Event Dive: Fraud Management Innovation and Best Practices from MRC Dublin


July 20, 2018

By Acapture and Payvision

There's nothing more valuable than an industry conference to stay up-to-date with the latest trends, insights and best practices in the eCommerce sector. And, specifically for knowledge in online retail fraud management, the Acapture team chose to attend MRC Dublin.

Conference impressions
With one pre-conference day of workshops and two full days of content in the lively city of Dublin, this conference covered diverse and trending topics and facilitated great networking and collaboration opportunities among merchants, service providers and industry authorities. Situated in a cozy atmosphere with a wealthy schedule, attendees were invited to a multitude of sessions while still having ample time to connect and catch-up with peers and partners.

What were the buzzwords?
Consumer behavior, merchants, payments, industry collaboration, false positives, data, and machine learning.

What was the conference theme?
The Future of Fraud and Payments Is Now -- urging all participants to live in the very moment and share ideas, best practices with each other and act upon the current challenges while feeling more confident and more prepared to confront eCommerce risks and fraud.

Best practices to keep in mind
1. Know your customers. Not only will you be able to efficiently manage fraud, but you'll also have the power to optimize your conversion.
2. Take time to understand the problem. Assess the situation, the type of fraud and the amount you're confronted with and then set up a steady strategy to manage it.
3. Empathize with your customers. What's the most important part of your online experience as a consumer? You want it to be safe and also seamless, with no interruptions. Reviewing the entire journey through the eyes of your customer will ensure your fraud checks are quick and invisible, and not posing any confusion, burden or stress on your buyers.

Trending tech for fraud management
Machine learning is by far the latest innovation in the fraud prevention area and, together with data analytics, is changing the game for merchants, enabling them to manage fraud in a faster, and more efficient and accurate way. And yes, it's totally a MUST-HAVE for every merchant who wants to keep customers happy and loyal, increase conversion and revenue. Can't think of anyone who doesn't!