From Bouncer to Revenue Generator: Machine Learning in Fraud Prevention

What we’ve seen emerge from the pandemic are two types of consumers – experienced online shoppers and new online shoppers. Merchants need to personalize their ecommerce stores to meet the needs of both groups. 

In this presentation, ClearSale’s EVP and Partner Rafael Lourenco will share important insights from ClearSale's State of Consumer Attitudes on Ecommerce, Fraud & CX annual study, which measures and tracks ongoing shifts in consumer behavior as ecommerce evolves. 

Get in-depth knowledge on what keeps customers coming back to your online store. It is no surprise that price and shipping are at the top of the list, but the customer experience is emerging as a deciding factor for success. Additionally, Rafael will share how payment barriers impact consumers and why payment options, such as digital wallets, BOPIS, BNPL are gaining massive popularity, especially among younger consumers.

A discussion About key 3DS data statistics combined with actual merchant data: 

Based on (public stats from) Visa, sending more data can increase successful authentications and more approved authorization. PAAY starting to see some of that success on a client that started to send additional data elements recently - their fraud numbers have dropped. 

Adobe's perspective on why they are implementing usage of 3DS and what more they’d like to see from it.

Merchants often struggle to get the data and tools they need to protect themselves. Getting buy-in from business stakeholders, managing vendor performance, and getting projects on the tech team's roadmap can take more time than fighting fraud itself. 

Join this merchant panel as we explore pathways to get out of whack-a-mole fraud fighting, including the adoption of Journey-Time Orchestration (JTO). 

In this session, attendees will learn how merchants can use JTO to: 

1. Transform siloed solutions into a holistic view of customer risk. 

2. Stay on top of changing fraud and business needs. 

3. Partner with leaders in marketing, growth, and security to drive exceptional business outcomes.

This session will review the challenges facing leaders in gaining funding to modernize their toolkits. The threat of fraud is ever evolving, however in times of reduced profitability, particularly for some merchant segments, it is becoming more difficult to stay up to date to fraud threats. With more technology and services providers than ever before, a full stack of solutions can become very expensive and inaccessible for those with smaller or shrinking budgets. We will discuss tactics to overcome missing your budget (either through fraud or expense) and share best practices in managing your vendors and budget allocations to make the most of your resources.

Ultimately, in the world of payments, success depends on human factors, like how consumers perceive and respond to risk, reward and effort.

Against this backdrop, Token surveyed over 1,000 people across Europe about the attitudes, preferences and behaviours shaping their financial and digital lives.

Token presents: "Who Will Pay by Bank" a data-driven look at the human element that will fuel the future of open banking payments.

A glimpse into this report:

• Learn which consumers are paying by bank today and where will we see demand tomorrow
• Discover the behaviours and opportunities that could support continued uptake of account-to-account (A2A) payments
• Understand how consumers in Europe perceive the benefits of A2A payments and other payment methods on a country-by-country basis
• Uncover how consumers understand open banking's evolving role in their lives
• Read commentary from the Open Banking Implementation Entity, Open Banking Expo, American Express, Ban

We have met with many cases where analysts not only doubt themselves in their decision but also discouraged to take information into account that may not be considered as useful – not to mention the rise of Machine Learning in fraud prevention. Is our work that we do manually truly outdated?

Through examples we will re-explore the tools that we have at our expense and discuss how we can effectively use them in relation, from articulating sentences, to defining use cases and relying on AI.

Learning Objectives:

• To find or regain the interest in the beauty of fighting fraud – making decisions that would be the key to stop the malicious activity yet keeping the mind open to changes.
• Utilising every aspect of the tool that are available and considering ways that we may have disregarded before and still could be useful, ultimately a boost for the year 2022 and to remain on the top of defense against harmful users.

Personal finance and investing platform FinTron caters to Gen Z—and that means meeting young users’ expectations for fast, seamless experiences. However, FinTron’s original new-account authentication process took up to 48 hours. That’s a very long time for eager new investors to wait for approval—and plenty of time for them to find an alternative app. In the early stages of implementing Deduce Identity Insights, FinTron can now access and approve qualified users in near real-time, so they can start using FinTron’s platform right away. Deduce achieves this by scoring applications as part of the signup flow and alerting FinTron’s manual review team to any that might be fraudulent, saving the team from having to manually review every new user signup. Hear from the FinTron founder and CEO, Wilder Rumpf, on how he and his team implemented a Trusted User Experience that delights his customers

Learning Objectives:

• Reduce new account creation friction
• Eliminate new account creation churn
• Identify potentially fraudulent new user activity
• Map a path to passwordless log in

Personal finance and investing platform FinTron caters to Gen Z—and that means meeting young users’ expectations for fast, seamless experiences. However, FinTron’s original new-account authentication process took up to 48 hours. That’s a very long time for eager new investors to wait for approval—and plenty of time for them to find an alternative app. In the early stages of implementing Deduce Identity Insights, FinTron can now access and approve qualified users in near real-time, so they can start using FinTron’s platform right away. Deduce achieves this by scoring applications as part of the signup flow and alerting FinTron’s manual review team to any that might be fraudulent, saving the team from having to manually review every new user signup. Hear from the FinTron founder and CEO, Wilder Rumpf, on how he and his team implemented a Trusted User Experience that delights his customers

Learning Objectives:

• Reduce new account creation friction
• Eliminate new account creation churn
• Identify potentially fraudulent new user activity
• Map a path to passwordless log in

How iGaming Industry Growth and Fraud Correlate:

The global online gambling market size has a compound annual growth rate of 13.2%. Driven by the popularity of mobile gaming, the market value is projected to generate just over $117 billion by 2025.

This massive industry growth has led to fraud increases. For example, bonus abuse rose 72% between 2018 and 2019, and account takeovers increased by 90% from 2020 to 2021, costing an estimated $11.4 billion in damage. Balancing fraud prevention with a positive customer experience is a big challenge for operators. But there is a solution. And awareness of common types of fraud and how to stop them is the first step.

We all know that merchant acquirers and payment facilitators are responsible for customer chargebacks caused by fraudulent sub-merchants. Some people in payments processing and fintech think of this kind of fraud as just the “cost of doing business.” In reality, it can mean the difference between being profitable or going out of business.

Fortunately, there’s an additional set of data that can be easily integrated into your onboarding process to reduce the number of fraudulent sub-merchants making it onto your system: advanced location signals. In this white paper, GeoComply shares how fraudsters easily manipulate IP addresses to fake their location, and how using modern geolocation data to determine a user's true location improves efficiency and confidence when onboarding new sub-merchants.