In this video

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We delve into the pressing issue of online payment fraud from the perspective of merchants, aiming to shed light on effective strategies for fraud prevention. With friendly fraud alone causing over $25 billion in annual losses, merchants must equip themselves with the necessary tools and knowledge to combat this threat.

Led by Diederik Klopper, we explore the challenges faced by merchants, including low sales volumes and high chargeback numbers, and offer insights into overcoming these obstacles. Emphasizing the importance of utilizing fraud prevention tools, understanding risk tolerance, and optimizing fraud prevention setups, we provide a comprehensive framework for merchants to safeguard their businesses against fraudulent activities.

By adopting proactive measures and investing in fraud management solutions, merchants can not only minimize disruptions during peak seasons but also enhance their financial resilience in the long term.

Join us in mastering the intricacies of payments with the PaymentGenes Academy in Course 8: Fraud and Risk management.

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Course Overview

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Introduction to Payment Fraud

• Discussion on the significance of fraud in the payments industry, citing statistics from the Ekata report.
• Definition of payment fraud and its categorization into card present (CP) fraud and card not present (CNP) fraud.
• Examination of fraud from both merchant and user perspectives.

The Impact of Payment Fraud on Merchants

• Explores the impact of payment fraud on merchants, highlighting financial losses incurred through declined transactions, refunds, chargebacks, and scheme fines.
• Emphasizes the importance of fraud mitigation to avoid accumulation of costs.

Monitoring Fraud and Chargeback Rates

• Discusses fraud and chargeback rates monitoring by card schemes like Visa and Mastercard.
• Explanation of merchant identification numbers (MIDs) and their significance in fraud monitoring.
• Explores the implications of breaching fraud and chargeback thresholds.

Understanding Fraud Management Processes

• Delve into fraud management processes including monitoring, detection, and prevention.
• Explanation of data aggregation and its role in identifying anomalies.
• Introduction to rule-based systems for fraud detection and prevention.
• Emphasizes the role of employee training in fraud prevention.

Building a Successful Fraud Management

• Outlines best practices for building a successful fraud management strategy, including risk level identification, detection and reporting, mitigation, organization, and data collection.
• Discusses the importance of embedded authentication and utilization of fraud prevention tools.
• Highlights the need for adaptability to market trends in fraud prevention strategies.

And 4 modules more...

Gain insights into strategies, tools, and best practices to combat fraud effectively with this course, find more information on PaymentGenes Academy website.

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