HOST
Sydney
LOCATION
13
ATTENDEES
FinTech
INDUSTRY
Australia, 30 May 2024 — Visa held a private roundtable of executives entitled “AI to Fraud: Developing a 360-Degree Fraud & Dispute Management Strategy.” Executives from the payment industry, IT and risk areas were in attendance to understand what advancements in technologies and AI analytics will assist in building a strong fraud prevention system, a smart dispute strategy process, and digital consumer trust for both businesses and consumers.
THE SETTING
A Night of Shared Ideas and New Connections
Guests attended an evening in a refined and concentrated atmosphere located on the 47th floor of Australia Square Tower at O Bar and Dining. In the same manner as its surroundings, the room offered the perfect, elegant and focused space for guests to enjoy the beautiful views of Sydney from the 47th floor and be inspired by the cityscape as they sat down to discuss topics of the evening.
Overall, the room was extremely warm and inviting. The room provided a comfortable setting to hold the evening’s event with soft lighting, good service and a professional but relaxed atmosphere. Upon completion of the session, all attendees were able to converse freely, discuss their issues, work out their problems with one another and network.
Interested to find out how the event was shaped and the work that went behind it?
THE GUESTLIST
A Roundtable of Australia’s Top Industry Leaders
This event brought 13 senior professional members from some of Australia’s top payment companies, in the areas of retail, hospitality, insurance and technology together, including several senior decision makers such as Heads of IT, CISOs, Heads of Risk Transformation and GM of Customer Experience.
The attendees are:
- Senior executive from leading technology companies
- Senior executives from leading banking and insurance companies
- Decision makers for top retail companies
All participants have experience with fraud, cybersecurity and digital payments security, so that all information was applicable and relevant to each attendee. The attendees recognised how important it is for companies in these industries to work together to protect their customers and build digital trust in today’s rapidly expanding digital environment.
THE DETAILS
Creating Space for Ideas and Relationships to Grow
Visa had taken care of every detail in creating a special and perfect night for their guests. The setting itself provided an environment that was both businesslike and welcoming; the dining experience represented Visa’s brand, which is to be classy, intentional, and to build connections between people.
Each table featured well-placed and nicely arranged personalised name plates as well as materials representing the event’s theme; each guest had a meal prepared specifically for them and received excellent service throughout their visit. All of these details (from lighting to the way the food was presented) helped create a venue where guests could enjoy an evening beyond just dinner and also exchange thoughts and ideas among themselves.
THE TOPIC
Collaboration Between Teams to Tackle New Threats
Fraud prevention was the major point of the night, with many executives looking at how they could move past their current fraud prevention methods and into a more advanced, AI-based solution. Much of the conversation was around the increasing fraud risk and the fraud types, “friendly fraud,” and how it has created problems for both the consumer and business.
Many executives discussed how by merging technology, data analytics and human review, you can improve fraud detection, lower loss and create a better overall customer experience. The executives also spoke to Compelling Evidence 3.0, which is a new way of providing data-driven evidence to support dispute strategy resolution for merchants. The executives all agreed that the use of these new tools will assist in making the fraud management process faster, more transparent and more successful.
Key questions included:
- Friendly Fraud Prevention: How to Keep Customers from Committing “Friendly” Frauds Without Losing Them
- Customer Trust and Revenue Protection: How to Develop A Full-Fledged Fraud And Dispute Plan
- Using AI and Data Analysis for Proactive Fraud Detection
THE INSIGHTS
Stronger Security Through Stronger Partnership
Participants agreed that it would require a multi-divisional effort between departments (IT, Customer Service, payments security, Risk) working in unison with each other to address the issue of fraud prevention. Most are utilising Artificial Intelligence (AI) & Automation to review thousands of transactions on a daily basis to help identify suspicious behaviour & stop fraud in real-time.
In addition to reducing loss, utilising data effectively allows businesses to establish digital trust with their customers through the ability to provide fast, safe, & secure payment options. Additionally, participants noted that cross-industry collaboration (Banks, Merchants, Tech Companies) will allow organisations to stay ahead of evolving fraud schemes, while sharing knowledge, tools, and best practices will strengthen security across the board.
KEY TAKEAWAYS
- AI and analytics Tool: Smart business fraud-fighting tools are being created with artificial intelligence (AI) and analytics that enable businesses to be able to find and fight fraud faster than ever before. This is allowing businesses to move from reacting to preventing fraud.
- Compelling Evidence 3.0: dispute strategy can now be handled more accurately, and legitimate transactions will have a greater level of protection using new fraud-fighting techniques.
- Customers’ Trust: Payments security should remain intact while maintaining their ease of use in using these payments.
- Collaboration: Sharing knowledge and strategies across businesses can make all businesses safer in terms of reducing fraudulent activity.
- Good fraud-management programs involve three parts working together: Fraud Prevention, Fraud Detection and dispute strategy.
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