The task of risk management in the payments business keeps getting bigger. Where once the concern was confined to payments alone – starting with counterfeit checks and currency – payment electronification has created a universe of potential risks. Risk now includes fraudulent cards, system and network hacks, data breaches, and account takeover with all the havoc that can produce.
And we’re seeing how these impact the reputation and value of businesses even when the hack has nothing to do with payments. (By the way, bogus checks and counterfeit twenties are *still* a problem.)
We’ve touched on this topic in multiple ways on Payments on Fire®. We’ve spoken with Ethoca about its data sharing capabilities. We’ve spoken with Feedzai about its AI and machine learning technology. We’ve spoken with White Pages Pro and its data correlation capabilities. And we’ve spoken to companies deeply involved in the problem of online identity.
Each of those has a particular approach, a particular technology, or a combination of approaches, to apply to the problem of eCommerce or CNP fraud.
In this podcast, we talk to Tricia Phillips, SVP of Product and Strategy, at the fraud and risk management firm Kount. Protecting some 6,500 eCommerce merchants, banks, and payment platforms, Kount takes a deeply layered approach to the risk and fraud management.
This deep dive discussion takes us into not only Kount’s approach but into what fraudsters are doing today and the damage they can do, even to non-payments companies like Yelp. It’s a scary scene. Tricia takes us through it with insight and experience.
If Risk in Payments is a topic of interest, check out our upcoming Insight Workshop by the same name. Led by Russ Jones and Yvette Bohanan, you won’t find a more knowledgeable team to guide you through what is, as I hope we’ve demonstrated, one very complex topic.