MRC Vegas 2019 food

What The Food at MRC Vegas 2019 Taught us About Fraud

With over 1,600 attendees, MRC 2019 was a hot pot of merchants, fraud problems, and innovative ideas – with a side of mouth-watering desserts.

There is one thing we can all agree on after attending the MRC 2019 conference in Vegas: The time for canned solutions is long gone. Like the diverse and elaborate cuisine we enjoyed during the MRC buffet, fraud experts need to combine different security tools and flavors to meet the security requirements of constantly-evolving merchant challenges and fraud tactics.

The word creativity came up over and over again as the core advice; from speakers representing gaming companies to biometrics providers. “Be creative!”, declared Greg Wilson, Risk Product Specialist from Gusto!, as he challenged the audience to “take a moment to truly think outside the box” when talking about leveraging deterrence to steer fraud away from their environment.

“Use creativity,” said a Microsoft representative during the MRC fraud survey results, where the panelists encouraged the audience to “learn from other’s ideas and build upon that as a community to evolve.”

Mark Weston, head of risk at the Gaming Innovation Group, a gaming company, urged the audience to “talk to your teams, person to person, ask them how you can collaborate – even with the marketing team – to understand their goals” to make customer acquisition strategies safer and more efficient.

This year’s MRC sessions established that cybersecurity teams are not, and should not remain islands. Weston gave a good example of how fraud problems can start within the business: their marketing team launched a campaign to increase onboarding. It worked so well that it created a spike of new accounts that the fraud department (not aware of that initiative) saw as a threat and blocked all of them.

Yes, we know that legitimate and fraudulent activities are harder to discern, making the one-solution-fits-all claims seem a distant joke. But today, vendors have become highly sophisticated in their specific technologies, from device intelligence to biometrics of all kinds – and growing.

MRC reminded us that we live in a time where merchants don’t have to – and shouldn’t – rely on one solution to fix their problems. Instead, they can learn from each of the highly-sophisticated tools offered and build their own combination to target their particular attack vectors. Just like we carefully chose our food at the MRC buffet to fulfill our cravings, from western-style roasted veggies to delicious Indian chana masala – one menu doesn’t fit all and neither does security; MRC had that dialed.

In a world of ones and zeros, creativity is what merchants can leverage to move ahead of fraud. Think like a fraudster: Find out how exactly they attack you, what scripts or patterns they use and start mixing your cybersecurity entree with the tools that block their efforts one by one, until your environment is not worth their time. If you need help with that, give us a shout, we have plenty of examples of how our clients have done that.

 

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