News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

CNP Expo: Now Taking the Demo Stage – May 20, 2014

CNP Expo: Now Taking the Demo Stage…

May 20, 2014

For the second year in a row, the CNP Expo invited companies from across the card-not-present spectrum to take the stage in our exhibit hall. We gave them time and space and they gave our audience 20-minute demonstrations of the most cutting-edge solutions available to card-not-present merchants.

Fraud and how merchants can reduce it dominated the conversation on the demo stage during Wednesday’s second round of exhibit hall presentations. Fifteen companies took advantage of the opportunity to present their solutions to CNP Expo attendees. Merchants also learned more about how to expand globally and the latest authentication techniques.


Demystifying Machine Learning: Modern Big Data Analytics Is Disrupting Fraud

Loc Nguyen of Feedzai took an engineers point of view to discuss the company’s self-adaptive product that uses machine intelligence to automatically learn, predict and act against transaction fraud. Calling it “data science,” Nguyen said, “Human generated rules can’t react quickly enough.” The self-labeled Big Data software company uses recognition memory ROC functions to look at millions of transactions and learn from each company’s history.

Increase Sales and Reduce Fraud with End-to-End Solutions from LexisNexis

Aaron Press, director of market planning, e-commerce and payments for LexisNexis Risk Solutions, offered to increase sales and reduce fraud via the company’s Identity Score system, using their 8 petabytes of precise customer information data. “Anyone can say where a person lived,” he said, “but only the actual customer can say where they never lived.” The instant authentication matches multiple streams of personal history data to verify account creation, order screening and risk management, allowing deeper levels of verification.

Account Takeover Detection

Michael Mallon, product manager for Accertify , offered the Profile Builder, which aggregates historical data, allowing the client to take any one data point and see what is associated with it.

“We evaluate each data point one by one,” he said. Information from 34 different verification services allows for a customer profile based on ID history, credit card information and email verification to spot fraud patterns and account takeover.

Don’t Gamble With Fraud: Learn How ClearCommerce is Protecting the Online Gaming Community from Fraud

Jeff Robbins of FIS Global defends the online gaming community with the ClearCommerce package of fraud and payment solutions. Used by Caesars and Trump online casinos and Apple, the package includes a payment director, fraud shield and rapid reviewer order management for, as he calls it, “all-you-can-eat processing for one price and license.”

The Data Protection Solutions

Mark Johnston, a product adoption manager from Infogix , showed off the 32 year-old data protection software company, catering to the banking, insurance and healthcare industries. Their Executive Manager dashboard verifies, balances and reconciles data-loss detection, including internal fraud, making sure the right people have access to the right tools. It prevents loss of the most sensitive consumer data. “When a customer’s personal info gets out, you can’t call and ask them to change their date of birth.”

The Not-So-Friendly Fraud: What You Don’t Know Can Hurt You

Monica Eaton-Cardone of Chargebacks911 gave a technology-free education course on the effects of so-called friendly fraud. “Here’s what is killing merchants,” she said, pointing to the chargeback mitigation firm’s goal to help merchants have a sustainable business. The “online shoplifting” given back to customers without challenge was shown as a bigger problem than criminal fraud.


Beyond Payment Gateways

Justin Benson, the CEO of Spreedly , presented “payments as a platform,” offering online merchants multiple worldwide payment options from credit cards to eBay and 60-plus gateways. The company stores and tokenizes payment data and aggregates the best available deals on pricing for merchant transactions with transparent shopping-cart options. “The last thing a customer ready to buy wants is to be sent to another site,” Benson said.

Optimizing International Conversion Rates by Employing Dynamic Routing

Mike Shatz of Adyen showed their dynamic routing system, using 250 international localized payment methods in 187 currencies. With direct relationships to foreign acquiring banks, Adyen routes transactions through local banks resulting in better conversion rates, a reduction in refusal rates and increase in sales. “Conversion rates are king,” he said, and touted the embedded risk management system included at no additional charge, “created by mad scientists in The Netherlands.”

Follow the Money: What You Need To Know To Succeed In China

Ralf Gladis, CEO and Co-Founder of Computop , offered a lesson on the unique conditions of selling to the 1.4 billion people in China. “The Chinese market is hard to conceive,” he said, pointing out that Alipay, the Chinese PayP al equivalent, has more customers than the combined populations of America and Europe, and that a local data center in China is vital in breaching the “Great Firewall of China.”


Further Reduce Fraud Based Simply on an Email Address

Gary Watson of Emailage claimed the company can reduce online fraud an additional 25 percent by including email address history and analysis in an evaluation. “Fraudsters aren’t going to knock on your door and take things,” he said by way of explaining the need for detailed analysis of email addresses as digital identification.

Identity Verification & Machine Learning 101

Tom Donlea, Director of Risk Services for WhitePages PRO , presented the online phone book as tool to generate an identity score. Unlike the consumer edition, PRO includes mobile phone numbers, and uses predictive intelligence to examine relationship links. “It can make connections you cannot make elsewhere,” he said. The company also offers smartphone apps for blocking calls and unknown caller ID.

Empowering the Phone Identity

Sean Kent, director of product management for TNS Verify, showed a phone-identity verification system. Transaction Network Services is the only source of wireless subscriber data that comes directly from the mobile carriers. Identity verifications are done with a simple yes or no, without supplying consumer information to the company. “It allows clients to make informed decisions,” Kent said.

Is Your Call Center Safe from Data Breach?

Stu Carty, vice president of sales & business development for Semafone , showed a different angle on consumer fraud by spotlighting the need for vigilance against card-number theft within call centers. “Anyone will say ‘We only hire good people,’ right?” he said, and presented the system which removes the sight and sound of consumer credit-card numbers by encrypting credit-card data, requiring customers to enter their information and removing data from access by call center personnel.


Forte Checkout

Jeff Thorness, CEO of Forte Payment Systems, presented Forte Checkout, a modal overlay for online payment websites. Credit cards and eCheck are offered as payment options, along with customer configuration options for scheduled billing and wallet mode. “Checkout is much more seamless than redirect methods like Paypal,” he said.

Taking Care of Bit’ness: How and Why You Should Accept Bitcoin

For their energetic launch, John McDonnell, CEO of Bitnet, showed the flexibility and uniqueness of transactions via Bitcoin. The company facilitates digital currency transfers of Bitcoins into cash. “Bitcoin has turned a public Internet into a secure payments network,” he said. The consumer controlled and verified Bitcoin model means no PCI compliance, no chargebacks and no fraud. Banks and bank fees are eliminated; transactions, McDonnell said, are irrefutable.

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Daniel Leibovitch