By: Greg Baxley, Marketing Coordinator

 

Combatting Fraud in the Payments Ecosystem

Navigating the Future of the Digital Augmentation was the keynote address presented by Aric Dromi, futurologist and digital philosopher for Volvo Car Group, at the 2016 MasterCard Global Risk Leadership Conference in Split, Croatia last week. Aric explained that the digital world is quickly becoming humanity’s sandbox, moving us form the notion of looking at screens to becoming part of the information. His insights into how data has impacted the world fell right in line with the core conference topics of digital safety and security. From Fintech to smart cities, from autonomous mobility to social interaction, there is a new set of growing fields that define every aspect of our lives. 

 

His key takeaway being that artificial intelligence, robotics, genomics, biotechnology, neurotechnology, adjustable reality and the codification of value interactions will let us re-imagine the value propositions of spaces not govern by fixed physical architectures, but dynamically adjusting to the wishes and intentions of the users.

 

Top Takeaways from 2016 MasterCard Global Risk Leadership Conference

In both conversations and sessions at the conference, many discussions focused on fraud and the importance of tools to combat it. The global payments community is ever evolving to alleviate risk and eliminate criminal activity, and comprehensive solutions will always be needed to maintain compliance standards.

 

• Presentations highlighted the importance of best practices on key payment security issues, vulnerabilities, and innovative techniques to mitigate fraud. The future of digital safety and security is dependent on addressing security issues through a multi-layered approach. G2 Transaction Laundering Detection services were hailed as the industry standard, an essential tool for detecting and eradicating violators from merchant portfolios.
• Sessions about merchants centered on digital safety and security, affirming that the understanding of consumer spending patterns and behavior is key to identifying emerging fraud categories. Identity theft and data privacy were also emphasized as rising concerns in the European market.
• Another common theme involved innovative countermeasures using advances in data science and collaboration to prevent threats across the ecosystem. MasterCard leaders discussed efforts to build and secure payment system functions to keep pace with the rapidly evolving payments

 

Big thanks to everyone that G2 had the opportunity to meet and discuss risk solutions with. If you missed us at the event, please get in touch at info@g2llc.com.

 

To find where G2 will be over the coming months, visit our upcoming events page for details on travel
and conferences.