Fraud prevention is a challenging task and the offering of fraud prevention tools is manifold. In order to determine the right mix of tools in fraud prevention, merchants, payment service providers/independent sales organizations have to develop a solid understanding of typical fraud profiles in their industry and to add modular fraud prevention tools.
Fraud Prevention – a challenging task
Recent statistics show that fraud losses have decreased to about 0.8% today, compared to 1.4% in the high-level years 2007 and 2008. However, looking at the overall increase in eCommerce and the total volume of transactions processed worldwide set to reach between $2- 4 trillion by 2016, a fraud loss of 1% would mean $20- 40 billion of missing revenue.
It is essential to identify potential fraud before it occurs. However, merchants often lack the capacity and experience and therefore need to rely on the expertise of their PSP/ISO and external risk solution partners. The potential loss resulting from fraud is much higher than most merchants would believe and it is the responsibility of payment service providers/independent sales organizations to offer further information and to increase the general level of awareness. To keep losses from fraud at a low level, merchants need to continue protecting their transactions, taking advantage of the right mix of fraud prevention solutions, such as selected in PAY.ON’s OneClickSafe risk packages.
Fraud Prevention Day 2014 in Munich
In order to further educate on how to manage fraud by using intelligent fraud prevention tools and on global fraud prevention trends, PAY.ON hosts its first Fraud Prevention Day on 24 February 2014 prior to the Internet World in Munich. The fraud prevention solution partners of PAY.ON, which include arvato infoscore, Cardinal Commerce and Retail Decisions, will be present to discuss their views on fraud prevention and to share their knowledge. An essential part will also be to focus on the perspective of merchants. In that sense, representatives of the Merchant Risk Council will attend and explain their insights and expectations concerning the industry. The audience includes merchants, payment service providers, banks and other parties in the payments business.
Find out more on the Fraud Prevention Day synopses on PAY.ON’s Corporate Eventpage. During the event, there will be live coverage on Twitter via the hashtag #fraudPD. And of course, our findings will be shared in an upcoming wrap-up blog post!
Note: The event is already fully booked by now. Follow the live coverage on Twitter (#fraudPD) to stay tuned.