Top Quotes From BAI Payments Connect
Payments players convened this week for the annual BAI Payments Connect conference, where fraud and mobile payments were among the hot topics. Industry experts discussed the emerging mobile payments market, the use of big data in customer experience and fraud monitoring, the future of EMV and how to counter fraudsters when they hit the mobile channel. Here are some of the interesting observations and predictions that emerged from those discussions.
On the evolution of fraud:
Michael Braatz, Senior VP and Product Line Manager, ACI Worldwide
Chris Gardner, co-founder, Paydiant
Tiffany Riley, VP of Marketing, Guardian Analytics
Todder Moning, Senior VP and Payments Innovation Director, U.S. Bank
Naren Patil, SVP of Product Marketing, NGDATA
Richard Parry, Consumer Risk Management Executive, Fraud and Cross Business Risk, JPMorgan Chase
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full BioWe're seeing the level of innovation [from fraudsters] is at least as great as the level of innovation in prevention. And that's obviously a very scary thing.
On banks and the mobile wallets race:
Those who will be successful [in mobile wallets] will make multiple bets, and try as much as possible without spending huge money. They'll probably stub their toes a couple of times, but they'll learn from it. It comes down to just trying stuff.
On mobile fraud prevention:
You can't fully rely on [securing] the device. You can't totally lock down the device. People are too focused on app security, too focused on the features of the device. You have to build a strategy accordingly to monitor behavior.
On Mobile Wallets:
Consumers expect that the mobile wallet will work everywhere that is contextually important in their lives. In our focus groups it's always 'What do you mean I can't use it everywhere?'"
On social media monitoring:
"There are a lot of signs a customer may give you that they are thinking about leaving your bank. They may stop direct deposit, for example. About 45% of customers share about bad experiences with a brand through social media. Facebook and Twitter can be early warning signs."
On EMV migration:
I'm concerned that the business case [for EMV migration] is being attacked by virtue of disintermediation. There are so many other channels competing for time and investment from the major issuers.