Verifi was pleased to exhibit at the 2013 MRC Annual e-Commerce Payments and Risk Conference hosted at the Aria Resort, Las Vegas. The MRC Conference is a great tradeshow where we are able to gain insights on the latest industry news, meet business partners and prospects and learn valuable information we can then pass onto our clients. Rick Lynch, Verifi’s SVP of Business Development, moderated the Managing Your Not So Friendly Fraud Chargebacks keynote which was held on March 28, 2013.
In an effort to ensure we are providing you with the latest news, hot topics and most relevant industry information, we are pleased to provide you the following highlights from the MRC:
- Friendly fraud getting the best of you? Threatening your bottom line? Eating up your resources and man power? In the last 3 years, the number of friendly fraud cases increased by nearly 50%, where merchants reported they paid an average of $3 for every $1 lost to fraudulent transactions. Friendly fraud is highest among card-not-present transactions since the merchant cannot physically see who is a making the purchase. Chargebacks are often the result of friendly fraud, where a cardholder places an order from an e-retailer, but then contacts their issuing bank stating a transaction on their card was not theirs. The threat of friendly fraud is prevalent among merchants and continued to be a hot topic at the 2013 MRC Conference. Anti-fraud experts, including Verifi, showcased their top-of-the-line solutions to help prevent friendly fraud and regain revenue that rightfully belongs to the merchants. Verifi’s signature Chargeback Representment and CDRN® – Cardholder Dispute Resolution Network, is among the top performing services in the industry to combat friendly fraud.
- Issuer notification for customer disputes was another hot topic at the conference, where Verifi was mentioned for its Cardholder Dispute Resolution Network (CDRN) addressed by David Montague, founder of The Fraud Practice, during his opening keynote address. Verifi developed CDRN to specifically tackle the kind of friendly fraud discussed during the keynote address and that so often impacts good merchants and their bottom line.
- Device Fingerprinting continues to be the most effective methods to identify and address criminal fraud. Verifi partner’s, Kount, ThreatMetrix, and Iovation were among the top Device ID participants at the show. Verifi’s host of Intelligence Suite products includes IP Intelligence via IP address sourced geo-location and proxy-setting information, Device Intelligence and reputation scoring to expose the fingerprint and personality of the true device submitting the transaction and several others helping to indentify every customer, their location and risks associated with them or their purchasing device. Global payment processing continues to increase as US merchants expand into global markets. As a result, demand for support with multi-currency, cross-currency, and currency conversions, increases as cross border commerce expands. Verifi’s PCI Level 1 certified Global Payment Gateway enables connectivity to all of the major domestic and international acquirer processing networks, enabling global payment acceptance across all major international and domestic payment types and currencies. Our strong domestic and international processing networks empowers merchants to ensure uptime and protect their revenue stream while minimizing processing costs through intelligent and flexible transaction routing.
For more information on these or any other Verifi products or services, please visit our product page here, call us at 323.655.5789 or email us directly at info@Verifi.com.
Be sure to visit with us at the ETA Annual Meeting and Exp, April 30 – May 2. For more information or to schedule a meeting please email Info@verifi.com.