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Introduction to Online Payments Risk Management
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Losses and fraud are as old as human society. Scams and acts of fraud were not started nor invented by the digital generation. The most widely known scam, the “Nigerian Prince” or “Advance Fee” scam, luring victims to pay large sums in exchange for a big and never- arriving payout, is not a digital invention. It is a modern variant of the “Spanish Prisoner” scam, which originated in the 19th century. In any situation involving the opportunity for gain, be it a game for chips or an actual money transfer, some people are going to try to bend the rules. They do so even when there is no way to cash out, in order to get ahead and maintain status if nothing else. Almost everyone cheats; some of us are professionals. As more and more financial activity goes online, the potential payout becomes larger. It was once only possible to steal a credit card. Now you can lend money, refinance your loan, or start a new business on‐ line. Increasingly, consumers go shopping online. 2012’s Cyber Mon‐ day saw sales of almost $1.5 billion, the biggest in history. Consumers have their lives online on Facebook and Twitter. Identities are easy to steal, replicate, and invent; Facebook reports that about 9% of its pro‐ files are fake. On top of all that, consumer activity creates enormous amounts of data that require novel techniques for simple searches, let alone understanding who’s real and who isn’t, who’s a fraudster and who’s telling the truth. When operating a financial services business you are faced not only with fraud, but with other causes for losses driven by multiple factors: credit default, misunderstandings, bad op‐ erational procedures, and more. I realized that there needs to be a single source for a methodical and comprehensive way to find,
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describe, understand, and deal with these problems so that businesses could succeed online. This book aims to be that source—to give an introduction, overview, and overarching framework for dealing with risk in online payments. The material in it has been accumulated, shaped, tested, and proven to work over several very busy years of working in various payments companies, specifically in risk management and fraud prevention for payments, as well as consulting and discussing with many others. It aims to spark a discussion around the practice of risk management in payments in particular and eCommerce in general, as well as give the layout of what one should think about when approaching this vast field. It brings together data, organization, technology, UX, product, and other insights to present a blueprint for the best-possible loss and risk management organization in a rapidly changing digital environ‐ ment, from a one-person task force to dozens of agents and analysts. It covers the essentials of the first couple of years and points toward following steps.
Ohad Samet - Personal Name
978-1-449-36540-0
NONE
Strategic Management
English
2013
1-83
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