MRC Annual Fraud Survey – Preliminary Results
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Fighting payment fraud has never been more complex or more important.
This presentation, from subject matter experts at Insparx and Experian, lays out useful strategies for building out strong and effective fraud infrastructure from the very beginning.
Ten years ago, Spotify and Netflix extended their global streaming services to dozens of countries. It took multiple providers and large teams of experts.
Today, HBO, Disney+, and SkyTV are scaling twice as fast with teams a fraction of the size. How do they do it, and more importantly, how can you do the same?
In this presentation, a panel of merchants will share how ruthless prioritization, strong partnerships, and investments in analytics helped them jump from millions to hundreds of millions of customers in dozens of countries in less than a year.
Learn about the logic for consolidation of service providers due to acquisitions, and the reasons this pattern has not changed in 15 years.
The presentation explores:
- The rationale for creating new players
- Lifecycle and fast growth model of new players
- The acquisition rationale resulting from a liquid investment market
This presentation covers topics such as the role of payments, managing costs, customer experience, regulations, managing operations, and strategies.
- How payments align with the organizational strategy
- How to manage costs
- Interchange, ACH, and RTP
- Management of payment operations
- Best practices and strategies
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.
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.
Tracy Kobeda Brown is an experienced start-up and corporate executive with expertise in technology strategy, product design, engagement, video gaming, and information security. In her current role as the Vice President of Programs and Technology for the Merchant Risk Council, she is overseeing the programs and technology team tasked with delivering content, education, and tools to help the world’s best fraud and payment professionals battle fraud for their companies. Prior to her role at the Merchant Risk Council, she held various C-level roles at corporate and start-up companies. She was the Head of Product for Fragomen, Lockerz, and the CEO and founder of Evil Genius Designs. Prior to that, she led the team that created American Eagle Outfitters website, ae.com, where she started her career in fraud and payments, eventually becoming the Head of Information Security (CISO).
She earned her Master’s degree from Carnegie Mellon in Entertainment Technology and her BS in Economics from The Wharton School at the University of Pennsylvania in Decision Sciences and Risk Management. She has served on the board of the National Cyber-Forensics and Training Alliance (NCFTA), Co-Chairperson of the Merchant Risk Council at its inception, and as an Executive/Entrepreneur in Residence for various universities and accelerators.
Merchants are always after the best solution for their fraud prevention needs, but it’s hard to know whether a new solution will actually be right in practical, ongoing terms. Enter POCs. A real-life try-out of the solution can give a clear indication of its performance. Right? Not always.
Our webinar will discuss 3 specific use cases that will help merchants understand the right way to conduct a POC for a fraud prevention platform.
In this webinar, we will address the following scenarios and how to best counter their negative impact on a POC:
- The challenge of trusting the accuracy of the POC's end result when another system (i.e., your existing one) is in place and affects the results dramatically.
- An existing fraud prevention system that guarantees transactions and is liable for them. The solution which is being vetted through the POC is not.
- For a limited point in time, you can have professionals conducting the POC side by side with your system. While this approach will significantly improve overall performance, in reality, it will be impossible to replicate.
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.
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.