Sometimes finding the right fraud prevention solution is the easy part. The real challenge comes when you have to sell the project to your executive team.

Does this scenario sound familiar? If so, you’re in luck. On September 20th, iovation’s senior sales executive, Cory Swick, along with one of our online global marketplace clients, will share their unique perspectives on how IT fraud professionals can properly sell their fraud prevention projects to upper management. The presentation will take place at this year’s Merchant Risk Council Fall Platinum meeting in Chicago, beginning at 4:00 p.m. in the Grand Ballroom at the Drake Hotel.

The presentation, “Selling Your Fraud Strategy Internally and Overcoming Challenges Deploying Third Party Tools,” will demonstrate how focusing on things like brand protection, company image, customer acquisition and retention, and boosting profits can strengthen your case when lobbying for fraud prevention projects that help reduce fraud rates and improve the health of your IT environment. (more…)

Raising the awareness of fraud and emerging fraud trends is in the best interest of everyone, particularly those who purchase, sell and communicate with others on the Internet. For this year’s Fraud Prevention Month, the annual education and awareness campaign focused on the growing concerns of online fraud.

With total losses to Internet crime topping $599 million in 2009 (the latest annual statistics), educating others about the current state of fraud, evolving fraud tactics, high at-risk groups, and best practices to identify and prevent fraud, plays a critical role in helping consumers and businesses protect themselves from online fraud.

Fraud Prevention Month is also an indicator of how much still needs to be done for businesses to adequately protect themselves and their customers from today’s growing threats. (more…)

Online retailers are losing on average 1.2% of their total revenue to online fraud. That’s according to a recent survey conducted by the Merchant Risk Council and reported in the article, “Fraud is costing online merchants 1.2% of revenue, survey finds.” Not surprising, the more automated fraud screening tools a company used, the lower their fraud rates were.

For large online merchants that used 7.9 fraud tools, fraud losses dropped to 0.9% of their revenue compared to the 4.7 average tools for all survey respondents. Reported fraud rates for international orders were also lower for large online retailers by a 1.4% to 2% margin, compared to all companies who participated in the survey. (more…)

The Merchant Risk Council, which brings U.S. businesses together to help combat online fraud and abuse, is taking its experience abroad. The Seattle-based association announced that in April it will launch MRC Europe to help European merchants improve their e-payments strategies and share best practices for managing online payment risk.  The inaugural event will take place April 21 and 22 in Brussels, Belgium at the NH Hotel du Grand Sablon.

Executive Director, Tom Donlea, said expanding the merchant-led program is a natural extension for the MRC because both the U.S. and Europe share common problems associated with online payment fraud.

“U.S. and European online merchants face many of the same fraud issues, security risks and payment challenges—there are nuances that MRC Europe will adapt to best serve European merchants.”

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The Merchant Risk Council (MRC) represents the largest and most influential constituency focused exclusively on making eCommerce more safe and secure. iovation is a proud sponsor of the Merchant Risk Council and brings you this interview and podcast with Executive Director, Tom Donlea.

Listen to the Podcast >

iovation: This is Scott Olson on behalf of iovation. I am here with Tom Donlea, the Executive Director of the Merchant Risk Council. Hi Tom.

Tom Donlea: Hi Scott.

iovation: Tom, as the Executive Director of the Merchant Risk Council, you lead this trade association made up of merchants, vendors, e-commerce management professionals, and law enforcement. I imagine this role gives you a great deal of insight into the key issues facing online merchants. After having just completed the Merchant Risk Council semi-annual platinum meeting and now preparing for the upcoming conference in March, is there one topic you would say is getting more attention than others?

Tom Donlea: Yes, Scott. I think for the MRC it has clearly been the economy. A lot of our merchants are increasingly focused on managing their costs and minimizing losses. They are getting a lot of pressure, so they are coming to the MRC with some very specific requests; three in fact. The first thing is they are looking for benchmarking data. They want to look at their costs, the resources they are using, and investments that they should put toward managing fraud risk. (more…)

This is a big week for fraud prevention discussions with online retailers. The Merchant Risk Council’s (MRC) 7th Annual eCommerce Payments and Risk Conference takes place at the Wynn Las Vegas. The Merchant Risk Council is a merchant-led trade association focused on electronic commerce risk and payments globally. Approximately 500 online merchants and vendors meet to discuss new strategies and collaboration techniques to reduce fraud losses stemming from credit card fraud, shipping fraud, identity theft and more.

Week at a Glance:

• March 9 – Opening Party at Blush Boutique, Wynn, co-sponsored by iovation
• March 10 – Platinum Member Meeting co-sponsored by iovation
• March 11 – General Conference & Exhibits (iovation booth #304)
• March 12 – General Conference & Exhibits (iovation booth #304)

On Wednesday, March 11th, iovation veteran Cory Swick will demonstrate how fraudsters are extending their scams and what online businesses can do to stop them. Emerging strategies of cybercrime will be discussed—from individuals targeting specific markets and organized rings of collusion to maturing fraud economies.

Presentation Details:

• Title:  Criminal Diversification: A Look at the Emerging Strategies of Cybercrime
• When:  Wednesday, March 11, 2009, 2:15 p.m. – 3:00 p.m. PT
• Where:  Wynn Las Vegas, Room – Lafite 6
• Speaker:  Cory Swick, Senior Enterprise Sales Executive

To meet with iovation at the event, please schedule a meeting through our website.