By: Dave Landis, VP of Strategic Accounts and Partnerships
Merchant Risk Solutions Are Imperative to
Lessons from the Death Zone was the keynote address presented by high altitude climber Kenton Cool at the 2016 MasterCard Global Risk Leadership Conference in Bali, Indonesia last week. Kenton mounted and completed over 30 successful expeditions, including twelve successful ascents of Everest. His insights about preparation and planning fell right in line with conference topics including risk and security. To succeed at mountaineering, he must train daily and cohesively create a plan every time he sets out to climb. He placed emphasis on a number of essential tools that aid him in reaching the highest peaks, including sleep, food and gear. Stating that with just one of those tools taken out of the equation, he’d be dead.
“You leave knowing there is a chance that you might not come back, that this climb could be your last. If you become complacent at 8,000 meters, in the death zone, the mountain is going to kill you. It’s very easy to sit in the snow and let life seep through your very being. But when you get to the top, the whole world radiating beneath your feet, there’s this tsunami of emotion.”
– Kenton Cool
His key takeaway being that even though an error in banking won’t kill you, without proper preparedness and planning, acquirers and payment processors cannot prevail. Working in the payments space requires very specific tools for merchant monitoring, transaction laundering detection and fraud prevention. Taking away just one can cause debilitating assessments in the millions-of-dollars, making risk and compliance solutions absolutely essential to climbing the peak of safe and profitable commerce.
Top Takeaways from 2016 MasterCard Global Risk Leadership Conference
In both conversations and sessions at the conference, many discussions focused on fraud and the importance of tools to combat it. The global payments community is ever evolving to alleviate risk and eliminate criminal activity, and comprehensive solutions will always be needed to maintain compliance standards.
- Presentations highlighted the fact that violators are increasingly cunning. One-quarter of terminated accounts find their way back into the payment system. A full 50% of violating websites exploit the payment system without registering for merchant accounts. Can the violators declare victory? Of course not. But detecting, and ultimately defeating, savvy fraudsters and cybercrime rings requires a powerful new combination of data, science and world-class business practices executed within and
- Sessions about merchants centered on the differences between card and cash transactions, affirming that credit cards are much more transparent. They are harder to counterfeit and offer the ability to trace transactions, while physical currency doesn’t have the same built-in fraud
- Another common theme involved innovative countermeasures using advances in data science and collaboration to prevent threats across the ecosystem. These countermeasures work to stay a step ahead of fraudsters. By increasing the layers of defense and decreasing the means of committing fraud using industry leading tools to detect transaction laundering and monitor merchants.
Big thanks to everyone that I had the opportunity to meet and discuss risk solutions with. We are looking forward to the MasterCard Global Risk Leadership Conference Asia-Pacific in 2017. If I missed you at the event, please get in touch with us at firstname.lastname@example.org.
To find where G2 will be over the coming months, visit our upcoming events page for details on travel