As digital payments become more sophisticated, so too does fraud. As the US shifts haltingly toward EMV one of the effects is likely to be that fraud that focused on the point of sale will head elsewhere. With consumers spending more online and on mobile, the need to verify people are who they say they are while protecting customer data is only becoming more acute.
Bringing the VC perspective to The Bancorp’s Finetics™ Studio during Money 20/20, is Dan Rosen, founding partner at Commerce Ventures based in San Francisco. Here, he talks about Commerce Ventures’ model and investing in the future of fraud prevention.
“We’re excited about identity and authentication – not just for commerce but also in terms of fraud prevention which is a very hot topic later. Will one technology dominate in the prevention of digital fraud? No it will be a mixture. It’ll be about accessing as many data feeds and sources to determine that someone trying to do a transaction is are who they say they are and to protect the identity of that person.”
Access Dan Rosen’s full interview, plus more insights on ‘EMV & The Future Of Fraud’ from Bancorp SVP payment acceptance Charles Crawford, Arroweye Solutions CEO Render Dahiya and Aite Group Retail Banking research director, Julie Conroy on The Bancorp’s Finetics blog.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
Andrew Quartermain, VP Sales at ACI Worldwide, explains that the growth of e-commerce and the rapid rise in the popularity of smartphones has played a big part in driving retail change, with today’s consumer now able to browse, compare, buy, receive and review products at their convenience, wherever they are. Highly connected consumers are demanding a more personalized and seamless shopping experience, wherever and however they choose to shop - and retailers have had to undertake a shift from paper to digital technologies to keep up with this demand.
Sharon Manikon discusses whether the convenience of digital payments is overtaking that of cash in the economy.