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The PaymentsJournal Podcast is a weekly podcast that features payment and banking industry professionals throughout the value chain discussing relevant payment and banking topics. If you have a topic you would like us to cover or would like to be on the podcast please reach out to us at info@mercatoradvisorygroup.com

The PaymentsJournal Podcast – PaymentsJournal The PaymentsJournal Podcast – PaymentsJournal

    • Деловые новости

The PaymentsJournal Podcast is a weekly podcast that features payment and banking industry professionals throughout the value chain discussing relevant payment and banking topics. If you have a topic you would like us to cover or would like to be on the podcast please reach out to us at info@mercatoradvisorygroup.com

    Meet Elevation, Nacha’s Consulting Arm

    Meet Elevation, Nacha’s Consulting Arm

    Understanding

    the payments industry in the U.S. can be a complex endeavor. The landscape is a

    crowded place, comprised of thousands of banks, credit unions, fintechs, and

    other organizations that offer a variety of products and services tailored to

    different aspects of the payment experience.







    Then there is the

    issue of compliance. Companies must obey the myriad of regulations and laws

    governing how and when payments should be made, and what information needs to

    be requested, provided, recorded and stored. These rules can vary by payment rail,

    further adding to the complexity.







    To navigate

    these challenges, many companies hire consultants to access their needed

    expertise. One such group is Nacha’s Elevation

    Consulting, which works with both national and global organizations –

    including startups, corporations, financial institutions, fintechs and more – to

    help them understand how to successfully utilize and optimize payments.







    To learn more about Elevation, PaymentsJournal sat down with Samantha Carrier, senior director of Advanced Payment Solutions at Nacha. Joining us in the conversation was Aaron McPherson, vice president of Research Operations at Mercator Advisory Group.





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    During the

    conversation, Carrier and McPherson discussed the type of consulting work

    undertaken by Elevation and for whom, as well as Elevation’s payment calculator

    tool, and the challenges and opportunities posed by the ISO 20022 standards.







    Elevation consults on more than just the

    ACH Network







    Given that

    Nacha is the steward of the ACH Network, you would be forgiven for thinking its

    consulting arm would focus exclusively on questions related to ACH. However,

    Elevation’s offerings go well beyond the Network.







    “While we certainly have quite a bit of depth on the team when it comes to ACH expertise, [many of whom have the] Accredited ACH Professionals credential to offer clients, our portfolio of businesses is actually pretty diverse,” said Carrier. “With so much going on in the industry, our team has really had an opportunity to work with a lot of different players in the banking system.”







    Banks,

    businesses, technology providers, and others hire Elevation for a variety of reasons.

    Some seek payments advisory and strategy, while others seek custom education

    and even custom rulewriting. Additionally, Carrier explained how Elevation

    • 18 мин.
    A Conversation with Marqeta, “The First Modern Card Issuing Platform”

    A Conversation with Marqeta, “The First Modern Card Issuing Platform”

    This episode was recorded at the Money 20/20 event in 2019. On this episode, PaymentsJournal’s editor-in-chief, Ryan McEndarfer, sat down with Vidya Peters, chief marketing officer at Marqeta.





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    PaymentsJournal:







    Vidya, thank you so much for joining me on today’s episode.

    Could you give us a little bit of an overview of Marqeta to set the stage for

    our audience here?







    Vidya Peters:







    Absolutely. It’s a pleasure to be here, so thank you for

    having me on your podcast series. Marqeta is the first modern card issuing

    platform. We have improved how physical and virtual payment cards are developed

    and deployed. Our platform was built from the ground up as the first open API,

    fully modern, fully documented processing platform with no legacy

    infrastructure. So, if you think about your favorite services that you’re using

    today, whether that’s ordering food, applying for a loan, or using digital

    banking services on a mobile app, chances are Marqeta data is powering that

    experience for you on the back end.







    PaymentsJournal:







    Excellent. Thank you very much for that overview there. Now,

    obviously the payments industry has seen tremendous evolution that’s been

    ongoing for the past couple of years. Let’s narrow it down to the last 12

    months. What have you been seeing on your end that has you excited within the

    payments industry?







    Vidya Peters:







    Yeah, it’s a very exciting time to be in the payments space, because what we’re realizing is that there is no part of this really large and complex market that is safe from disruption. It used to be that this space was entrenched with old legacy technologies, and they were pretty protected from anyone entering the new market. The barriers to entry have dropped significantly. What we’re finding now is that it’s no longer about the big eating the small; it’s really about the fast eating the slow. The reason that’s happening is that customers are demanding very new experiences. They’re expecting everything to be digital, to be connected, and they’re expecting to be served in very new ways. We’ve seen the rise of the on demand economy and of digital banking. And we’re seeing almost every experience, whether it’s lending, financing, ecommerce, etc., become more digital each year. Behind every one of those digital experiences,

    • 11 мин.
    The Architecture of an Attack: NuData Breaks Down Account Takeover Attacks

    The Architecture of an Attack: NuData Breaks Down Account Takeover Attacks

    Looking back at the holiday season, merchants faced a

    timeless struggle: stopping fraudsters. While dealing with fraud is a challenge

    year-round, the holiday season makes it even more difficult.







    In November and December, people shop more to prepare for

    the holidays, causing eCommerce volumes to rise. Aware of the uptick in volume,

    criminals launch attacks, trying to take advantage of merchants who are

    struggling to keep up with all the traffic.







    A common fraud vector used by criminals year around is

    account takeover. This is when the fraudster gains access to a user’s account,

    often by using stolen login information or through a brute strength bot attack.

    In either case, once a criminal gains access to an account, they’re able to steal

    more personal information, money, and goods.







    A recent estimate found that merchants sustained $13 billion

    in losses due to account takeovers in 2018, said Tim Sloane, VP of Payments

    Innovation at Mercator Advisory Group.







    “And that’s likely to get worse as criminals become more

    active and smarter in the way they operate, using sophisticated tools to

    perpetrate their crimes,” he cautioned.







    To learn more about the types of account takeover attacks

    and how companies can fight back, PaymentsJournal sat down with Robert Capps,

    VP of Market Innovation at NuData, and Mercator Advisory Group’s Tim Sloane.





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    During the conversation, Capps and Sloane discussed the

    differences between basic and sophisticated account takeover attacks, described

    the commonalities of sophisticated attacks, and reviewed some relevant use

    cases.







    Basic versus

    sophisticated account takeover attempts







    Before explaining the difference between basic and

    sophisticated account takeovers, Capps provided a stark warning: It’s safe to

    assume that nearly every consumer in the United State has had their data stolen

    in some way, shape, or form over the past five to ten years.







    Sloane noted that it’s easy for criminals to buy and sell

    the personally identifiable information (PII) of consumers on the dark web, a

    fact made possible by the numerous data breaches occurring each year.







    With vast amounts of PII floating around on the internet,

    “it’s only a matter of time before that data is used to attempt to login to any

    valid account,” said Capps.

    • 24 мин.
    Get a Handle on Your Data: DataSeers on the Importance of Data Governance & Management

    Get a Handle on Your Data: DataSeers on the Importance of Data Governance & Management

    One of the most pressing issues facing companies in the

    payments industry is how they handle their data. Since financial transactions

    and services generate large amounts of data, financial institutions need to

    have a robust system in place to effectively process, analyze, and store the

    information.







    Security is paramount, as the data is highly sensitive, and

    hackers are constantly trying their utmost to access it. And due to how

    valuable and sensitive the data is, companies must comply with a myriad of

    government regulations dictating acceptable practices. It’s essential that

    companies understand where their data comes from and how to maintain it

    properly.







    To learn more about the importance of data governance, data

    management, and what solutions exist to help companies navigate the problems

    associated with data handling, PaymentsJournal sat down with Adwat Joshi,

    founder and CEO of DataSeers, and Tim Sloane, VP of Payments Innovation at

    Mercator Advisory Group.





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    During the conversation, Joshi and Sloane discussed

    DataSeers’ five step approach to data governance, data management, data

    security, and what data quality means. They also covered encryption, and the intersection

    of encryption with authentication and authorization.







    DataSeers’ approach

    to data governance







    Data governance is a major question facing the payments

    industry. Regulators are increasingly scrutinizing how companies are governing

    their data and whether they are doing so correctly. Even without the scrutiny

    of regulators, solid data governance is vital for companies to be successful.







    This is because bad data makes it challenging for companies

    to use it effectively. “If I don’t have what I need, and it’s not in a good

    format—it’s not right—then how can I ever do anything with it?” explained

    Joshi.







    One element of DataSeers’ approach is data profiling, which

    entails reviewing the various data types to determine whether the data consists

    of numbers, text, or a mix of the two. “It gives you a clear understanding of

    who is sending what,” said Joshi, allowing companies to request that the data

    get cleaned before being accepted by that company.







    Data Governance







    DataSeers’ solution also enables authentication,

    authorization, and auditing. “We want to make sure that we authenticated

    anybody who is trying to access the data,” said Joshi. Authorization means that

    only people with proper permission to view data are allowed to do so.

    • 26 мин.
    PSCU Talks Dispute Management of the Future

    PSCU Talks Dispute Management of the Future

    The dispute process—the means by which a consumer can

    contest a credit card charge—is a vital aspect of the payments industry.

    Handling disputes takes time and money, and if it’s not done effectively,

    consumer satisfaction can be negatively impacted and merchants and issuers

    could lose money.







    With money and customer satisfaction on the line, companies need

    to ensure that their dispute management process is efficient and responsive. This

    is especially true going forward, as credit card volume is expected to rise;

    rising credit card volume means more disputes.







    To learn how to improve the dispute management process for

    the future, PaymentsJournal sat down with Jack Lynch, SVP and chief risk

    officer at PSCU and president of CU Recovery. Joining us in the conversation

    was Brian Riley, director of the Credit Advisory Service at Mercator Advisory

    Group.







    During the conversation, Lynch and Riley discussed how PSCU

    is approaching dispute process reform, the role of real-time communication, and

    what it means to “future-proof” a credit union’s member experience. They also

    unpacked key data related to disputes.





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    A broad overview of

    disputes and credit card volume







    “Disputes play an important part in the credit card industry because what’s really essential in this business is that transactions have to be irrefutable.” Brian Riley







    Riley kicked off the discussion by summarizing the

    importance of disputes. “Disputes play an important part in the credit card

    industry because what’s really essential in this business is that transactions

    have to be irrefutable,” explained Riley. In order for people to have

    confidence in their financial institutions, they need to know that the charges

    on their account are liable for their payment.







    However, consumers also need a mechanism to contest a

    charge, especially if they believe they were not the ones who made it. This

    need gives rise to the dispute resolution process.







    Fraud losses increased across products, but credit card fraud is now above 10 basis points







    Each year, there’s an estimated 25 million credit card

    disputes in the United States, according to Mercator Advisory Group. With over

    70 billion credit card transactions occurring annually, 25 million disputes do

    not account for a massive percentage of total volume. However, resolving 25

    million disputes a year takes a considerable amount of time and money.

    • 23 мин.
    Synthetic Identity Fraud is Rising. GIACT’s Fighting Back.

    Synthetic Identity Fraud is Rising. GIACT’s Fighting Back.

    Of all the fraud vectors plaguing the payments industry,

    synthetic identity fraud is one of the most concerning. Unlike card-present

    fraud, which is on the decline due to the widespread adoption of EMV

    technology, synthetic fraud is on the rise. Worse yet, traditional fraud models

    are ill-equipped to even identify it.







    Also concerning is that children are often the victims of

    this type of fraud. In fact, an estimated 40% of identified synthetic identities

    were constructed using information stolen from children born after 2011,

    according to a recent white paper from GIACT, a leading fraud prevention

    company.







    The paper went on to note that this fraud vector is being

    driven by the prevalence of data breaches: In 2018, 446 million consumer

    records were exposed in data breaches, a 126% increase from 2017. The rise of

    synthetic identity fraud is costing the payments industry considerably.







    For instance, the credit card industry alone lost $6 billion

    due to this type of fraud in 2016, according to GIACT’s white paper, The

    Hidden Costs of Synthetic Identity Fraud.







    In light of such alarming statistics, and to learn more

    about what synthetic data fraud is and how to stop it, PaymentsJournal sat down

    with David Barnhardt, Chief Experience Officer at GIACT, and Tim Sloane, VP of

    Payments Innovation at Mercator Advisory Group.







    During the discussion, Barnhardt and Sloane defined what

    synthetic identity fraud is, sketched out the contours of the issue, and

    discussed how GIACT’s fraud products can enable companies to fight back.





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    Understanding

    synthetic identity fraud







    Synthetic identity fraud occurs when criminals combine real

    and fake identity information to make a new, fake identity. By combining some

    real elements with fake ones, the ensuing profile is harder to detect as being

    fraudulent.







    Sloane explained that criminals are turning towards this

    type of fraud for two main reasons. First, with all the personal information

    that has been compromised in data breaches, stealing someone’s personal

    information has never been easier. Social security numbers, addresses, account

    usernames, and passwords can be readily purchased on the dark web.







    Second, EMV chip technology has made card-present fraud

    increasingly harder to get away with. In response, fraudsters have turned to

    cyber fraud as an easier and more lucrative alternative.

    • 17 мин.

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