By: Allison Guidette, CEO
Excellent MAC Midwest Training Event in Dallas on October 1, 2015! The program featured experts from across the industry on topics ranging from EMV to new trends in fraud.
Speakers at the event discussed US regulatory agencies (e.g., CFPB, FTC, FinCEN) increasing their focus on merchant acquiring, especially concerning lines of business that may pose risks to consumers. Acquirers and their value chain partners operating in the US need to ensure that they are well positioned to comply with the interests of these government agencies, in addition to traditional focus on card network compliance, to avoid time-consuming audits and inquiries.
Deana Rich, CEO of Rich Consulting, and I co-presented on the challenge of transaction laundering — explaining the complexity of the problem and offering case examples, along with best practices to detect and prevent transaction laundering in acquirers’ portfolios.
Other topics included the rising sophistication of fraudsters, criminals leveraging data science to launch more frequent, broad-reaching and potentially damaging attacks. Online fraudsters have demonstrated patience, waiting after stealing data to better optimize their success at avoiding detection. The key to protecting organizations is strengthening their weak links, including security and controls for some service providers, such as resellers. Coming out of the event was a clear urgency for acquirers and their VCPs to know all of the service providers touching their merchants. Due diligence is paramount to combatting payments fraud.
G2 Web Services can help fight these threats with our Service Provider Sentinel, Persistent Merchant Monitoring and Transaction Laundering Detection services.