News, Education and Events Decoding Digital Payments & Fraud

News, Education and Events Decoding Digital Payments & Fraud

Keynote Recap: Level up Your Fraud Fighting

Keynote Recap: Level up Your Fraud Fighting

Fraud veteran Scott Adams kicked off the first full day of CNP Expo 2018 with a keynote address that highlighted some of the ways fraudsters were taking advantage of his former employer, Riot Games. Video gaming companies have unique challenges exposing them to unfamiliar fraud types that can hammer them very quickly. Many of those fraud types manifest in video games first and then to other merchant verticals soon after. Adams detailed his experiences and learnings that audience members at CNP Expo could take home and apply to their own businesses in their effort to detect and prevent fraud.

One of his primary themes was that fraud professionals cannot look at competitors as enemies. In fraud prevention, the ecosystem needs to work together.

“We’re all the same,” Adams noted to the hundreds of merchants attending the session. “One of the biggest things you can do for your career and for learning is talk to other merchants. Video games are hyper competitive. In the past, if a Riot guy ran into a Blizzard guy, there would probably be a fist fight. In fraud, it should not be merchant vs. merchant, it should be merchant vs. fraud.”

Adams talked about how devastating account takeover was for Riot in the years before it became a nightmare for other merchants. And, he warned merchants to beware of cultural bias in their fraud prevention.

“When I applied our model for account takeover in Brazil, we caught no one,” he said. “I didn’t know how Brazilian gamers thought. They behaved unlike Americans or Western Europeans and I didn’t account for that. You have to think about cultures. We don’t necessarily do that here.”

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