Once again both the Merchant Risk Council (MRC) European Conference in London and 11th Airline & Travel Payments Summit (ATPS) in Berlin provided an excellent opportunity for merchants, vendors and partners to discuss the latest advances in anti-fraud and ecommerce. At both events fraud, risk and payments professionals came together to tackle the challenges they face in a world of increased threats.
I attended both events, and I found them both to be time well spent. There were some fantastic presentations and a great deal of knowledge sharing, valuable and practical tips that are ready to deploy in every merchant organization and lessons learnt from previous projects.
A couple of presentations, in particular drew, my attention. Today I would like to share with you some of my findings and conclusions.
Risk management and user experience – a perfect harmony
One of the recurring topics of the events was how to balance risk management whilst also minimising the impact on the user experience. It was great to hear issuers and merchants discussing this topic.
I believe strongly that cyber security and risk management should improve the user experience – not detract from it.
The best example was presented during a presentation by the leading international online travel agent Almundo.com who used Nethone solutions to both reduce fraud and increase the user experience. By deploying an AI-based anti-fraud solution Almundo.com was able to greatly reduce the amount of fraudulent transactions allowing them to improve the customer experience by reducing the time to departure for flight ticket sales from 72 down to 24 hours.
Bringing down Barings Bank
Do you remember the famous case of Barings Bank’s bankruptcy caused by Nick Lesson? Nick is the bank’s former trade broker whose fraudulent, unauthorised speculative trading caused in 1995 the spectacular collapse of Barings Bank (the oldest merchant bank in Great Britain, with more than 233 years of history).
During MRC in London there was a standing room only at the session hosted by Nick Leeson, the original rouge trader, as he told the story of how he brought down the Bank. It prompted a lively discussion about how merchants should manage risk and fraud.
There was consensus in the room that risk and fraud are board level topics as the Baring example shows.
Results of the Global Fraud Survey revealed
At MRC the results of the Global Fraud Survey were also discussed. The goal of the research was to give insights on how different merchants around the world manage online fraud and risk.
Some of the key highlights from the survey indicate that collaboration between merchants, banks, partners and vendors who participate in associations such as MRC results in better performance.
These figures show the importance of events such as MRC and ATPS which foster knowledge sharing.
Artificial Intelligence – the new trend or just a buzzword?
I noticed that certain topics came up again and again during the events, namely – Artificial Intelligence, Machine Learning, Big Data and the dark web. These are technology areas that are mentioned in the media and have entered the public consciousness but remain poorly understood.
As the representative for AI-based Anti-Fraud and Business Intelligence vendor I had many discussions with merchants over the course of the two events to educate them on these topics. For those merchants that were interested in the history and latest developments of these topics Masha Cilliers of Payment Options hosted a great session that was very well attended.
The consensus of at both events was that merchants should deploy the latest AI-based solutions to stay one step ahead of the fraudsters.
For those of you who are interested in learning more about the discussed topics, presented materials are available at the organizers’ homepages:
Looking forward to next editions of those events. Hope to see you there.
MRC European Conference is one of most dynamic and esteemed European event for fraud, risk and payments professionals. With an attendance of over 500 leading eCommerce experts, this European Conference is consistently voted better than any other industry event. This year there were presentations from leading companies and organizations like Netflix, IATA, Nethone, Airbnb, Etsy and PCI Security Standards Council.
For anyone looking to be up-to-date with the latests trends in travel industry, Airline & Travel Payments Summit was definitely the place to be. Issues covered ranged from payments to fraud & data breaches. At this years event more than 250 professionals participated, representing such companies Almundo.com, Air Canada, Booking.com, eSKY Group, KLM, Lufthansa, Qatar Airways and more.