Partnering for Progress: Visa�s Historic First-Party Misuse/Friendly Fraud Announcement Webinar

The fraud prevention industry is peppered with hundreds of vendors who mainly solve for third-party identity theft fraud. Some vendors branch out into synthetic fraud, including manipulated or fabricated identities, yet very few vendors tackle first-party fraud. First-party fraud is defined as the use of one’s own identity to open an account and use it to commit a dishonest act for personal or financial gain. It remains an elusive problem because there are no consumer victims in chargebacks, disputes, or overdraft fraud. Moreover, when it comes to the granular semantics of first-party fraud, different opinions start to clout the agreed-upon definition, making it difficult to classify, pinpoint, and ultimately combat these dishonest acts. 

Join this session to hear from industry experts about: Where do manipulated identity or rewards gaming abuse fall on the spectrum between first-party and synthetic fraud?  How do these categorizations differ by industry? In what ways do our assumptions around these semantics turn into ineffective proxies for first-party fraud?  How can we differentiate between a consumer’s intent to commit a dishonest act, versus a consumer who was manipulated into a dishonest act, versus a consumer making an honest mistake? 

The key is context. We need to understand a consumer’s act in context of other financial decisions they’ve made across various life stages, across different financial institutions, and across various economic environments. Behavioral anomalies across time and space will serve as better proxies in determining whether a consumer is a true first-party fraudster or whether new socio-economic conditions or happenstance interactions with malicious actors have resulted in a first-party-like occurrence. 

In order to achieve this level of context, a multi-industry data consortium is required. Consumer transactional behavior can then be analyzed across the financial ecosystem, over time, to correlate actions with true first-party fraud and to promote an ecosystem of trust.

Defeating fraud begins with understanding fraudulent behaviors, in order to correctly identify who the fraudulent agent is behind a transaction. The differences between first and third parties constitute the foundation of fraud knowledge and this distinction is a key component in mitigating the problem in an efficient way.

Machine Learning (ML) is widely applied in the field of fraud detection, but is not often used as a way to approach post-payment fraudulent behaviors, especially for identifying what is first-party misuse as opposed to third-party fraud. 

This presentation explores the use of ML to better scale what has traditionally been a lengthy manual process of reviewing chargebacks. This contributes to the recovery process by giving insights for representing chargebacks and training adaptive detection ML models in a more efficient way.

First-party misuse (friendly fraud) continues to be a thorn in the side of global merchants.

This panel focuses on important concepts for understanding first-party misuse, such as recent trend data, merchant experiences with friendly fraud, fighting chargebacks with artificial intelligence, pitfalls when implementing AI for dealing with friendly fraud, algorithms that can be used to efficiently process information for representments, and predictions for the development of technology in this area over the next few years.

While co-authoring the book on Practical Fraud Prevention for technical publisher O'Reilly, expected topics came up repeatedly; the sensitivity of balancing fraud prevention with customer experience, the often challenging position of fraud prevention teams within an organization, friendly fraud, the increase of gig economy fraudsters, and so on.

But there were other trends the authors hadn't anticipated.

This presentation explores some of those trends, including the very real challenge of educating other departments about fraud prevention work, educating upper management on processes, advocating for fraud prevention resources, and various psychological considerations that influence those that work in the field.

How well does your fraud performance stack up against the latest global performance metrics? And what new fraud trends and tactics should be on your priority list? 

In this webinar, Merchant Risk Council’s VP of Programs and Technology Tracy Kobeda Brown, Cybersource Head of Cybersource Managed Risk Solutions, LAC Talles Moreira, and Verifi VP, Business Development Chris Marchand will explore the answers to these important questions, by diving into key findings and results from the recently launched 2022 Payments and Fraud Report.

Join us to hear these three fraud experts:

• Discuss what the report’s latest fraud and payment metrics and benchmarks mean—and how you can use them to evaluate and improve your own fraud programs and strategies.
• Provide new insights into the full business impact of fraud and how you can better protect your organization.
• Share the latest on which new payment methods are gaining the most traction in different parts of the world—and what social and economic factors are driving their adoption.

Don’t miss this chance to learn more about today’s global fraud landscape—and what it means for your business.

How well does your fraud performance stack up against the latest global performance metrics? And what new fraud trends and tactics should be on your priority list? 

In this webinar, Merchant Risk Council’s VP of Programs and Technology Tracy Kobeda Brown, Cybersource Head of Managed Risk Solutions, North America Paul Baer, and Verifi VP, Business Development Chris Marchand will explore the answers to these important questions, by diving into key findings and results from the recently launched 2022 Payments and Fraud Report.

Join us to hear these three fraud experts:

• Discuss what the report’s latest fraud and payment metrics and benchmarks mean—and how you can use them to evaluate and improve your own fraud programs and strategies.
• Provide new insights into the full business impact of fraud and how you can better protect your organization.
• Share the latest on which new payment methods are gaining the most traction in different parts of the world—and what social and economic factors are driving their adoption.

Don’t miss this chance to learn more about today’s global fraud landscape—and what it means for your business.

How well does your fraud performance stack up against the latest global performance metrics? And what new fraud trends and tactics should be on your priority list? 

In this webinar, Merchant Risk Council’s VP of Programs and Technology Tracy Kobeda Brown, Cybersource - Principal of Managed Risk Services, APAC Zhuo Qijuan (CJ) and Verifi Head of International Merchant Sales and Business Development Gabe McGloin will explore the answers to these important questions, by diving into key findings and results from the recently launched 2022 Payments and Fraud Report.

Join us to hear these three fraud experts:

• Discuss what the report’s latest fraud and payment metrics and benchmarks mean—and how you can use them to evaluate and improve your own fraud programs and strategies.

• Provide new insights into the full business impact of fraud and how you can better protect your organization.

• Share the latest on which new payment methods are gaining the most traction in different parts of the world—and what social and economic factors are driving their adoption.

Don’t miss this chance to learn more about today’s global fraud landscape—and what it means for your business.

Visa and the MRC have taken a huge step forward in the fight against first-party misuse/friendly fraud.

This informative webinar details Visa’s updated dispute rules, including how merchants should leverage the dispute resolution process to most effectively mitigate this pervasive form of fraud.
Topics covered include:

• The impact of incorrect disputes
• Compelling Evidence rule criteria and benefits
• Solution options
• And more

Join Visa representatives Melanie Davis, Natalie England, and Mark Woelfer, along with MRC leaders Julie Fergerson and Úna Dillon, as they explore why these historic changes are such an important development, and what these new rules could mean for fraud prevention going forward.

Learn more about the productive, ongoing partnership between the MRC and Visa regarding first-party misuse advocacy.

At SEON Technologies we have released new information on the collection countries that are most and least at risk of cyberattacks. We have also taken a close look at the most common types of cybercrime occurring in the US.

Dubbed the Global Cybercrime Report, the report explains how several countries are the safest in the world from fraud and other cybercrime. and why others are not. Our methodology for this research was based on how companies and public infrastructure are all being fairly well protected through both legislation and technology at their disposal.