Panel – Deep Dive into the Dark Web

Fraud fighters at marketplaces must identify and mitigate fraud from multiple directions: buyers, sellers, businesses, drivers, and more. In this session, two experts in marketplace fraud will discuss increasingly complicated forms of two-sided fraud, from money laundering to account takeovers to the tools available for criminals to purchase on the deep and dark web. You'll hear real stories from the front lines and come away with actionable fraud solutions for your own company, even if you don't work for a marketplace.

In many sectors today, when transacting digitally, that means you must provide instant delivery. The pressure, however, to approve transactions within a fraction of a second, while screening for fraud, is a massive challenge. Fraud attacks now can scale so rapidly that they hit a level most merchants and exchanges cannot physically support without shutting down their systems – i.e., their businesses. You also must also approve a transaction from a legitimate customer within seconds or lose them to a competitor. 

In this session, you will hear real-world scenarios of both crypto and digital merchants – what their thought process was and how they eventually ensured their defense from scalable fraud.

In the U.S. -and around the world- cryptocurrency regulations are evolving quickly. As adoption increases and transacting with cryptocurrency becomes a new normal, lawmakers and regulators aim to create regulations that will protect consumers and mitigate new threats and risks. With the borderless nature of cryptocurrency, regulators have recognized that where a customer is transacting from is essential. Regulators in the U.S. and globally have recognized the importance of geolocation as part of any platform's sanctions compliance program, risk-management system, and financial crime prevention. After all, can you “know your customer” if you don’t know where they really are?   

In this session, you’ll gain a better understanding of evolving cryptocurrency regulations and why geolocations matter more than ever as well as how leveraging geolocation can help you start accepting crypto on your platform. 

Sift's Brittany Allen will provide a transparent look into how merchants can tackle one of the most challenging forms of fraud. With real use cases of collusion fraud from across multiple companies' experiences, plus examples of criminal chatter from the deep and dark web, attendees will leave with clear takeaways to improve their own team's fraud prevention processes by leveraging internal data, machine learning, and partnering with knowledgeable fraud fighters. 

During the session, Brittany will discuss the inner workings of the most prevalent and emerging types of fraud marketplaces encounter, including: 

ATO's and Merchant Fraud:  Whether it's a new account or the ATO'd account of an inactive seller, we'll cover the potential risk of marketplace collusion. 

BNPL Fraud: A fraudster controlling both a seller and buyer account who selects installment payments at checkout, eventually building to $200,000 in payouts. 

Empty Package/ Item Not Received Fraud: As a marketplace, when it comes to empty package claims, how do you know which side to believe? And what if both sides are actually fraudulent and your marketplace isn't the target, but the postal service is? 

Voucher and Points Cashout: How to prevent fraudsters from abusing vouchers and promos.

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.

The rapid advancement of artificial intelligence (AI) has not only transformed industries for the better, but it has also presented new challenges in the form of AI-powered fraud and cyber-crime. This webinar sheds light on how fraudsters are leveraging AI as a force multiplier to carry out sophisticated attacks and scams.

More specifically, the webinar will focus on the following topics:

• Introduction to AI-Powered Fraud
• AI-Powered Fraud MOs and Scams: We will provide insight into the various techniques employed by fraudsters leveraging AI, along with evidence collected from dark web forums and marketplaces. 
• Detection and Prevention Strategies

Despite overall economic uncertainty and crypto volatility, consumer interest doesn’t seem to be waning.

In a survey of 1,000 people conducted by Bank of America, 30% of respondents reported that they had no plans to sell their crypto holdings in the next six months. What’s more, 39% and 34% of those surveyed cited that they have used crypto as a payment method to make online or in-person purchases, respectively. The crypto space continues to mature leading to implications for merchants wanting to ward off nefarious activity while enacting sound risk mitigation strategies.

As crypto becomes more widely adopted by consumers and accepted as a form of payment by businesses, merchants need to carefully consider how to adapt to this new form of currencyWhat’s more, as regulators enforce sanctions designed to curb the illicit use of crypto, proper digital identity verification procedures are more critical than ever in combatting bad actors while ensuring users can transact safely and securely.

This webinar explores why the relationship between merchants and consumers needs to be underpinned by trust and how organizations need to ensure fiat and crypto off and on ramps and transactions are safe and compliant.

Learning Objectives:

• Understanding the intensifying interplay between fiat and crypto off and on ramps and the implications for merchants
• Key factors to consider when making technology decisions with respect to identity verification and onboarding processes
• Why evolving regulations that differ across jurisdictions call for agile practices and constant monitoring

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. 

Learning Objectives:

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. 

With e-Commerce booming, merchants are increasingly turning to fraud intelligence companies to prevent fraudsters impacting their growth. While it’s true anti-fraud systems are becoming more sophisticated at detecting fraudsters - rules-based systems can be fooled. With all the tools and knowledge available on the dark web, even mid-level fraudsters can bypass security measures. All they need to do is mimic original account holders of stolen accounts and credit card details in a process called ‘warming up the shop’.
 
It all sounds too easy. And it can be. With stolen credit card details, e-Commerce accounts and the tools needed to attempt account takeovers (malware etc.) readily available for purchase on dark web marketplaces, half the work of the fraudster is already accomplished. Aside from patience, some additional tools to spoof digital fingerprints (unique identifiers of a user’s device setup, IP address, geo location etc.) and even legitimate browser cookie sessions are all available to buy online. One of the main tools used are anti-detect browsers, a fraudster tool resembling a regular internet browser, but packed with features to mask a user’s true identity and location, mimicking a regular user’s browsing session.
 
We aim to present to you how the process of ‘warming up the shop’ looks from start to finish, showing you some of the fraud tools available on the dark web to aid fraud attempts - you’ll be surprised how sleek and professional they appear, even giving legitimate companies' marketing campaigns a run for their money!
 
Imitation is never perfect. The perfect solution to prevent a successful ‘warm up’ attempt comes in the form of truly knowing your users (KYU) and understanding their interactions and behaviors. Advanced fraud solutions powered by machine learning models can effectively weed out fraudsters before they’ve had a chance to warm up. Join us to discover how.

Learning Objectives:

1. To understand the long process of fraudsters ‘warming up the shop’ to bypass rules-based anti-fraud systems by acting as naturally as a regular customer as possible.
2. Be aware of the tools and knowledge available on the dark web that allow fraudsters to fool rule-based fraud systems.
3. How KYU Advanced fraud solutions powered by machine learning (ML) models can help you understand every user behavior and interaction - and prevent fraud from happening.

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.

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.