Managing CNP Fraud using EMV - Learnings from Canada and UK
Target Audience
E-commerce managers, Fraud managers, Website IT managers
Presentation Technical Level
Advanced - Introduction of complex concepts. For attendees with significant industry experience.
Summary of Topic
The US payments market is at the beginning of significant change, both as it moves towards EMV (chip and contactless) payments, and the emergence of NFC technology in smart phones. Experience in other EMV markets (UK and Canada specifically) also tells us that criminal activity will move to e-commerce channels. E-commerce transactions have weak authentication processes relative to POS transactions, and this is easy prey for cybercriminals while the merchant is left to absorb the cost of fraud. 3D Secure solutions do reduce fraud, but increased abandonment rates make it an ineffective tool in North America. But - What if we could check the card when the consumer is shopping online, in the same way the merchant checks the card at a POS. If so, the merchant and the bank now knows the card was there for the e-commerce transaction - reducing fraud claims AND reducing the cost of managing fraud. This session will explore the facts and findings on CNP fraud in EMV countries (UK and Canada) and explore some of the hardware, software and mobile solutions adopted in these markets to combad this increase in fraud.
Audience Takeaway
1. Online fraud will increase dramatically in the US market. As EMV cards enter the market and reduce Card Present Fraud, criminals will move their focus to Card not Present environments.
2. Fraudsters are becoming increasingly savvy, and many virus detection systems can't detect new malware
3. EMV is a very secure payment platform, and it can be leveraged for e-commerce transactions as well
Submitters
Chris Gardner, SecureKey Technologies
Presenters
Greg Wolfond, SecureKey Technologies
Title
Chairman and CEO
Presenter Biography
Greg has a successful track record bringing innovative solutions to the financial industry. His expertise and entrepreneurial skills are evidenced by his founding of Footprint Software Inc., a financial software company which he started in 1983 and later sold to IBM in 1995. Additionally, Greg founded and was CEO of 724 Solutions Inc. from 1997 to 2001, a wireless software infrastructure provider which he took public in 2000.
Greg holds the 1994 award for Canada's Best Managed Private Company for Footprint Software, the 1995 award for Canada's top 40 under 40 and in 2000 was awarded the Entrepreneur of the Year.
Greg holds a Bachelor of Arts in Computer Science from the University of Western Ontario, Deans List and a double major, Biochemistry and Life Sciences at the University of Toronto. Greg sits on the board of the Ontario Cancer Biomarker Network (OCBN), NoNo Inc. specializing in post stroke neuroprotection and YYZ Pharmatech which develops tools, targets and biomarkers for pharma.
Gordon Dolfie, Intel
Title
Presenter Biography
Gordon Dolfie is the General Manager for the Intel® Identity Protection Technology business unit. His team is part of the PC Client Services division, focused on delivering hardware-based security solutions to the eCommerce, Banking, Consumer, and Enterprise markets. Intel IPT provides a more secure, easy-to-use technology that enhances second factor authentication across a wide spectrum of uses, and is built into the hardware that Intel delivers to the PC industry.
Gordon joined Intel in 1982, and has held positions in Finance, Business Operations, Marketing, and General Management during his career. He is based in Folsom, California.
Prior to joining Intel, Gordon earned a BS in Engineering and an MBA in Finance from UCLA.