Merchant Risk Council 2022 Annual Member Meeting
During the 2022 Annual Member Meeting held on May 17, CEO Julie Fergerson and three other MRC leaders provided an overview of the current membership composition and the organization's financial health. The Meeting also included highlights of ongoing advocacy work, in-person and virtual events planned for the remainder of the calendar year, details of the MRC's expansion into the LATAM region, and a summary of upcoming innovations.
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In this session from Insparx, attendees will learn how an international dating player has set up their payment infrastructure and payment processes to optimize authorization rates, including payment recycling strategies and 3DS. The session will also present current fraud trends within the subscription business of a dating company and what strategies have applied to mitigate them.
Balancing fraud mitigation with false declines with a positive customer experience is one of the greatest challenges for e-commerce fraud fighters. There’s no magic formula, and few believe they have achieved the optimal state.
Unfortunately, consumers and their authentication habits (or lack thereof) are part of the problem. Join this session to see hot-of-the-presses research from Aite-Novarica Group that explores U.S., U.K., and Singapore consumers’ authentication perceptions and preferences, how those have changed over the past 5 years, and the impact of fraud and false declines on consumers’ interactions with e-commerce merchants and issuers.
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.
As vertical software vendors and platforms continue to embed financial services into their platforms, these businesses are becoming increasingly responsible for supporting products and services outside of their core products and operations. Even with the help of partners that provide these services, businesses often have to adapt their organization through new roles and responsibilities, processes, and policies to enable use cases and areas of focus like payment facilitation, risk mitigation, compliance, card issuance, and lending. This presentation will draw from platforms that have embedded financial services as well as select technology providers that provide the technology.
The MRC surveyed its members to understand the current state of careers across the global Payments and Fraud sectors.
Key takeaways include:
- Age does not determine the level at which you can work in an organization. Those between 20 and 30 years of age are working from analyst level all the way up to VP and Director level, while those over 50 years report working in every role from entry level to CEO.
- The majority of respondents, across all levels, are earning between $65k and $90k. 18% earn more than $175k.
- Women do better in roles paying between the $22k -$100k bracket in manager/ supervisor roles.
- Remuneration versus company type -the majority of those working for solution provider companies are earning $44k -$80k, the next highest earners in this category earn $175k+.
- The highest earners in merchant organisations earn between $65k and $90k. 15% earn $175k+.
- More women than men aspire to attain a leadership/ senior management role.
- Half of respondents are happy in their roles and have met their career expectations. The other half wishes to continue their career growth. This is across all age groups. Those who are content in more junior roles tend to prioritise a good work/ lifebalance.
Martin Sweeney, CEO of Ravelin and Jason Paguandas, GM Merchant Security and Fraud at Fiserv, representing over 30 years of collective experience in the fraud and risk mitigation space, will discuss the economic slowdown’s impact on customer behavior, and what it means for the fraud ecosystem. Our experts will share fraud mitigation best practices and explain how automation can help protect businesses against fraud, increase customer trust, maximize profitability, and help merchants come out stronger as a result.
In this compelling conversation, the MRC partners with NORA (National Online Retailers Association), Australia for a conversation comparing the 2022 Global Payments & Fraud Survey (developed by Cybersource, Verifi, and MRC) to the soon-to-be-released AusPayNet 2022 Fraud Report.
Join Susan Brown of the MRC, Toby Evans of AusPayNet, Rachel Hall of Ticketmaster, and Ryan Amatoury of Woolworths for a deep dive into the data in these reports and the fraud metrics these subject matter experts expect to see in the coming year.
‘Payments orchestration’ emerged as a fintech buzzword in 2019. The market has run with the term to generate funding and sales. However, there remains a lack of consensus on what payments orchestration is and the role it plays in providing end-to-end processing connectivity.
Further complicating matters, each merchant has unique requirements to support their business model, products, and customers. To address this complexity, this white paper reviews requirements, architecture, and delivery estimates for 3 unique merchant use cases.
This whitepaper clarifies the ambiguity around the Payments Orchestration Layer definition and helps readers resolve the buy vs. build conundrum by identifying the requirements to achieve a Minimum Viable Product (MVP) and providing effort estimates to achieve MVP.
1. ID most important components of a payments orchestration layer
2. ID decision points for a build vs buy decision
Join LiMeng Lee, Chief Strategy Officer at Razer and MRC APAC Advisory Board Member, and Gene Yu, CEO of Blackpanda (a cyber crisis management firm that offers top-tier cyber-attack containment and investigative services in the event of a data breach) as they demonstrate the importance of having a cybercrime crisis management or incident response plan in place before the incident or event occurs.
LiMeng and Gene will highlight the necessary steps which should be undertaken to set up your incident response strategy, they will also highlight the immediate activities which should take place in the wake of an incident occurring.
The viewer, upon listening to the webinar, will have a basic understanding of the importance of implementing the prevention plans outlined, and were recruiting a third-party consulting company to assist in setting these plans up can help.
In this edition of the interview series My Path in Payments, Checkout.com spoke with Rakhi Seth-Forrest, VP of Global Fraud & Payment Operations at Warner Bros. Discovery. Rakhi spoke to us about how she and her team tackle payment fraud, her passion for creating a thriving team culture, and her drive to enable innovation in her industry.
In this edition of My Path in Payments, Checkout.com talks to Colleen Graneto about her work at Airbnb, her passion for building products that help money move, and her experience with payments as a small business owner. My Path in Payments is Checkout.com's interview series documenting the candid insights and diverse perspectives of modern payments leaders.