Last week, the annual Merchant Risk Council (MRC) Conference was held in Las Vegas, marking the marquee event for the risk and payments industry. Over 1,400 professionals from across the globe gathered to share their views on the biggest challenges, trends and opportunities around CNP fraud.
The Riskified team left the event inspired by the energy present among both merchants and solution providers and the desire to solve the big challenges that exist today. Having had a week to reflect on the hundreds of conversations and presentations, a few things are abundantly clear for our industry:
- We are tackling some massive challenges:
Between EMV migration, the continued explosion in mobile commerce and the increased sophistication of fraudsters across the globe, all eyes are on our industry and very much waiting to see how things will play out in 2015 and beyond.
- Reducing customer friction is the name of the game:
The promise of consumer authentication has some serious growing pains. There continues to be much talk about 3-D Secure as a conversion killer and for the most part merchants are slow to adopt the technology at the risk of losing sales. Even with innovation in the category, like Cardinal Commerce’s dynamic 3-D Secure, merchants are wary of the impact of any interruption to the consumer flow on sales.
- Risk management teams are overworked and undervalued:
We enjoy the opportunity to meet risk and payments professionals in person and hear first hand of their challenges fighting fraud with very limited resources. This is especially difficult when risk managers are trying to justify the cost (both financial and development resources) to implement new technologies that will have a huge impact on reducing merchant’s current inefficiencies. During MRC we heard a common refrain from merchants who were very interested in testing cutting edge solutions like ours about the lack of development resources, incredibly long implementation times, and limited budgets for experimentation. The biggest issue here being that fraudsters don’t face the same bureaucratic issues and will only continue to widen the gap in their sophistication if things don’t change.
The Riskified team left MRC feeling honored to be a part of such a strong and passionate community, taking on such meaningful challenges.
Were you also at MRC last week? If so, we’d love to hear your key takeaways and lessons you plan to bring back to your business from the event.