discover, try and buy products and services. This colossal shift has resulted in companies reimagining what they do, how they do it and who they partner with to create lasting and revenue-driving customer relationships. Every industry is going through these changes and investing in new shopping models: Direct to consumers, marketplaces, connected cars, value-add healthcare and new technology platforms including localized drone delivery and vending machine innovations. These changes have a pace and complexity that’s driving tremendous value up and down the value chain.

While companies are investing in digitization and innovation, many are asking about the ROI and monetization potential of these new shopping models. The answer isn’t simple, but brands of the future will separate themselves from brands of the past by solving for the unique needs of each service provider in their ecosystem – and particularly their payment needs.

In the current operating environment, with economic growth slowing and interest rates rising, it is more important than ever for businesses to develop alternative revenue streams. That’s not only about meeting your customers wherever they are, but making those engagements as seamless as possible. One way to do this is through frictionless payments options or by embedding helpful financial services directly in the user experience. The goal is to first connect with customers, and then make their journey as intuitive and convenient as it can be. In this issue, we look at how commerce is evolving. There has been a major shift, with new kinds of online marketplaces transforming almost every industry, as our feature starting on p.26 explores.

Putting digital trust and safety into operation is a daunting job. It affects everything from the development of online products to setting standards, deploying internal teams and enforcing policies. It’s also too big of a job to do alone. Implementing an effective digital trust and safety culture requires partnering with social, government, law enforcement and technology organizations. These third parties can share useful information and meaningful insight around risk and best practices.