By DJ Murphy, Editor-in-Chief
In any business, identifying threats that can negatively impact sales, damage relationships with customers or derail corporate priorities is vital. Even more problematic, however, is deciding how to deal with those threats. Fraud departments in the e-commerce space are at several disadvantages when trying to identify and respond to threats compared to other businesses.
First, criminals and fraud departments are continuously engaged against one another. As fraud professionals take steps to address one vulnerability, fraudsters change their tactics to find and leverage others. As a result, the nature of fraud threats faced by online merchants is not static. Those threats undergo evolutionary and revolutionary changes over time.
Another disadvantage fraud professionals experience is that, while they recognize that industry-wide communication can be a powerful tool in fighting fraud, often their corporations foster an environment that prizes secrecy over openness.
Thankfully, many are willing to share their experiences at events like CNP Expo. A true marketplace of ideas, the CNP Expo brings together participants from all areas of the digital commerce ecosystem who value the opportunity to share information—knowing that it makes them all safer.
Presentations and panels about emerging and continuing fraud trends and best practices in fraud prevention make up the bulk of the educational program at the CNP Expo. The following are some of the educational opportunities attendees will have access to in these two topic areas.
Emerging/Continuing Fraud Trends
There are old schemes that never go out of style and new threats developing constantly. From account takeover to buy online/pickup in store, the ways fraudsters attempt to monetize stolen information are varied and often difficult to identify and prevent. Our sessions on these fraud types will be must-sees.
We also will have presentations or discussion panels devoted to gift card fraud, friendly fraud and shipping fraud. In addition, a special session led by Brett Johnson, a former U.S. Most Wanted hacker and fraudster (turned rising star in the fraud prevention community) will give a bad guy’s perspective on the latest tactics and trends.
CNP Expo will also feature representatives of the Federal Reserve sharing official U.S. government numbers detailing how CNP fraud is changing. Sessions at CNP Expo highlighting shifting fraud trends include:
- Identifying Credential Stuffing for Account Takeovers
- Preventing Gift Card Fraud
- BOPIS, BORIS, BISSO: The nightmare of cross-channel fraud
- You’ve Got to be Shipping Me: ‘Did not receive’ claims, re-routes and re-shipping
- False Positives: How to avoid referring your customers to your competitor
- Know Your Frenemy: Identifying, deterring, and fighting friendly fraudsters
- Trends, Training, Team Building and Techniques: An Hour with the Original Internet Godfather
- Changes in U.S. Payment Fraud: A Journey through the Federal Reserve Payments Study
Fraud Best Practices
Identifying how fraud is changing, unfortunately, is less than half the battle. Effectively countering fraudsters’ evolving techniques requires a mix of information, technology and experience that a company could find difficult to assemble without input from independent sources. Information sharing between peers is one of the best of those sources and, in addition to informal networking, merchant-led presentations at CNP Expo will enlighten the audience and highlight best practices in several areas you might have overlooked.
Presentations sharing best practices that will be led by merchants include a panel discussing tips that any merchant can implement, regardless of the size or budget of their fraud department, important metrics that will improve performance, and how working closely with other corporate departments can benefit the fraud department.
Share information with fellow online merchants in the following CNP Expo educational sessions:
- Fraud Team Hacks: tips & tricks from pros
- Metrics and KPIs to Consider for Measuring Your Fraud Strategy
- Case Studies: The importance of a post-transaction investigation team & working with law enforcement
- Working with cross-functional teams to raise fraud department profile
- Setting Standards to Prevent, Detect and Respond to CNP Fraud