Industry Publication Banking Technology Reports on Monica’s Money 20/20 Europe Appearance
Payment card fraud is one of the most pressing issues facing the banking industry; of course, that’s not exactly breaking news.
Nearly everyone involved in the payments industry has some measure of experience with payment card fraud. So much so that Monica’s panel, Innovations in Card-Not-Present Fraud, at last week’s Money 20/20 Europe event in Copenhagen proved to be one of the hottest discussions of the entire conference.
As reported by Antony Peyton for industry news site Banking Technology, the “lively and quick” panel discussion featured Monica alongside fellow panelists Susanne Brønnum (Country Manager for Denmark, Nets), Catherine Moore (President, JP Morgan Commerce Solutions) and Nicolas Raffin (Strategic Marketing and Innovation, Oberthur Technologies). The event’s moderator was Andrew Jamieson (Head of Innovations, UL).
The panelists agreed that the problem is growing, and that payment card fraud affects everyone involved, merchants and consumers alike. The audience’s experiences seemed to back up that sentiment. When Jamieson polled the audience at the beginning of the discussion, nearly 50% of the attendees suffered from problems with payment card fraud in some form.
The panel also delved into the unavoidable necessity of firms to outsource their fraud prevention to experts. As Monica claimed, “We will see a trend to more outsourcing to deal with fraud…as it’s impossible to scale (without outsourcing).”
Brønnum agreed, suggesting that the problem was a universal one, not limited only to merchants: “For small and medium sized banks, fraud is so organized, an organization needs substantial reserves to deal with it. Some of these banks have to outsource to deal with it.”
Despite widespread awareness among payments industry professionals that fraud is a growing problem, few actually have a plan for how to best deal with the increasing fraud risk. With more than 3,000 attendees representing 75 different countries and more than a thousand companies, Money 20/20 Europe was an excellent platform to help spread a greater understanding of fraud throughout the payments industry.
Even though this year’s event has come to a close, Monica and her fellow panelists will continue drawing attention to this problem. Only through a coordinated, industry-wide effort can the problem of payment card fraud be brought under control.
As Monica suggested, “We are not islands when it comes to fraud—everyone is affected.”
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