The largest FinTech event to ever take place in Europe was held in the Bella Center in Copenhagen this week.

Money20/20 Europe is focused on the opportunities and challenges facing the European payments and financial services industry.  It is the place to be for all serious FinTech professionals and so our co-founder was appreciative of not only attending but also having the opportunity to speak at a prestigious panel talk.

The “Innovations in card not present fraud” panel talk was the perfect platform to discuss the challenges faced by banks and merchants.

The discussion was described well with the following introduction by the event:

“Omni-channel shopping experiences and a wide choice of payment methods are creating opportunities for retailers, but are also revealing new security and fraud challenges for payments.

There are many new technologies emerging to reduce fraud whilst improving the value to merchants and enhancing the experience for consumers. It is an evolving battle as fraudsters develop approaches to circumvent the new solutions. This session showcases stakeholders at the leading edge of identifying and minimising card not present fraud.”

Monica shared the platform with a prestigious panel from Nets, JP Morgan Commerce Solutions, Oberthur Technologies with Andrew Jamieson, Head of Innovation UL, moderating.

The key points that Monica made are as follows:

  • Chargebacks have grown by 20% over the last year in Europe alone; chargebacks can no longer simply be a “cost of doing business.”
  • Fraud as we know it is also changing: virtual innovation in the payment space and technology as a whole has increased vulnerability while inviting additional methods and types of fraud.
  • In order to curb the rise of fraud, solutions must fit the source of the problem – and where there are multiple sources, there must be multiple solutions.
  • A solution is only as good as the understanding of the problem it is designed to solve.
  • The most difficult fraud to detect is Friendly Fraud, or “the accidental chargeback.”  This type of fraud is caused more by a lack of cardholder and industry education as opposed to criminal intent.
  • Cardholders are contacting their bank to get refunds assuming this is a “customer service perk” for online spending.  Merchants are not aware of identification options and defence options such as our ISD technology.
  • Up to 70% of the fraud problem may be the result of accidental chargebacks and for every friendly fraud chargeback that occurs undetected, another will follow by the same cardholder 50% of the time within 90 days.

Chargebacks911part of Global Risk Technologies™, specifically helps identify and reduce friendly fraud.  We approach the issue as a neutral party, with the goal to re-educate the cardholder and issuer in a way that recovers illegitimate chargeback revenues for the merchant and helps safeguard their reputation with the customer and their bank.

Banking Technology covered the panel talk, please click through to read.

Money20/20 Europe is an unconventional convention, full of inventive uses of space and creative touches.  It has brilliant speakers, new innovations on show and wonderful networking opportunities with top professionals.  While it is big, nearly 4,000 attendees, there a lot of familiar faces to make you feel at home.

We are already looking forward to the next Money20/20 Europe.