Fraud and the Consumer

Date: 2015-11

Advancements in payments technology and associated security solutions have forged ahead in spite of actual consumer wants and needs. Yet without consumer trust, buy-in, and participation they will struggle to make it off the ground. Most (if not all) banks, card issuers, and merchants would agree with the infamous adage “”the customer is king”” but how many know who their customer actually is?

– Future-proof your strategy by getting to grips with what consumers want with regards to payment technologies and security solutions.
– Understand the value of targeted consumer education and engagement, and why there is a strong need for a joined-up, global approach to such activity.
– Gain insight into what’s being done to tackle the security risks associated with mobile commerce and banking while attempting to eliminate friction.

– What is the consumer perception of the problem of fraud, and how does it impact upon susceptibility? How can payment providers tackle this?
– What payment-focused initiatives are players in the market launching, and how will this affect the industry and consumer behavior going forward?
– Who is ensuring that best practice standards are up-to-date, relevant, and consistently applied?
– What security solutions exist and how effective are they at fighting fraud? How can they be improved?

Key Highlights
Mobile technology has brought with it a seemingly limitless variety of transaction possibilities and holds the key to making payment scenarios much safer. In many countries the technology and infrastructure is now in place, but the arguably bigger challenge is yet to be overcome – namely securing the faith and trust of consumers.

While consumer education is generally touted as the answer, it will only pay dividends once providers gain a better insight into what their customers look like. Communications need to be much better targeted to resonate with all consumer segments.

The time is ripe for payment providers to embrace customer-centric fraud prevention and management processes that strike a balance between welcome reassurance and complete nuisance. Underpinning this is the need for common best practice standards across global markets and borne out of actual – as opposed to perceived – customer requirements.”

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