July 30, 2015
It seems like there’s no end to payments fraud and payment card data breaches. No entity seems to be immune—from small banks to large health insurance companies, organizations of all sizes in many industries are getting affected. Fighting cybercriminals is not an easy task, and staying ahead of them is becoming increasingly more difficult. Using traditional methodologies is no longer the ideal strategy. Cybercriminals are devising new methods to keep track of digital trails, making it difficult for even updated security tools to detect their activities.
According to a report by the Association of Certified Fraud Examiners, companies around the world lose US $3.5 trillion to fraud each year. The average loss of revenue per organization is 5% annually. The quantum of third-party fraud was about 34.1 million transactions, with a value of US $6.7 billion (Federal Reserve Payments Study and GrowthPraxis estimates). Research also shows that building a secure payments system is the foremost priority for retailers in the US.
Ensuring smooth operation of payment systems is one of the basic tasks of retailers and financial institutions. Safe and secure functioning payment systems are important for building and ensuring trust among shoppers. Though cybersecurity and data theft are a global phenomenon, public and private entities in the US overwhelmingly are the most attractive targets of cyberattacks. All the recent data breaches which includes Target Corp., Neiman Marcus, Sally Beauty Holdings Inc., Michaels Stores Inc. and P.F. Chang‘s clearly point out the fact that US consumers are not safe and an enormous amount of work is to be done in the US to stop data breaches. The highest amount of fraud happens in the US, and hardly a month goes by when there isn‘t a breach from some large US retailer. The US lags in card security as compared to other countries. Luckily there is some help available.
Kount (a fraud and risk management solution company) is hosting insightful fraud prevention seminars globally for key decision-makers, influencers, and professionals responsible for financial, tech, and fraud prevention initiatives. The Fraud360™ Seminar Series allows business professionals from various organizations to access the latest technology advancements needed to be above the cusp.
Featured discussion topics include current data, global trends, and changes in payment card compliance and future forecasting affecting transactions, presented by the leading fraud experts. Attendees will learn pertinent information that will reveal how better fraud prevention can lead to increased sales and operational efficiencies that reduce the overall cost of the fraud mitigation process.
The next two seminars will take place in San Francisco (August 4, 2015) and Los Angeles (August 6, 2015), California. The seminar series is designed to be an engaging information exchange that will present solutions to today’s fraud and data security challenges. Though the event is at no cost, space is limited. Registering ASAP will enable access to an event sure to offer big returns.
Confirmed speakers for the next seminar include fraud experts Klas Bäck from Braintree, Teresa Bryan from MasterCard, Steve Casco from CardNotPresent, Jennifer Coughenour from Emailage, Daniel Greiller from Ethoca and Don Bush from Kount. Join them on August 4 and/or 6 to hear the latest insight at The Fraud360™ Seminar Series.
Note: This is a sponsored post.