First Party Fraud: EMV and the New Frontier
The promise of the introduction of EMV into the U.S. is that it will significantly reduce third party fraud and card-not-present fraud. But fraud is like energy - it doesn't get created or destroyed, it simply is transformed. We therefore know from experience that thieves and fraudsters will not simply give up in the face of EMV. Historical precedents show that in countries that have implemented EMV technology, fraudsters move onto perpetrating first party fraud as a new target. In this session, you will learn of some of the changes EMV will bring about, as well as how to detect first party fraud, including:
- How EMV will lead to multi factor authentication, and how that will affect fraud detection
- What is first-party fraud, and how does it intersect with EMV
- Why first-party fraud is expected to rise with the advent of EMV, how big is the problem?
- Why first-party fraud is so hard to detect and prevent
- Tips for tackling first-party fraud and abuse, how to identify fraudsters and minimize losses
- How implementing an effective first-party fraud strategy can pay off