Tricia Phillips: Fraudsters are often the early adopter of new technologies. When a new wallet launches. When a new app launches that has use cases that haven't been exposed before. It's often the fraudsters that find out about it, and they tell all their friends on the dark web, and suddenly they jump in, and they find those vulnerabilities really quickly. So, being able to separate out what's normal when you have no baseline, and what's high risk, or suspicious, or fraudulent can be really difficult, particularly in those first few weeks, and months.
That's why it's so important to build in a plan for how you monitor, how you address those types of attacks from the very beginning. Rather than being reactive, and scrambling, and maybe putting in things like limiting orders, which you don't want to do for your good customers, when they're first starting to use the service. You can have more sophisticated tools, and methods of managing that fraud.
Rich Stuppy: That launch is an especially powerful moment. If done well, you have the ability to include payments, loyalty, brand appreciation in ways that have previously been impossible. But if you do that powerful launch, and you don't have those protections in place, at each point in the journey where you're collecting the appropriate amount of data, and adding the appropriate amount of protection. You can find yourself backpedaling quickly, and frankly putting in jeopardy the tremendous ROI that's there, because the bad guys are causing trouble that you didn’t anticipate.
Tricia Phillips: Absolutely, and I think dialing back the use cases is something that we see a lot. Someone will launch, and they'll go, "We can't do gift cards in-app, it's too risky. That might be the feature that your customers like the most. Being able to do a top up of a gift card remotely, so that family members can share money and say, "You get $50 this month for going to your favorite restaurant." Well if you can't do that anymore, because you've just turned it off, how effective is the app anymore?