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Fraud Forum Held In Zagreb for the 6th Time

This May, Fraud Forum was held in Zagreb for the 6th time. It was organized and hosted by Grozdana Marić, Head of Decision Science and Fraud Management.

This year’s Fraud Forum gathered 7 presenters from our Risk Management Division, Service and Operations Division and Compliance Division, with guest presenters from MasterCard and VÚB Banka, as well as more than 50 fraud specialists interested in the newest trends in fraud detection and prevention in the payments industry.

The participants were given an overview of the 2015 fraud figures, as well as a 3-year fraud trend statistics and an overview of the systems used by our company to prevent fraud.

Since fraud transactions and chargebacks are deeply related, fraud related chargebacks were also covered, highlighting the importance of the relation between fraud chargebacks and proper reaction of fraud experts in cases when fraud transaction is recognized. Our Chargeback team tried to explain the most important facts that have to be adopted before fraud chargeback is processed, putting emphasis on the importance of banks’ communication with their clients and merchants in cases of fraudulent transactions.

Our Mandates team from the Compliance Division presented the system of complex card scheme rules and requirements regarding the merchant acquisition process for each payment scheme.  It was explained that a suitable merchant monitoring process can be an important segment that can assist in fraud/risk prevention of each bank. Both mandatory requirements and strongly recommended actions were clarified, starting from merchant initial application for “on-boarding”, through preliminary merchant inspection to final merchant approval via contract signing and on-going monitoring in this relationship. Therefore, special attention was given to the content of merchant agreement and also to key merchant monitoring programs.

All the presenters from the 6th Fraud Forum

A guest presenter from VÚB Banka, Tomáš Kmiť, presented a card fraud overview at VÚB, Slovakia and Europe in general, covering 2015 statistics, most notable fraud cases and counter-measures, including the overview of ATM fraud in Europe in the past year.

Valerie De Kerpel from MasterCard talked about MasterCard Transaction Decisioning Products. Responding to the rise in fraud through digital channels, too many issuers are overcompensating by beefing up their authorization strategies, yet many of the transactions they are declining are genuine. Unfortunately for issuers and merchants, a false-positive decline can not only impact revenues, it can seriously erode customer loyalty, pushing many consumers to abandon the issuer or merchant connected with the erroneous decline. Therefore, Mrs. De Kerpel introduced MasterCard’s IQ Series on its platform to address fraud while keeping false declines to a minimum.

Both organizers and participants are looking forward to next year’s Fraud Forum and the insights it may lead them to.

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