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Last updated on 2024年6月3日

How do you stay current with payment fraud detection technology?

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Payment fraud is a serious and costly threat to businesses and consumers alike. Fraudsters are constantly evolving their techniques and exploiting new vulnerabilities in payment systems. To protect your revenue, reputation, and customer trust, you need to stay current with payment fraud detection technology. In this article, we'll share some tips and best practices on how to do that.

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Jonathan Arras

Sr Director, Fraud Product at Visa

1 Follow industry standards and regulations

One of the easiest ways to stay current with payment fraud detection technology is to follow the industry standards and regulations that apply to your business. For example, if you accept credit cards, you should comply with the Payment Card Industry Data Security Standard (PCI DSS), which sets the minimum requirements for securing cardholder data and preventing fraud. If you operate in the European Union, you should also adhere to the Payment Services Directive 2 (PSD2), which mandates strong customer authentication and fraud monitoring for online transactions. By following these standards and regulations, you can ensure that your payment systems meet the basic security and compliance criteria.

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2 Subscribe to relevant newsletters and blogs

Another way to stay current with payment fraud detection technology is to subscribe to relevant newsletters and blogs that cover the latest trends, developments, and best practices in the field. For example, you can follow the official blogs of payment providers, platforms, and gateways that you use or are interested in, such as Stripe, PayPal, or Braintree. You can also subscribe to newsletters and blogs from industry associations, research institutes, or experts, such as the Merchant Risk Council, the Fraud Practice, or the Chargeback Gurus. These sources can provide you with valuable insights, tips, and updates on payment fraud detection technology.

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Jonathan Arras

Sr Director, Fraud Product at Visa
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Sign up for marketing! Most of the time we're trying to avoid being signed up to receive ads and direct marketing, but in the case of fraud it can help paint a picture of not only what technology is available but also the ways it's being thought and talked about. A concept might be referred to with different buzzwords or marketing terms across multiple providers, but the core idea will often be the same as fraud management technology advances.

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3 Attend webinars and events

A third way to stay current with payment fraud detection technology is to attend webinars and events that showcase the latest innovations, solutions, and best practices in the field. For example, you can join online or in-person workshops, seminars, or conferences that are organized by payment providers, platforms, or gateways, such as Stripe Sessions, PayPal Commerce Connect, or Braintree Developer Days. You can also attend webinars and events that are hosted by industry associations, research institutes, or experts, such as the Merchant Risk Council Webinars, the Fraud Practice Training Courses, or the Chargeback Gurus Events. These webinars and events can help you learn from the experts, network with peers, and discover new tools and techniques for payment fraud detection.

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4 Test and evaluate different solutions

A fourth way to stay current with payment fraud detection technology is to test and evaluate different solutions that can help you improve your fraud prevention and detection capabilities. For example, you can experiment with different payment providers, platforms, or gateways that offer advanced fraud detection features, such as Stripe Radar, PayPal Fraud Protection, or Braintree Fraud Tools. You can also test and evaluate different third-party solutions that integrate with your payment systems, such as Kount, Sift, or Riskified. These solutions can help you leverage artificial intelligence, machine learning, behavioral analytics, and other technologies to detect and prevent payment fraud.

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5 Monitor and analyze your data

A fifth way to stay current with payment fraud detection technology is to monitor and analyze your data to identify and address any fraud patterns, trends, or issues that affect your business. For example, you can use your payment provider's, platform's, or gateway's dashboard, reports, or analytics tools to track and measure your fraud rate, chargeback rate, approval rate, and other key performance indicators. You can also use your own data analysis tools, such as Excel, Tableau, or Google Analytics, to segment, visualize, and compare your data across different channels, markets, products, or customer segments. These data analysis tools can help you spot any anomalies, gaps, or opportunities in your payment fraud detection strategy.

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6 Seek feedback and advice

A sixth way to stay current with payment fraud detection technology is to seek feedback and advice from other sources that can help you improve your knowledge and skills in the field. For example, you can join online or offline communities, forums, or groups that are dedicated to payment fraud detection, such as the Merchant Risk Council Community, the Fraud Practice Forum, or the Chargeback Gurus Group. You can also seek feedback and advice from your payment provider's, platform's, or gateway's support team, consultants, or partners, who can offer you personalized guidance, recommendations, or solutions. These feedback and advice sources can help you learn from others' experiences, challenges, and best practices in payment fraud detection.

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Juan Pablo Mendez

Data Scientist | Risk | Fraud | Compliance | AML | Payments | Security
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To stay updated with new methodologies and tools in fraud detection, I recommend following industry influencers and exploring the following strategies: 1) Research scientific and academic literature, 2) follow specialized blogs and websites, and 3) join professional communities and discussion groups

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Jonathan Arras

Sr Director, Fraud Product at Visa
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Sign up for web alerts (i.e., Google Alerts). Fraud is filled with jargon and niche language, so set up a range of alerts across different words, phrases, and acronyms. You'll get some junk, but as you develop a process to manage the incoming hits you'll start to know which ones will provide value.

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How do you stay current with payment fraud detection technology?

1

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3

4

5

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1 Follow industry standards and regulations

2 Subscribe to relevant newsletters and blogs

3 Attend webinars and events

4 Test and evaluate different solutions

5 Monitor and analyze your data

6 Seek feedback and advice

7 Here’s what else to consider

Payment Systems

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How do you stay current with payment fraud detection technology?

1

2

3

4

5

6

7

1 Follow industry standards and regulations

2 Subscribe to relevant newsletters and blogs

3 Attend webinars and events

4 Test and evaluate different solutions

5 Monitor and analyze your data

6 Seek feedback and advice

7 Here’s what else to consider

Payment Systems

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