PCM Volume 4 - Issue 2: Payments in Motion by PCN Magazine

Vol 4. Issue 2 | 2018

PCM

PAYMENTS IN MOTION

YOUR GATEWAY TO THE WORLD OF PAYMENTS

CONTENTS 4 6 10 16 18 24 28 29

Attack of the Phones: Why A Mobile-First Fraud Prevention Mindset Is Important The Transformative Year for eCommerce Fraud

BLANKA LIGETI Production Editor & Head of Creative

startup spotlight: AI DEtection

blanka@teampcn.com

TruRating Gives Customers a Voice monica Cardone Explains Chargebacks & Friendly Fraud From Mall to Mobile: Top Digital Customer Trends hot jobs

JESSIE RANDHAWA industry events

Editor jessie@teampcn.com

THANKS TO OUR PARTNERS!

PCM is designed by Blanka Ligeti, Payments & Cards Network. Art and photos © Payments & Cards Network, picjumbo.com, Flickr.com and Shutterstock.com, excluding advertisments and company logos. PCM™ is property of Payments & Cards Network, Herengracht 576, 2nd Fl., 1017 CJ, Amsterdam, The Netherlands. All material contained within PCM is the property of Payments & Cards Network. All other product and service names may be trademarks of their respective companies. ©2017 Payments & Cards Network. All rights reserved. Reproduction of any kind is strictly prohibited without express prior written consent of Payments & Cards Network. ADVERTISING INFORMATION For details, please contact amir@teampcn.com

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ATTACK OF THE PHONES: WHY A MOBILE-FIRST FRAUD PREVENTION MINDSET IS IMPORTANT by Roberto Valerio All eyes in the payment and banking worlds are on mobile phones at the moment, and with good reason. Though the past few years have already given us mindboggling statistics like there are more cell phone users than toothbrush users on the planet, 2017 marked the first year in which it’s absolutely clear that consumers are beginning to prefer mobile phones for their payment, shopping and banking needs. Purchases made on smartphones now make up for 40% of online sales , and mobile purchases during the holiday season actually surpassed desktop purchases for the first time in history. Meanwhile, 53% of US smartphone owners with a bank account use mobile banking on a frequent basis — and that number continues to climb. Despite the increasing prevalence of mobile payments and mobile banking, a significant share of people still have reservations about adopting to the form of technology because they believe it is unsafe or are not sure how safe it is. In fact, 67% of people who don’t make online purchases using their mobile devices and 73% of people who don’t use mobile banking cite concern about the security of the technology as one of their top impediments to the adoption of mobile financial services. The main aspects of security that worry these consumers include fear that the phone will be hacked, fear of data interception, fear their phone will be lost or stolen, and worry that companies are not providing sufficient security to protect mobile transactions. The instinct of these consumers is not altogether wrong. After all, the very same fears that consumers have when it comes to adopting the use of mobile phones for financial transactions are the very security vulnerabilities that fraudsters count on — especially the point about companies not providing sufficient security to protect mobile transactions. The world of mobile payments and banking exploded so quickly, many banks and online retailers are not yet fully equipped to

deal with mobile fraud, especially fraud that happens via mobile apps. And hungry fraudsters are keenly aware of this vulnerability. Fraudsters follow the money, and with more and more global transactions taking place via mobile phones, it is a lucrative hunting ground for sinister actors with criminal intent. That’s why it’s imperative that businesses and financial institutions take a closer look at their mobile fraud prevention methods. Take banks, for example. Many banks use risk management systems built on manual processes — a relic from the days when customers visited their financial institutions in person to apply for loans, withdraw money and carry out other banking activities. The very nature of mobile apps necessitates an update in banks’ risk management systems, which must be fully secure with efficient authentication protocols in place at the front end to protect both themselves and their customers. Meanwhile, many e-commerce sites are guilty of trying to adapt existing solutions to mobile when it’s a far better mindset to think about fraud prevention solutions specifically designed for the mobile channel, where customer friction levels have the power to make or break a business. With experts predicting it’s only a matter of time before most online purchases are made via phones, it’s time to stop viewing m-commerce as a stepchild of the transaction world and give it the star fraud prevention treatment it deserves. Doing so will help alleviate some of the most pressing consumer fears about mobile transactions and help optimize the mobile environment to meet more customers’ needs. Unfortunately, there is no switch that can be flicked to erase mobile fraud. However, banks and online

THOUGHT LEADERS CORNER

retailers are able to strengthen their mobile fraud protection by utilizing strong device fingerprinting solutions. In the online world, a person’s device acts as their online identity — the technological equivalent of a real, live customer in a brickand-mortar establishment. It’s also one piece of “identity” that is much tougher for fraudsters to continue replacing, as opposed to easily swapped out online identifiers like email addresses. Distinguishing customers’ devices through their unique characteristics and analyzing them independently of personal data allows businesses to verify transacting devices and thus, in most cases, verify the connected customer. When it comes to mobile banking, this strong customer authentication (SCA) may even eliminate the need for secondary authentication steps for positively identified trusted devices (i.e. trusted customers), which greatly reduces customer friction. An additional option banks and businesses can turn to in the fight against mobile fraud is a mobile SDK (software development kit) solution. Mobile SDKs can be easily integrated into existing fraud prevention solutions with a short code snippet that allows businesses to detect high-risk anomalies across all mobile payment and banking platforms (e-wallets, apps, one-click payments, etc.). The help of machine learning in mobile SDK solutions can detect tampered devices, the presence of a stolen identity and even the increasingly ubiquitous account takeover fraud. This allows for instant and confident acceptance of on-demand activity within a native mobile application, whether it be a large bank withdrawal or an expensive e-commerce purchase. With the complexity and volume of mobile fraud attacks escalating every day, now is the time for banks and online businesses to call out their fraud prevention methods and make sure the solutions that are in place are expertly developed to handle the ever-increasing and ever-changing mobile world. Companies that phone in their mobile fraud protection will most certainly get an answer: it will be from clever fraudsters who have learned to prey on our mobile-first world.

ROBERTO VALERIO CEO & Founder of RISK IDENT Roberto Valerio is the founder and CEO of RISK IDENT, a software development company specializing in fraud prevention and credit risk evaluation based on machine learning. He plays an active role in the fraud prevention community and is a member of the Merchant Risk Council’s European Advisory Board.

RISK IDENT Result-driven fraud prevention solutions developed by RISK IDENT protect global e-commerce, telecommunication and financial businesses. Reducing identity theft, account takeovers, payment fraud, and account/loan application fraud on all channels is made simple with cost-effective products that use extensive domain knowledge and machine learning technology tailor made for tier-one enterprises.

Consider

Is Cryptocurrency Here to Stay? With the surge in price and profits from investing in cryptocurrency, the trend indicates this will not impact eCommerce or CNP fraud in a major way this year. If retailers start accepting cryptocurrency as currency, there are a number of variables that will promote fraud. As it stands, protocols are being put in place that will eliminate buyer fraud and fraudulent chargebacks. One of the major problems with cryptocurrency is the lack of third parties that conduct transactions. If there are any errors in the transfer process, there is no recourse, as banks and card issuers do not recognize it. With so many people attempting to use cryptocurrency, and lack of oversight or regulation, no one can be penalized for refusing to refund customer purchases and there is no working chargeback system. The blockchain fixes buyer fraud initially, but there are other types of fraud that remain present in this space, such as exit scams and hacking. Unfortunately, cryptocurrency is not FDIC insured, so if the money in your virtual wallet disappears, it just disappears. Do not look for cryptocurrency to gain significant market share this year. Is CNP Fraud still a Threat? CNP fraud will become more complicated this year. Just as really good fraudsters can confuse even the most sophisticated systems, there is consistent growth in innovative fraud techniques. Account takeovers were very popular in 2017. These fraudsters never sleep, always thinking of a new concept or way to penetrate the system. Online retailers need to get in front of them, implementing a fraud prevention solution that doesnâ&#x20AC;&#x2122;t disrupt consumers shopping process through the use of developing technology. How can Businesses Prevent Additional Fraud? There are a number of ways to prevent other types of fraud. Making it easier to start and dispute transactions, while interacting with the card or company in real time is no longer a fraud, but is seemingly becoming the norm. Implementing ways where cardholders can react in real time, in addition to providing immediate alerts when a transaction is made is growing in popularity in an attempt to prevent fraud. Banks such as Capital One have started displaying at a glance information via their portal in addition to sending messages to notify the purchaser their order is complete. With this new technology, a customer no longer has to call the merchant, they can dispute with the click of a button.

MARKUS BERGTHALER Markus oversees the development of all Association program content, conference education, committee and community subject matter, website content, benchmarking, and online forum topics. Markus joined the MRC from Wizards of the Coast where he led the companyâ&#x20AC;&#x2122;s fraud department.

MERCHANT RISK COUNCIL The Merchant Risk Council (MRC) is the leading global trade association for fraud and payments professionals. With the vision of making commerce safe and profitable everywhere, the MRC offers members year-round education and collaboration opportunities with proprietary benchmarking reports, whitepapers, presentations, webinars and online forums. The MRC hosts four annual conferences in the US and Europe, as well as regional networking meetings for professionals to connect, exchange best practices and share emerging trends. #ProudlyACommunity

Chargeback rights are now increasing. While they were part of the federal law designed to protect customers, the ability to dispute and rectify the situation online is now a staple, instead of an accessory. The challenges in eCommerce fraud are embroiled in everyday transactions. Knowing the most engaging attack methods include clean fraud, account takeover, identity fraud, affiliate fraud and reshipping fraud. 11 99 7

What are the Differences Between Current Fraud Types? • Clean fraud: The fraudster has stolen an important piece of data that allows a fraudster to conduct a financial transaction. • Account takeover: The fraudster takes possession of someone’s bank account by using the person’s information, changing the information and keep it moving. • Identity fraud: Using someone else’s identity by acquiring their sensitive information to conduct a crime. • Affiliate fraud: Use a company’s referral programs or leads to make a profit. • Reshipping: Someone is designated to package and reship merchandise purchased with stolen credit cards. These types of fraud usually take place by use of phishing, whaling, botnets, pharming and triangulation. With so many different ways to criminally acquire information, more challenges continue to arise. As it stands, the future holds additional challenges. By 2020, eCommerce is estimated to lose $31B in chargebacks.

What’s the Solution to the Rapid Growth in Fraud? Working together. Card issuers, merchants, processors and service providers should come together as a collective to address these groups of people with a shared approach. This will help deter fraud, while focusing on eCommerce trends that are different, yet make the difference. For 2018 and beyond, the name of the game is examination and motivation. Examining your protocols and getting prepared for the challenges helps put things into perspective that will be effective now and in the near future. Where Can Professionals Get More Education, Collaboration and Networking Opportunities? MRC Dublin 2018 14-16 May | CCD, Dublin Ireland Sponsored by Risk Ident Attend MRC Dublin 2018 at the largest and most dynamic European conference for fraud, risk, payments and cybersecurity professionals. The future of fraud and payments is now! Register for access to the most relevant and rich industry content. Topics at MRC Dublin will include: GDPR, Data Sharing, PSD2, Machine Learning and AI, IoT, Billing and Payment Optimization, ID Verification, ATO and Emerging Markets.

While existing legislation has not worked in the past, having a team to help counteract these negative aspects of eCommerce is key. Understanding the landscape and mindset of a fraudster is difficult, especially where there are many eCommerce ventures on the line.

EXPERT INTERVIEW

View the agenda & register here.

“ WE HAVE DEVELOPED A PLATFORM THAT IS INNOVATIVE A HAVE CREATED A PLATFORM THAT DOES EVERYTHING THA BUT HAVE MADE IT AFFORDABLE AND OPTIMISABLE FOR EAC PCM: Tell us about AI Detection. How did this idea come to be? Edoardo: We didn’t have that “Eureka!” moment like Archimedes or the “Aha!” apple-falling inspiration of Newton – instead the idea for AI Detection came about from a long chain of events which lead us to starting up our own company. Originally, we had been working for an e-commerce company and one of our tasks was to search for suitable fraud-prevention platforms. Having researched the market we were frustrated that we could not find a platform that met all of our criteria. We knew exactly what we wanted but there was not a product that ticked all of the boxes. Having assessed all the platforms that were on the market at that time we were well-aware of all their strengths and weaknesses. What surprised us most was that no-one in the market appeared to be using newly available technologies, such as AI and machine learning, yet. A year later, we decided that we should go for it after realising that we both knew the fraud-prevention platform market inside-out and, crucially, how we could improve it and create a new product that ticked all the boxes. We realised that we needed a bit more expertise in AI and machine learning and so we con-tacted our friend, Roy Shilkrot who is Assistant Professor of Computer Science at Stony Brook University in the USA specialising in machine learning and AI, for advice and guidance. Having pitched our idea to him he was so enthused by our new product that he wanted to come on board as a partner. His input and feedback has since been crucial to the development of AI Detection.

a name to reflect that. We are using AI methodologies to detect and prevent e-commerce fraud. Having been through a few potential name choices we decided that AI Detection was a simple name that captures the message of what we are doing. We believe that this will ensure that we are easily recognised in the market place and that merchants know what they are getting from our platform. Even though they may not fully understand AI and machine learning, they can understand how our platform will help them solve their fraud problems. PCM: Why is AI Detection needed? Edoardo: When we were assessing the strengths and weaknesses of existing similar products in the market we saw that either products did everything that was needed but were unaffordable or that products were affordable but did not solve all fraud issues. We believe that AI Detection solves all fraud detection issues and, importantly, can be used by merchants of all sizes at it is designed to be economically viable for any type of company – from entrepreneurs to large scale corporates. We believe that AI Detection truly fills the void of being affordable to all and fully preventing fraud. This should ensure that merchants can rely on our platform whilst remaining profitable and that we optimise the platform for each merchant’s specific requirements.

PCM: Why is it called AI Detection? Edoardo: The product is simple and straightforward and so we wanted 104

STARTUP SPOTLIGHT

By using AI and machine learning we can make fraud detection and prevention much more efficient and reduce any human error that may be present in other non-AI platforms. The platform can then become a truly 24/7 offering which is important when you have merchants in different time zones or who may have automated services. As the platform uses AI

AND, WE BELIEVE, UNIQUE. WE AT A MERCHANT WOULD NEED CH MERCHANT. " and machine learning it won’t be easily “gamed” by potential cybercriminals who may be used to dealing with rules and reputation lists that current anti-fraud platforms have been traditionally built on.

EDOARDO FIORENTINI

PCM: What makes AI Detection different?

AI-Detection is an innovative recently launched e-commerce risk management solution, based on Artificial Intelligence paired with Machine Learning and other technologies.

Edoardo: We both have a huge amount of experience in the e-commerce fraud prevention world and know what works and what doesn’t. We have developed a platform that is innovative and, we believe, unique. We have created a platform that does everything that a merchant would need but have made it affordable and optimisable for each merchant. AI Detection was developed from the point-of-view that we wanted to approve every legitimate customer order rather than trying to prevent or delay every transaction that looks suspicious. Based on the understanding that a merchant wants to generate as much repeat business as possible we wanted to ensure customer satisfaction in the fraud detection process. Even one delay or problem could cause a customer to take their business elsewhere and so our platform tries to give the merchant peace of mind that customers will not be upset at any point of their transaction whilst also ensuring that no fraud can occur. Our approach ensures that customers experience a fluid and problem-free experience with their transaction; this keeps the merchant happy and therefore this ensures that they continue to use AI Detection. Having therefore put lifetime value customer acceptance rate as our top KPI, AI Detection was designed not just to detect fraud for merchants but also to achieve optimal performance for each and every customer that uses it.

CEO and Co Founder at AI-Detection

Author of “How to get away with e-commerce fraud”, Edo has been a presenter and trainer for different risk organizations of the industry.

AI DETECTION AI Detection was founded in Barcelona in the summer of 2017, on the concept of providing an AI management of Machine Learning modules for risk prevention. Using the most advanced theories studied in universities in USA and Israel to improve self managed models for risk scoring, we are currently working with several merchants to help them improve their ability to accept more customers.

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PCM: What were some of your biggest challenges for launching this business? Edoardo: Our biggest challenge was to explore the range of market requirements as we want AI Detection to work for every type of merchant. In some ways we had to ignore a lot of our own previous experience as we had both worked for one type of e-commerce platform and we needed to understand how different merchants worked in trying to detect and prevent fraud. We also needed to work out and understand why noone else had already provided a platform that filled this void that we had identified. Once we had identified and evaluated the reasons why such a platform did not already exist we were able to design and develop AI Detection to avoid these weaknesses. As we are working in the e-commerce market we will be dealing with a lot of sensitive per-sonal data that is collected in the onboarding process. We therefore have to make sure that our legal team is covering all the steps required to ensure that this data is handled correctly â&#x20AC;&#x201C; especially with GDPR coming into force in May 2018. We are currently working on making the onboarding process much more effective and scalable but also compliant with all data protection regulations.

PCM: What are the 3 things you want people to know about your company? Edoardo: Most importantly, we are offering a unique platform that is simple and easy to use. Secondly, we have designed the platform so that any sized-company can use it efficiently and profitably. There is no long-term contract and it works on a pay-per-use basis.

In practical terms, as with any start-up company, it is a challenge to find suitable offices and the right people that we want to work with. We are currently looking for an office in Barcelona which, of course, has to have a terrace so that we can enjoy the sun! We are also looking for the right people to help us develop and expand and, based on our connections in the industry, we already have a short-list. PCM: Tell us about your expansion plans and how you go about choosing the next region you expand into?

We have both worked for international companies before and understand the demands and requirements of customers and merchants in different countries. This could have been an issue for a small company like ours, to establish a prod-uct that truly works across the globe, but we have created the platform in such a way that machine learning can make the necessary adjustments and customisations required for the different markets. With e-commerce today, there is now no need for a physical presence in every market you want to operate in. Our aim is to serve every possible market and merchant in every country and thus we do not specifically need to choose a region to expand into. AI Detection can work anywhere and, as we and every law enforcement agency believe, preventing fraud is now firmly on the global agenda.

Thirdly, as AI Detection uses AI and machine learning it is a dynamic platform that is accu-rate and gives merchants the reassurance that customers are looked after to ensure that they will keep coming back to the site in the future. Through detection, and not relying on decision making, the platform is able to reduce its costs and appeal to the current demands of the market for fraud protection. PCM: Any exciting news / announcements you would like to share?

Edoardo: At the moment we are still developing and finessing AI Detection. However, this is a plat-form that is already up and running.

Edoardo: We are currently in the midst of negotiations with some famous players in the fraud pre-vention market. Whilst we cannot say anything specific about these negotiations at the moment we are very excited about the future for AI Detection and how we can roll it out to all merchants in any jurisdiction.

Of course, our first client is situated in Barcelona! This client is operating in the North American market and so we had to ensure that collaboration was smooth

Once we have some more news to disclose we will be putting out some information but for the moment, stay tuned!

STARTUP SPOTLIGHT

PAYVISION COMPLETES SALE OF MAJORITY STAKE OF 75% TO ING GROUP Payvision, a global merchant acquirer and omnichannel payment provider, announced today the successful closing of the transaction to sell 75% stake to ING Group. After twelve weeks from the partnership announcement and following the receipt of all required regulatory approvals such as the approval of the central bank of the Netherlands, DNB, all conditions for the acquisition have been successfully fulfilled. As previously announced, Payvision’s founding management team will continue to lead the company, holding a 25% minority stake. Payvision’s business rationale to secure a strategic investment from ING was twofold: 1. To accelerate innovation and growth plans building on the traction registered in 2016 and 2017, (66% volume growth) and make a new step within the payments space. 2. Commercially, together with ING, Payvision is able to offer a wider proposition, with expanded capabilities such as faster remittance and pre-financing. Furthermore, Payvision’s commercial appeal to merchants and verticals will increase and enable the company to serve its clients better, by fulfilling more touchpoints in the payment ecosystem via a one-stop shop solution. Essentially, one of the main strengths of this strategic partnership stays in the combined offering of payment and banking products, unique in the market, enabling ING’s existing clients to easily access Payvision’s omnichannel, datadriven payment solutions.

PAYVISION PROFILE Payvision is one of the fastest-growing global card acquiring networks in the world. During the past 15 years, Payvision has built an independent, international acquiring network connecting payment service providers and their global merchants in the US, Europe, Asia and the Pacific. Payvision offers a global processing platform, 24/7 support, 150+ transaction currencies, a high-end reporting interface and a solid risk management solution. With the launch of Acapture in 2015 – a scalable, new, modern, data-driven payment solution, Payvision completed its omnichannel package, supporting merchants to trade easier through a fast, secure processing platform for all transactions processed worldwide. This results in better authorization rates, less fraud, improved security and increased revenues for merchants. Learn more about Acapture at https://www.acapture.com/. Payvision was awarded Best Acquirer at MPE Berlin 2016, Best Merchant Acquirer/Processor at the 2015 Payments Awards, and Best PSP at the 2017 MPE Awards in Berlin. Payvision is headquartered in Amsterdam and serving customers in over 40 countries, with offices in New York, Utah, Madrid, London, Toronto, Singapore, Tokyo, Hong Kong and Macau. For more information about Payvision, please visit www.payvision.com and follow them on: Twitter @payvision, LinkedIn, Facebook, YouTube, and Corporate blog. Press contact: Floriana Cristea | Global Communications Strategist, mobile: +31648938997, e-mail: f.cristea@payvision.com

TRURATING GIVES CUSTOMERS A VOICE TruRating announced that it has raised $12.6 million in Series A funding. This takes the total amount raised by founder Georgina Nelson since 2014 to $20 million. TruRating, a new mass-market ratings system, offers an alternative model to TripAdvisor and Yelp! by giving retailers and restaurants the peace of mind that the feedback they receive is from a genuine paying customer. The business has made Atlanta its home in the US market. This decision was driven by the proximity of many of the key payment businesses, but its aspirations are very much national and Atlanta’s flight network was another factor enabling TruRating to connect with retail and hospitality brands across the country ahead of golive in the Fall. Georgina Nelson, Founder and CEO, explains TruRating’s aspirations for growth in the American market: “We have already had a fantastic response to TruRating in the US and are working across the payments sector to enable businesses of all sizes and types to access groundbreaking insights. Our partners are enjoying being able to provide a value added service that gets to the heart of helping businesses improve. This reflects the huge appetite among businesses to get validated, real-time ratings from the majority of their customers. Now 88% of people asked to rate do. It’s such an easy way for consumers to have their say and be listened to, and for merchants to respond and improve.”

Merchants are given the feedback in real time so they can assess service levels and make adjustments and improvements. 9 out of 10 people asked to rate when they pay do so, providing merchants with a massmarket view of service and value performance across the company. Earlier this year, TruRating hit its first landmark with 1 million ratings; just a few months later, it has doubled that. In time, this information will be made available to consumers online, making it easy to compare ratings and make an informed choice about where to shop and eat. TruRating is already live in the UK and Australia, working with numerous small independent retailers and restaurants; fast-growing restaurant chains, such as Ping Pong and Franco Manca; and large merchants like Arco. Pilots are also under way in both markets with major global brands; to be announced later this year. TruRating is enabled on the merchant’s existing payment terminal via their partnerships with the world’s largest payment businesses. These include global terminal hardware providers Verifone and Ingenico and a host of key processing banks and payment service providers across North America, Europe and Australia.

Looking ahead, Georgina adds, “We will be announcing more payment partnerships in the coming months. These will allow us to open up TruRating to even more merchants and, as a result, some very big household names will be working with us by the end of the year, adding millions of ratings every day.”

This round of funding was led by Sandaire, an international investment office for families and foundations, and a private family investment group. Early rounds of seed funding included investment from angels Peter Ayliffe, former President and CEO Visa Europe and now Chairman of TruRating; Anthony Gutman, Co-head, European Investment Banking Services at Goldman Sachs International; and Chris Blundell, Global Head of Technology at Brunswick Group.

The idea is simple. Everyone who uses the payment terminal to pay is asked to rate one of five questions related to service, value, product, experience, and likelihood to recommend the brand, on a scale of 0-9.

TruRating was recently named a Gartner 2016 Cool Vendor and has won numerous awards for innovation, including The Cards and Payment Awards 2016, Future 50, and Ingenico Group Best Application 2015.

EXECUTIVE PROFILE

The previous funding came from angel investment of $1.6 million in 2014 and seed funding of $3 million in 2015. TruRating is on a mission to bring the truth back to customer ratings. Its innovative feedback solution is set to affect the lives of millions the world over, changing the way that businesses, and consumers, think. How? TruRating takes the pulse of consumer sentiment via the payment terminal—asking each customer to anonymously rate an aspect of their experience on the keypad from 0-9. Using hardware that’s already sitting in shops and restaurants around the globe, and that customers already interact with right at the point of payment, TruRating is making it easier than ever for every consumer to have a say. As a result, on average, 88% of us are rating when asked a question. For the first time, businesses are benefiting from mass, validated, representative feedback daily. TruRating is a global, rapidly scaling tech startup with multi-award winning, game-changing, patentedapplied-for technology. Working with the biggest payment companies in the world, its customers range from the largest global retailers to local restaurants and bookshops. It is already collecting millions of ratings across Australia and the UK, with Canada and the US going live in the second half of 2016. In time, these validated ratings will be available online, so that consumers can directly and reliably compare brands against one another to make decisions on where to eat and shop.

GEORGINA NELSON Georgina Nelson, founder and CEO of TruRating Georgina began her career as a leveraged finance lawyer at Clifford Chance. Georgina then joined Europe’s largest consumers’ association, Which? where she was responsible for advising the EU and the UK government on their technology strategy, as well as advising internal teams on their online propositions. It was in this role where she identified a market need for mass, representative, reliable consumer ratings. She saw how this need could not only serve to improve the world of business but also be valuable to consumers alike. With this vision, she set about realizing the huge potential of TruRating by bringing together a wonderful team, exciting customers and partners in the payments industry with the ultimate objective to bring the truth back to ratings.

TRURATING TruRating is the first mass point-of-payment consumer feedback system, providing accurate ratings from 88% of validated customers. By asking one anonymous question via the payment terminal, TruRating enables every customer to instantly feed back on an aspect of their experience. Businesses benefit from timely insight that links sentiment to basket data.

MONICA CARDONE EXPLAINS CHARGEBACKS & FRIENDLY FRAUD For many merchants, chargebacks are a hidden threat that slowly siphon revenue until loss is an unmitigated liability. But what are chargebacks? How can merchants gauge their risk? And what can be done to stop the needless revenue loss? Cardone Explains Chargebacks & Friendly Fraud PCM: What are chargebacks and who is afflicted by them?

PCM: Why does friendly fraud continue unchecked?

Monica: A chargeback is a forced credit or debit card refund. A cardholder’s bank will forcibly remove funds from the merchant’s account and return them to the cardholder. Valid chargebacks can be requested in cases of fraud. There are two types of fraud that warrant a chargeback.

An Outdated & Non-Compliant Process

1. Criminal fraud: A criminal made an unauthorised transaction without the cardholder’s consent. 2. Merchant fraud: The merchant didn’t fulfil obligations. Examples might include: failing to ship merchandise, not acknowledging customer queries, refusing to provide refunds for qualified transactions, etc. Other situations might prompt an illegitimate chargeback, known in the eCommerce environment as friendly fraud. Friendly fraud chargebacks are usually divided into two categories: 1. Accidental friendly fraud: The cardholder didn’t realise the chargeback wasn’t appropriate or was predicated on illegitimate reasoning. For example, the cardholder didn’t recognise the business’s name on the bank statement and assumed it was an unauthorised purchase. 2. Intentional friendly fraud: The cardholder sets out to get something for free (cyber shoplifting) or opts for the most convenient resolution. For example, the cardholder might suffer from buyer’s remorse and claim the product wasn’t delivered—when it actually was. It is important to note that valid chargebacks are a powerful and necessary consumer protection mechanism, however, the rise of friendly fraud shows consumers have learned to exploit loopholes in the archaic chargeback process. Devised in the pre-internet era, the chargeback process is not designed to provide an equitable resolution for eCommerce disputes. However, because of friendly fraud, merchants are suffering unjustified revenue loss, and consumers are experiencing consequences of their own doing. Friendly fraud causes merchants to lose the merchandise and revenue, experience increased fines and penalties, and ultimately, jeopardise payment processing capabilities. Meanwhile, consumers will start paying more for the same goods and services because merchants must compensate for the additional losses and costs. And, if the bank suspects the cardholder is soliciting illegitimate chargebacks, the bank account could be closed and the credit score damaged. Merchants loose roughly €37 billion to friendly fraud each year, and rates increase between 41-55% annually, depending on the industry and geographic location. 18

EXPERT INTERVIEW

Monica: There are several reasons why the friendly fraud epidemic continues. And, until these issues are resolved, merchants won’t see a reprieve.

The chargeback process was created in a pre-internet era and has experienced very few adaptations to accommodate modern transactions. Changes that have been made to card scheme regulations (Visa, Mastercard, etc.) take advantage of technologies to streamline processes, not necessarily to identify and rectify shortcomings. In conjunction with the static regulations that haven’t evolved in tandem with emerging eCommerce fraud opportunities, the chargeback process lacks consistently-applied standards. The lack of transparency regarding how and if regulations are enforced makes it difficult to achieve effective and sustainable remediation. Learned Consumer Behaviour Experts claim we live in the “Age of the Consumer,” with instant gratification being the dominate characteristic. Consumers expect prompt results in everything they do, including transaction dispute resolution. A survey of customers who had filed an illegitimate chargeback revealed 81% had acted out of convenience—it was easier to call the bank than the merchant. Because friendly fraud is increasing at such a rapid pace, merchants and issuers are ill equipped to handle the influx. Issuing banks don’t execute the needed due diligence to detect friendly fraud, and merchants don’t challenge illegitimate transaction disputes. As a result, consumers perceive chargebacks as a no-hassle alternative, void of consequences. Management Challenges Card schemes have issued “reason codes” to help banks explain why a given transaction has been disputed. However, friendly fraud can be disguised with virtually any reason code. This makes it challenging for merchants to differentiate between valid and invalid chargebacks. As a result, merchants lose a significant portion of revenue—as much as 87% of all chargebacks are illegitimate—that could be recovered if they were able to conclusively identify friendly fraud. And, the vicious cycle continues. Merchants don’t challenge friendly fraud, so consumers don’t perceive drawbacks to their faulty behaviour and issuers aren’t compelled to comply with industry regulations.

PCM: Is there anything that can be done about friendly fraud? Or is it just a cost of doing business? Monica: On the surface, it seems like there isn’t anything that can be done about friendly fraud, and many merchants do accept it as a cost of doing business. But at Chargebacks911, we’ve made an important discovery. All that’s needed to manage friendly fraud is an understanding of transaction disputes by source. Every single chargeback can be traced back to one of three things: criminal fraud, merchant error, or friendly fraud. If merchants are able to identify the source of a chargeback, they can create effective prevention and dispute tactics. Otherwise, merchants are simply treating symptoms if they are not solving problems at their source. Chargebacks911 has created a unique technology, Intelligent Source Detection, which identifies chargeback triggers. That technology, combined with our expert management strategies, helps merchants reduce criminal fraud, eliminate merchant error, and then fight everything that’s left—which is friendly fraud. The concept seems simple, and for those who take advantage of our technology and expertise, it is. But for those merchants who are determined to mitigate chargebacks on their own, it’s best to manage based on the card schemes’ reason codes to avoid disputing legitimate chargebacks and damaging client retention.And, since representment opportunities will be limited without ISD technology, it’s best for merchants to try preventing friendly fraud.

MONICA EATON-CARDONE COO at Chargebacks911 She is an internationally-renowned thought leader and expert on payment processing, eCommerce sustainability, and risk relatively. She was recently named Executive of the Year and Innovator of the Year through the American Business Awards. Connect with Monica on LinkedIn.

• Use easy-to-recognise billing descriptors. • Provide exemplary customer service (answer the phone when it rings, reply to emails, respond on social media, etc.).

ABOUT CHARGEBACKS 911

• Consider a user-friendly return policy—the less restrictive, the better.

Chargebacks911, a Global Risk Technologies company, provides comprehensive chargeback management services with guaranteed results. Dynamic, scalable solutions are customised for 26 different industries with the flexibility to accommodate any payment method or sales tactic. Chargebacks911’s 350 employees manage 200 million transactions monthly from locations in North America, Europe, and Asia.

• Use delivery confirmation, at least for big-ticket items. • Use additional identification verification methods, like texting an authorization code or verifying with social media. • Fully disclose the use of Dynamic Currency Conversion. • Request the card security code. • Promptly issue refunds for qualified purchases.

PCM: Why don’t traditional fraud detection tools work for friendly fraud?

Merchants should watch for the following warning signs, as these indicate immediate action is needed:

Monica: Some fraud detection tools—such as card security codes, 3D Secure, and Address Verification Service—will help build a compelling case against friendly fraud, but won’t help prevent it.

• Chargeback-to-transaction ratio above 0.5% -- Card schemes will issue warnings once ratios hit 0.75% and enter merchants into a monitoring program at 1%.

Fraud filters won’t help either. Fraud filters are based on machine learning: they analyse characteristics of confirmed criminal fraud to very successfully prevent future instances. However, since friendly fraud results from authorised transactions conducted by loyal customers, the defining characteristics of fraud won’t be applicable.

• Chargeback value-to-transaction value ratio above 0.5% -- Some processors are only watching the chargeback value, not the count, because merchants are running many low-value transactions. • Number of chargebacks categorized as fraud increases by 20% or more in a 14-day period – Card schemes will penalise merchants for this and enrol them in monitoring programs.

Trying to use fraud filters to detect illegitimate chargeback potential will be a costly mistake. Tightening fraud filter rules will simply result in additional false positives, needlessly declining good sales. Also, it will damage customer loyalty and brand reputation. If you think friendly fraud has, or will, become a liability and would like help creating an effective mitigation plan, seek professional assistance. Any of the chargeback experts at my own company, Chargebacks911, would be happy to help. Get an expert opinion on what does and doesn’t work with your current strategy, as well as ideas on how to enhance your efforts. It is best to take a proactive stance, rather than function in reactive mode once chargeback rates escalate. PCM: How do you determine if Chargeback rates are “dangerous?” When is it time to get help? Monica: Chargeback management is an essential task for any eCommerce merchant. While it might be tempting to disregard chargebacks as a nuisance or minor profit drain, they actually impact the business’s longevity. If the chargeback-to-transaction ratio exceeds 1%, payment processors are forced to take remedial action against merchants. In an effort to mitigate their own risk, processors will likely start penalising a merchant long before the 1% threshold is breached. Once payment processing capabilities are lost, the business’s sustainability has forever been impacted. Obtaining new merchant agreements will be time consuming, expensive, and difficult. Therefore, it is advisable for merchants to take a proactive approach to chargeback mitigation before risk becomes an unchecked liability.

• Revenue holds are implemented – If acquirers sense risk is escalating, they’ll implement revenue holds as a form of insurance to protect their own assets. • Acquirer has requested a mitigation plan – Acquirers will need to determine if elevated risk levels are temporary and can be remediated or if they are permanent and uncontrollable. • Enrolment in a chargeback or fraud monitoring program – Merchants must lower chargeback and fraud rates—and keep them low—within a predetermined time period or processing rights will be revoked. While these general warning signs can help you gauge risk, a personal review of your business’s unique situation would be best. There might be other, hidden, indicators of trouble, as well as simple changes that would make a significant impact and greatly reduce risk. Again, I’d be happy to help—asking for assistance is the first step toward creating change.

EXPERT INTERVIEW

VERIFONE DEBUTS CARBON MOBILE 5, A CATEGORYDEFINING, SINGLE-SCREEN COMMERCE SOLUTION Verifone recently introduced the first of commerce solutions that brings mobility, payment and commerce into one powerful and portable device. From tier one retailers to small businesses, merchants around the globe will soon be able to accelerate their business with Carbon Mobile 5. In the palm of a merchant’s hand, Carbon Mobile 5 enables checkout and the ability to run Android apps such as point of sale, loyalty and inventory management. It will be available with and without an integrated printer, and both variations come with the advanced feature set necessary to support in-aisle sales, clienteling, endless aisle solutions and much more. “We’re seeing our global merchant partners increasingly dedicating resources to the customer experience. Through one-to-one customer interactions and targeted programs, retail leaders are demanding technology to personalize the shopping experience,” said Julie Johnson, SVP of global product management. “The priority is to get to know the customer, and Carbon Mobile 5 provides the platform to engage customers and ‘do it all’ from a single, mobile device.” The Carbon family goes beyond payments with Verifone Connect, an adaptable, end-to-end product that not only enables payment acceptance, but allows businesses to increase consumer engagement and drive efficiency. With features including payment services, estate management, and merchantand consumer-facing apps, Connect enables merchants to manage and grow their business. Abizar Vakharia, SVP of global solutions, added, “Verifone Connect is a customizable product from which merchants will find value in different features, but let’s look at loyalty as a specific example. Through Verifone Connect, a large merchant with a complex CRM program can integrate with Carbon Mobile 5, then access that data when they engage customers in the aisle. Small business owners, on the other hand, can begin the loyalty journey with a simple, ‘download-and-go’ loyalty app offered by one of our developer partners.” The foundation of this scalable solution is Verifone Trusted Android, a locked-down version of Android 7 OS. With cardholder data secured by Verifone’s Engage payment engine, Carbon Mobile 5 provides merchants safe access to the Android developer ecosystem to integrate business apps with existing systems.

ABOUT VERIFONE Verifone is one of the worldâ&#x20AC;&#x2122;s largest POS terminal vendors and a leading provider of payment and commerce solutions. We operate in more than 150 countries and employ nearly 6,000 people globally. Our steady growth has come organically, through a dedication to innovation and strategic partnerships, as well as from savvy acquisitions.

MEDIA CONTACT: Patson Goh FleishmanHillard +65 8138 8887 patson.goh@fleishman.com

FROM MALL TO MOBILE: TOP DIGITAL CUSTOMER TRENDS Speed, efficiency and convenience. These are the main keys to customer satisfaction in our fast-paced, digitaldriven society. The statement, as in any other field of activity, is as relevant in the payments and eCommerce space as ever before. Consumers expect money to move as fast as information, be available in real-time and safe to spend. What’s more, they will easily forget any interaction with merchants, unless the latter provide a customized, uncomplicated and valuable shopping experience. In addition, apart from their high expectations and little patience, industry regulatory updates, coupled with advances in technology, logistics and trust have created a new context, which has led to the reinvention of consumer habits. The result? Focusing on the right product mix is no longer enough for merchants to attract the new wave of consumers. There is also more to payments than the card customers carry in their wallet or the mobile app in their smartphone. Just the same, there is more to an effective eCommerce strategy than merchants’ choice to add credit cards and/ or PayPal to checkout and calling it a day. With the rise of the “on-demand shopper” and the presumed decline of the shopping mall, we have entered an era no longer restricted by a single location or channel, but rather defined by the entire shopping experience. In this scenario, in order to thrive, not just survive, merchants have no other option but to adapt and deal with higher complexity in addressing customer demands. Here are some of the key customer behavior trends and how companies can benefit by adjusting their business strategies accordingly. #1: Shifting shopping channels The current unprecedented growth eCommerce is going through, coupled with changing customer preferences, have reshaped the traditional business models of retailers. As part of their online buying decision process, consumers are switching channels and devices that best suit their personal convenience. Thus, retail has gone beyond store, laptop, mobile, border and even language barriers. It has become now impossible to discuss eCommerce without mentioning m-commerce, as these two sectors have become so closely intertwined. As recent data suggests, the growth of m-commerce has been tremendous and the trend is set to continue. In fact, m-commerce is expected to account for 45% of the total US eCommerce market by 2020.

Interestingly enough, a recent PwC study indicates that brick-and-mortar stores have still remained a key shopping location. By 2015, only 36% of respondents said they shopped in a bricks-and mortar store on a weekly basis. However, the last 3 editions of the PwC survey indicate an increase in percentage, from 40% in 2016 up to 44% in 2018. ‘Order online, pick up in store’ choices are among potential factors that have maintained the popularity of retail stores, the same research shows. With consumers shopping across so many different channels and devices, merchants must be committed to knowing their consumers both offline and online but also bring an appealing perspective to the table. #2: Alternative payments still in the spotlight It is no longer a secret that eCommerce can grow at a faster rate if payments are made more widely available, but simply relying on few methods to make all purchases online is not enough. The complex variety of payment methods and the specific context their usage implies - per target, demographic group, payment context, vertical and location - have created a diversity most welcome by consumers, which encourages them to initiate payments without hesitation. Industry experts have been vocal about the growing popularity of alternative payments to the detriment of credit cards, which has resulted in an increasing perception that there is a ready market among merchants and consumers for these methods. According to recent data, by 2021 over 50% of all online transactions will be made using alternative payments. With cash (almost) no longer king, consumers are leveraging the wide range of payment options. Therefore, it’s more important than ever for merchants to get ahead of the game and hone their digital transformation strategy, streamline customer experiences and operational processes to take their business to the next level. Against this backdrop, the role of alternative payments within the merchant environment has changed: they are no longer strictly transactional in purpose, but rather a key instrument in merchant strategies to meet consumer expectations and address local preferences. #3: “There is a little Millennial in each of us” - Mark Larson, KPMG Millennials, the largest generation of smartphone users, represent a customer segment for whom shopping is an indispensable part of life. They are price sensitive, know technology better than any previous generation, use mobile to manage key aspects of their financial lives and depend on apps on a daily basis.

They tend to be omnichannel-oriented and often turn to social media for product reviews or recommendations. And they’re typically willing to buy online, where prices are often cheaper than in local stores and product selection may be broader. However, they are not among the biggest digital buyer segments, as they still enjoy the experience of shopping in physical stores. When it comes to their eCommerce expectations, Millennial consumers ignore stores that don’t cater to the experiences they expect, look for retailers that keep prices low and offer free product deliveries. Almost 58% of Millennials state that this is the most influential purchase factor, followed by coupons and discounts. Providing a level of transparency about products or prices on all channels, a mobile-commerce-first strategy, using creative video, constantly publishing on social media, and knowing when to market to their millennial shoppers, are some of the ways merchants can create a Millennial-friendly eCommerce experience. With the emergence of smartphone-enabled, contactless and/ or alternative payment methods, merchants have come to realize that they have an overwhelming array of choices when it comes to payments methods to support. Investing time and effort in monitoring the shopper behavior is a must, to ensure they can provide the products consumers want, exactly when and where they want them. To that end, merchants pursue various strategies, including bricks and clicks, omnichannel and cross-border approaches. Understanding shopper behavior is always crucial in creating a business strategy that boosts conversions and increases revenue. It is the only way to thrive in an industry that must tailor its offerings to select customers, having to change the value proposition to allow the customers to become increasingly proactive in their purchase decisions.

ADRIANA SCREPNIC Content Marketing Specialist, G2A PAY Experienced editor, reporter and writer, Adriana Screpnic has been actively involved in covering online payments and eCommerce-related topics, taking on diverse and challenging tasks ranging from market research to writing in-depth analyses and feature articles and becoming involved in large-scale, industryspecific research and content creation projects.

ABOUT G2A PAY G2A PAY is an online payment gateway accepting 200+ global and local payment methods – assisting businesses on their growth path. We provide the tools needed for businesses of all sizes to offer a seamless and localized checkout experience to end users.

VERIFONE AND EZETAP PARTNER TO ACCELERATE END-TO-END DIGITAL PAYMENT SOLUTIONS FOR MERCHANTS To meet the needs of the rapidly evolving and growing payments technology landscape in India, Verifone, a world leader in payments and commerce solutions, and Ezetap, one of Asia’s most innovative software and payment processing players, announced a partnership to enable merchants to more quickly and easily adopt both instore and online payment acceptance. The scope and scale of the collaboration will bring together Verifone’s best-in-class payment solutions and services, and Ezetap’s excellence in software and payment processing, to deliver simple and secure checkout experiences for merchants and their customers in any sector. “The payments industry has undergone a global transformation in the last few years and India is on a fast track to match developed countries in terms of technology requirements and consumer demand,” said Abhijit Bose, Chief Executive Officer, Ezetap. “The combination of Ezetap’s software capabilities and processing flexibility with Verifone’s range of payment solutions and services, will provide merchants with a one-stop, next-generation solution that can deliver differentiated experiences to their customers using customized software, real-time data, and valueadded services.” “India is quickly evolving toward a cashless economy and we look forward to working with Ezetap to support merchants through this transition by enabling them to better serve their customers whether they are paying at an online merchant, at home for deliveries, or at their favorite department store,” said Vinayak Prasad, General Manager of South Asia, Verifone. “With Ezetap’s powerful gateway to all major banks in India, Verifone will be able accept a variety of payment types that will allow consumers to shop anywhere with their debit or credit card, mobile wallet, and even with the local Bharat QR scanner and mandated Aadhar-based biometric authentication.” Further, the partnership will make it simple and convenient for businesses in India to leverage the highly secure range of Verifone payment solutions including the PCI 5.x-certified Engage solutions and Carbon family of integrated point-of-sale systems, in addition to all mobile point-of-sale solutions. Together, the companies will work together to develop turnkey, end-to-end solutions that incorporate a variety of applications such as accounting, payroll, real-time inventory management, and loyalty.

ABOUT EZETAP At Ezetap, veterans from payments, hardware, cloud and SaaS industries have joined hands for the sole purpose of ushering in a new era of a frictionless digital payment ecosystem in India. Ezetap has deployed over 200,000 smart service points on its platform with customers ranging from brick-and-mortar retailers, e-commerce players, leading enterprises, and financial inclusion organizations. Ezetap processes over US$1.5 billion annually and has been ranked twice in-arow by CNBC in their Global Top 50 Disruptor List 2016 and 2017. The company has raised over $50 million in funding and its investors include Social Capital, the Silicon Valley firm led by former Facebook executive Chamath Palihapitiya, Helion Advisors, American Express, Li Ka-Shing’s Horizons Ventures, JS Capital (Jonathan Soros), Prime Venture Partners, and Capricorn Ventures (Jeff Skoll Group).

ABOUT VERIFONE

KEY CARBON MOBILE 5 FEATURES INCLUDE

Verifone is one of the world’s largest POS terminal vendors and a leading provider of payment and commerce solutions. We operate in more than 150 countries and employ nearly 6,000 people globally. Our steady growth has come organically, through a dedication to innovation and strategic partnerships, as well as from savvy acquisitions.

• Verifone Trusted Android + Engage secure payment engine • PCI PTS 5.x, SRED, supports AES DUKPT •

5” HD IPS capacitive touchscreen

• Fast 5 MP barcode scanner with illumination and aimer • Fast printing and charging capabilities with multiunit charger • 4G LTE, dual-band WiFi and Bluetooth with BLE / beacons • Replaceable battery lasts up to 16 hours of continuous use • Built-in speaker and microphone • Integration to Verifone Connect’s estate management solution, Merchant Marketplace and payment application

Media Contacts: Ezetap: marketing@ezetap.com Verifone: Patson Goh FleishmanHillard +65 8138 8887 patson.goh@fleishman.com

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