Demo Theatre – another type of theatre
At MRC Dublin, solution providers operating in the payments and fraud prevention industry, such as First Data, SafeCharge, Risk Ident, Sift Science, Simility and many more, had the opportunity to showcase their services, so all attendees had access to a wide range of solutions tailored to their needs.
The ecommerce industry needs new technology, expertise and security products, but after all, everything is based on knowledge. In a bid of providing valuable educational content and resources, The Merchant Risk Council has introduced an eLearning initiative called “RAPID Edu”, which stands for Risk and Payments Industry Development.
Rapid EDU
Rapid EDU is a web-based education option offering users the flexibility to take courses at any time of the day, any day of the year. The first course is Chargeback Essentials, which is designed to explain how chargebacks occur, the overall process for reconciling chargebacks, and to provide key best practices for chargeback management. The ecommerce professionals who are new to risk mitigation may benefit from a thorough introduction to chargebacks.
The course includes five modules:
Introduction to Chargebacks - definition of chargebacks, explanation of the specific types of chargebacks, and an introduction to chargeback reason codes
Resolving Chargebacks - discussion of each step in the overall chargeback process and details on the merchant chargeback process
Chargebacks and Payment Card Schemes - review of card schemes and common reason codes for each card scheme
Introduction to Chargeback Metrics and Solutions - insights on chargeback metrics, key performance indicators (KPIs), and chargeback programs and services ecommerce companies may use
Preventing Chargebacks - how companies can fight chargebacks as well as prevent them from occurring in the first place.
In the summer of 2018 the MRC aims to launch the second course: Fraud Essentials. This course will cover the following areas:
Impact of ecommerce fraud across the ecosystem
Account, transaction, and digital footprint data
Common fraud patterns
Fraud key performance indicators and mitigation best practices
In the late fall of 2018 the MRC expects to release its Payment Essentials course, designed to address these key topics:
Card-based payments and processing
The banking industry, bank payments, and regulations
Wallets and mobile wallets
Non-card payments.
Why education and solutions go so well together?
Fraud is a ubiquitous phenomenon and there are so many stories that prove its presence and influence in the payments ecosystem. Solution providers come up with their own strategies of fighting fraud tailored according to each commerce vertical and to every merchant’s need. However, before taking action, everybody involved in this industry needs to know the basics of fraud and how it occurs. Before implementing a chargeback management system, one needs to know what a chargeback is, then moving to chargeback representment and dealing with a dispute. Before deploying a machine learning system, one must learn what this technology really involves and what benefits it may bring to fraud prevention. I believe that one must know the role of manual review first, before considering machine learning. Moreover, everybody is praising the value of data, but do we really understand how to leverage data in order to get the most out of it?
The same approach is valid for the payments ecosystem: we cannot talk about fraud in this context without knowing the payments industry. There are so many (alternative) payment methods, a significant support for a cashless society, but there are also sceptics in the card-not-present transactions field. We are clearly moving towards innovation at different levels, but before enjoying it, wouldn’t it be better to know how everything started?
All these topics have already been discussed at the event. After all, it’s about raising awareness and finding solutions together. For this reason, MRC Dublin gathered the commerce industry representatives together with fraud management and payments companies, to share innovative ideas and insights and to explore the theme The Future of Fraud and Payments is now.
About Anda Kania
With a high interest in the latest news of the payment and fraud industry, Anda has used her position of senior editor at The Paypers to discover and analyze the hottest topics and to discuss with the top thought leaders in the domain, in order to get the pulse of the fraud and digital identity industry. With a Master’s Degree in International Relations and National Security Studies, Anda is in a constant search for the upcoming trends and the best way to comprise it in words for our readership.
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