Prep For Holiday Fraud In Money Movement & Finance Webinar Presentation
•
0 likes•101 views
With large amounts of money being transferred during the holidays it is crucial that Financial and Money Movement merchants know about some of the fraud trends and tactics used during the holiday season and prep a strategy to combat this inevitable threat. For a recording of the webinar, please reach out fraudfighter@kount.com.
Recommended
Recommended
More Related Content
Similar to Prep For Holiday Fraud In Money Movement & Finance Webinar Presentation
Similar to Prep For Holiday Fraud In Money Movement & Finance Webinar Presentation (20)
Recently uploaded
Recently uploaded (20)
Prep For Holiday Fraud In Money Movement & Finance Webinar Presentation
- 3. ©Kount Inc All Rights Reserved We’ll Discuss Growth in money movement and finance Holiday trends in money movement and finance space. Guidelines and timelines for preparing for the rush Leveraging the right data to fight fraud attacks Reducing decline rates How to accept more transactions/transfers with confidence Questions from the audience
- 4. ©Kount Inc All Rights Reserved Money Movement and Finance Growth Mobile Money The industry processed more than $22 billion in transactions in December 2016 alone. Average annual growth of 61.6% The user base of mobile payment solutions will triple by 2021 Digital Payments Market size was $645 billion in the U.S. alone Expected to have a 13% growth between 2017 and 2021 Remittance Growth: Totaled $575 billion in 2016 alone and expected to reach $615 billion by 2018
- 5. How has the growth of mobile affected money movement and finance companies?
- 6. ©Kount Inc All Rights Reserved Kount Trends from 2016 Holiday Season Black Friday saw biggest increase in Sales at 189% Cyber Monday had biggest increase in attacks at 134% Attacks from mobile browsers up for all 3 days (Black Friday, Cyber Monday, Green Monday) Overall sales up 148% and attacks up 122% Mobile browser sales had HUGE growth at 221%
- 7. Polling Question What is your biggest challenge when preparing for the holidays?
- 8. When is a good time to begin planning for the holidays? Initial steps?
- 9. ©Kount Inc All Rights Reserved The Battlefield: Data Breaches Are Now Part of Life
- 10. ©Kount Inc All Rights Reserved Today’s Fraudster Look for weaknesses in the system Testing your system now Communicating on the dark web Leveraging sophisticated fraud tools Multi-layer approach send fraudsters elsewhere Speed, flexibility, and real-time are critical
- 11. What systems and data do you find most valuable when fighting fraud?
- 12. ©Kount Inc All Rights Reserved Multi-Layer Fraud Detection
- 13. ©Kount Inc All Rights Reserved Manual Review Tools
- 14. What tips do you have for manual reviews and staffing during the holidays?
- 15. ©Kount Inc All Rights Reserved Decline Rates Are we turning away good orders in the name of risk avoidance? Average Fraud Rate: 0.8% - 1.3% Average Decline Rate (Domestic): 2.8% Average Decline Rate (International): 7.6%
- 16. What post-holiday trends should companies look out for? Predictions for 2018?
- 17. ©Kount Inc All Rights Reserved Best Practices Summary Start planning now Partner with your data team and/or fraud solution Analyze your data to determine normal behavior Strategize abnormal buying patterns for the holidays Determine your KPI benchmarks Update your fraud rules and thresholds for risky orders Place multiple layers of technology in the way of fraudsters Ongoing and consistent training of staff Review, analyze and update as needed