Q&A with Mastercard: Fighting Fraud with Simplify Controls
We had the pleasure of interviewing one of our partners, Deborah Barta, Simplify Commerce Global Lead at Mastercard, who provided an insightful look into the company’s latest moves in the fight against fraud, including more details about their recent launch of Simplify Controls for small- and medium-sized businesses. Read on to find out more!
Q) Tell us more about the new Mastercard Simplify Controls solution.
A) Mastercard is committed to fighting fraud. That’s why we were thrilled to launch a fraud-prevention platform that allows businesses to easily control and monitor e-commerce transactions in real time. Simplify Controls, a new offering from Simplify Commerce by Mastercard, puts the power of enterprise-level fraud protection in a small- or medium-sized enterprise merchant’s pocket. Everywhere they go. Simplify Controls offers merchants a powerful web dashboard, an intuitive mobile app and smart alerts, so they can set rules and auto decline transactions based on their risk tolerance in advance of authorizing the card. Simplify Controls helps businesses maximize online sales by letting legitimate orders through and keeping fraudulent transactions out.
Q) Simplify Controls is a forward-thinking approach to ecommerce – what led to Mastercard creating this solution for small businesses?
A) Essentially, we want to make sure that businesses of all sizes can sell wherever they want to sell – simply and securely. Businesses of all sizes are increasingly turning to e-commerce to reach new and existing customers. We recently surveyed small and medium businesses around the world, and found that 89 percent who now sell products or services online saw an increase in sales—40 percent, on average. However, businesses need to enter the digital fray with care, protecting themselves and their customers against fraud. Card-not-present fraud, including online transactions, is expected to be nearly four times greater than point-of-sale card fraud by 2018, yet we found that an incredible 60 percent do not use fraud prevention tools.
Q) What is the biggest opportunity Mastercard is seeing with small businesses?
A) Around the globe, Mastercard offers products, services and insights for small- and medium-sized businesses. We help them efficiently purchase goods and services, more effectively manage their businesses, and get paid simply and securely anytime, anywhere—online, in a mobile app or in a store. Many small businesses haven’t even started on this journey and are still running primarily cash-based businesses. Cash is expensive, complicates recordkeeping and can often be a challenge for consumers who are increasingly wanting to pay electronically and carrying less than $50 in their wallets.
Q) What do you think are the biggest risks or challenges facing small businesses when it comes to fraud?
A) Our survey revealed that only 33% report a high understanding of data security for their business. If you don’t truly understand data security, how can you proactively safeguard against fraud? In a large company, you’d have a floor for the team members focused on security and fraud. Most small businesses don’t have that luxury. Our tool offers enterprise-level security but makes it incredibly simple, so a team of one can block fraudulent activity in real time.
Q) Why did Mastercard choose to integrate Kount’s solutions into Simplify Controls?
A) Kount was a great choice for us given that Mastercard has a long-standing relationship with Kount and their fraud scoring is truly industry leading.
Q) What is the number one thing that small businesses need to keep in mind when it comes to managing their ecommerce platform?
A) Finding the right partner is really essential. You want a solution that is going to be easy to implement and will offer features to support you as you grow your business – such as einvoicing, eCommerce websites, social commerce buy buttons and mobile payments. The solution should seamlessly enable you to securely manage your business across the various channels where you take payments, all backed by the support of a trusted partner.
Q) What other tools or services does Mastercard have that provide significant value to merchants and/or small businesses?
A) We help small businesses pay, get paid and manage their businesses more efficiently. This means that we provide small business credit cards that help with liquidity, let them earn rewards and easily pay for goods across channels. Our solutions like Simplify Commerce, a uniquely versatile, highly secure and incredibly simple cloud-based payments platform, helps businesses securely grow by maximizing sales.