Money 20/20 Las Vegas – the world’s leading payments and financial services innovation event – has closed its doors for another year and we reflect on our time at the busy three-day conference and trade show.
With over 10,000 attendees including more than 1,000 CEOs, and 500 speakers from around the world there was a lot of information to take away, proving that what happens in Vegas doesn’t haven’t to stay there!
Focusing on the changing world of payments, Money 20/20 gave us the opportunity to discuss the simultaneously evolving world of fraud and the implications it has on business. With technology such as EMV, tokenisation and advanced data analytics coming into play, they open up new battlegrounds for companies trying to fight off fraudsters.
The changing face of financial technology also proved a popular issue among attendees. Capital One, for example, demonstrated how its Software Development Kit (SDK) could use almost any digital device, like a car key fob to make payments. Apple Pay and Google Wallet have catapulted mobile payments into the limelight, although as more companies embrace innovative technology in this sector it will become an increasingly attractive target for criminals.
On the ground there was much discussion on EMV, following the roll-out of the liability shift which came into play in the US this year on October 1st. Online retailers don’t have the safeguard of the embedded chip of EMV transactions – making them more vulnerable to fraudsters, and chargebacks filed as a result can be financially devastating to merchants.
Another hot topic at the conference was risk mitigation for the modern age, something very familiar to us at Global Risk Technologies™. As we recently blogged, Javelin has reported that 30% of fraud and chargeback management costs are directly related to hiring and training staff and almost two-thirds of businesses believe in outsourcing fraud mitigation. It was clear from discussions at the conference that the sentiments of this report are echoed on a global scale, and we were on hand to recommend best practice and fraud mitigation techniques to senior executives at the event.
In April 2016, Money 20/20 will be coming to Europe for the first time, visiting Copenhagen between 4-7 April. Our co-founder and CIO Monica Eaton-Cardone will be presenting to delegates at the event and it’s not too late to register for what promises to be a shining light in the European payments calendar!
