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fraud forum - talking prevention

Talking fraud prevention means tackling one of the key topics in the payment industry. After 8 years of Fraud Forum we are still staying in the forefront of trends - discussing the new ways fraudsters are acting, methods of fraud prevention and our company's solutions.


HOSTING THE EVENT

Held in Belgrade on 18th September 2019, we hosted another Fraud Forum event with great topics and even greater guests. More than 120 people participated in the whole event, 8 experts had presentations, and 7 people participated in the panel discussion.

The team behind our excellent in-house fraud-prevention solution and the Machine Learning project was a big part of this year’s Fraud Forum. They were also presenting several topics on the most recent developments in our company and gave their expert overview of the new trends in fraud and fraud prevention.

From Mercury Processing Services International, we had Jelena Kolega, Head of New Solution Design, breaking the ice on presentations. 

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Next was Mariana Šuvar, Product expert, covering New fraud trends. She first delved into the human nature working as the cyber world's best defense but also its greatest vulnerability. As people evolved, so did fraudsters and their methods. Beginning from 2004, cyber attacks have evolved from viruses to the ransomware attacks that have high pay off for the cyber criminal community. And fraudsters are getting more and more persistent so Mariana explained why is this so - ease of opportunity, lack of stigma, consumers not protecting themselves and police not being equipped to manage the problem. The numbers of regional fraud statistics are showing the increase or decrease as Mariana showed.

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GUEST SPEAKERS TIME

We had incredibly interesting guests who also talked about some incredibly crucial topics when it comes to fraud and security. Debbie Grant, Senior Policy Lead, Policy and Law Enforcement, Ecosystem Risk at Visa, gave a profound and striking picture of how Visa is fighting fraud against serious offenders and how fraud prevention in payments can have an immense impact in decreasing organized crime. Branimir Pačar, Cofounder of DotBit, on the other hand, reminded everyone of the importance of regulation in fraud prevention.

Some of the hottest topics of not just the industry but also our Fraud Forum were Artifical Intelligence and Cryptocurrencies, and when it comes to this no one is left indifferent. Neither did the presenters David Wilde from RatePay, who focused on the development of Machine Learning model and the challenges they overcame, and Nikola Škorić, CEO of Electrocoin whose presentations were in the least intriguing.

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Nikola invited us to the world of cryptocurrencies and the surprising profiles of fraudsters they handle successfully. Handling fraud in the cryptocurrency industry is no easier than in the payment industry and it may even sometimes be harder to obtain proof. Some of the most used methods of fraud in this industry are Fraudulent ICOs, Exit scams, Pyramid schemes, Fake wallets, and Impersonators

However, here is a fragment of what Electrocoin has experienced: fake IDs, photoshopped IDs, phone scammers, Microsoft support scammers, fake investment brokers. 

Continuing in the same tone, Ulrich Mustar from the Lufthansa Group tried to demonstrate the presenters the tremendous job of preventing fraud in the airlines world, which is no easy job looking at the substantial number of people buying tickets and using their airlines each day.

Digital skimming and how Nets prevents fraud was presented by Sune Gabelgård Head of Digital Fraud, Intelligence & Research, as well as the new technologies and methods they are developing in fighting fraud. He first illustrated the threat landscape of Cyberfraud in 2019 and all of the elements vital for strong fraud prevention. Human factor is still why fraud is happening but it's also why fraud is being prevented. 

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Regulation is too wokring in preventing fraud but Sune emphasized how being compliant does not mean FIs should not do anything else when it comes to this. 

All of the interesting presentations created a very fertile ground for the panel discussion on Risk Based Authentication that happened after. Even though 7 people were in the panel, the audience joined in eagerly with their questions and comments to what the panelists had to say and thus brought the whole event to a conclusion. 


For more information on the event itself, speakers and presentations, you can find on the event's page - https://mercury-processing.com/events/fraud-forum-2/ - and you can also download the presentations here.