FraudRetail: Fraud 360 Melbourne: Unveiling Fraudster Secrets

16-Oct-2015

The Fraud 360 roadshow hits Melbourne, providing attendees with the inside scoop on how to stop fraudsters including information on the latest tools in the fight against fraud.

Demand was hot for Kount’s inaugural Fraud 360 seminars last year and its roadshow expanded to 16 cities worldwide in 2015, including one new stop in Melbourne on 24th July. It shouldn’t be a surprise why there was a surge in attendees around the world and a solid showing at the Melbourne Marriott—fraudsters continue to get smarter and make headlines for their work and the event dished the inside scoop on how to stump them. We see it in the news seemingly every day; breaches happen to millions of consumer credit cards and private data files. Mobile payment systems are evolving with new technology and have a good sense of consumer spending habits, leaving a trail and allowing fraudsters to infiltrate the system.

Melbourne attendees gathered on a Friday morning to hear from experts on the intricacies of fraud as it evolves every day.

The seminar kicked off with Kount’s VP of Marketing, Don Bush, who welcomed the group, talked about mobile fraud and how fraudsters are finding different ways to sneak in to consumer phones while they shop, play games, or through any other avenue in which they use their phones or spend money online.

Other speakers included Steve Casco, CEO of Cardnotpresent.com, who talked about cross-border payments and how fraud is a huge risk when a transaction is made across international lines.

Klas Bäck, GM, International and Payment Strategy at Braintree, discussed payment trends and security, while Rich Stuppy, COO of Kount, divulged his tips for boosting sales while beating the fraud game.

“The threat of fraud grows more prevalent and complicated every day, with every breach, putting consumers and businesses alike at risk and under considerable strain to keep up with the latest developments in fraud mitigation,” said Brad Wiskirchen, Kount CEO. “Fraud 360 brings this information directly to merchants, featuring experts throughout the fraud and payments industries who will speak to the emerging threats and challenges of operating a business online and how you can protect that business.”

There is a mobile evolution going on, with consumers demanding faster transactions and increasing their reliance on mobile, and businesses must adapt to mobile payments systems. Without the right tools in place or used correctly, it is dramatically easier to use cards for fraud.

Mobile is already a great risk. Findings have shown mobile phone users are at least three times more likely to become victims of phishing attacks. Although 73 percent of us are aware of the increased security risk of public wi-fi, 66 percent still connect to public networks, and 64 percent of those surveyed do not use a screen lock or password to secure their device.

But don’t be fooled by tools alone. Tools are not enough to stop fraud effectively and efficiently because, with the current state of fraud and business, all of these capabilities need to operate seamlessly together and in real-time.

Another theme of the Fraud 360 seminar was a focus on how all tools must work together in real-time. Stitching together a series of fraud tools is no longer good enough. Having a comprehensive platform for mitigating fraud is no long a “nice-to-have,” but a necessity.

In fact, more compromised and stolen data is available than ever before. All the data a person needs to commit fraud is easily accessible and much of it is available online. Recent reports found staggering statistics. More than 1,500 breaches compromised over a billion records in 2014. A single collection of breaches resulted in a cache of over 1.2 billion user names and passwords and more than 600 million credit cards were compromised.

Think about those numbers. Do you know where your business falls in line when it comes to safe transactions versus fraud?

Source: PowerRetail.com.au.