How to avoid fraud on your platform: Upcoming Webinar
Fraud is a huge problem for anyone making payment transactions online and with the advent of more secure in person payments via chip cards (EMV) it is only going to get worse. It’s easy for those involved to say that it won’t affect them but the reality is that it only needs to happen once to have the potential to totally destroy your business.
To get some real insight and visibility sign up for our upcoming webinar, Payment Platform Fraud, where you will get expert insight into the issues.
For platform economy businesses there are many kinds of fraud to consider and while it can seem easy to pass off the responsibility and risk to a payments partner, it can still leave you in a dangerous position. Some of the payment fraud that occurs can happen in the interest of money laundering for terrorists and in those cases the government tends to view everyone in the chain of events as having liability. Large, established platforms and vendors can handle the resulting fines and fallout but smaller and newer businesses cannot.
In addition even if you feel that the risk is really being carried by your customer instead of you, do you really want to risk getting a reputation as a platform provider that doesn’t care about what happens to its customers? That’s also not a good place to be.
Obviously, merchants and vendors who use platforms are also worried about fraud because any one incident of fraud, however minor, can result in fees and chargebacks that can wipe out the profit from many more good transactions. And even end users and consumers worry because if their accounts are used to transact fraud, even unwittingly, they bear the costs of how their credit gets affected and for the resulting cleanup and changes that occur to stop the issue.
Managing these issues for customers and end users can be a huge challenge for a platform and that is why they prefer to pass the risk on to a payment provider or to another partner. But there is a hidden cost to this. Your partner is going to take a very conservative approach to fraud and that means they are going to turn away a potential transaction if there is any doubt about it at all. This in turn means good, valid transactions will be turned down. A different kind of risk but a very real one.
How do you solve for these issues? Find out at a live webinar hosted by WePay with two of our risk and fraud experts. John Canfield, our VP of Risk Management has previously managed risk and fraud at Ebay and is a well-known expert in the field of platform payments. Vinodh Poyyapakkam is our Head of Risk Policy and Consulting and has a breadth of risk consulting experience across a wide range of industries. You should expect the following:
- Live webinar with risk experts outlining common problems and solutions
- Overview of the different kinds of fraud that occur and how they show up
- User fraud, merchant fraud and how they differ
- Deep dive into the the solutions that minimize risk for payment platforms
- Opportunity for Q&A