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They may not have been sporting capes or super powers, but the more than two hundred industry leaders who met for the ThreatMetrix™ 2012 Fraud Fighters Summit were some of the world’s best cybercrime fighters. Summit participants spent October 10 – 12 interacting with members of the ThreatMetrix user community and attending sessions from recognized thought leaders, industry peers and ThreatMetrix C-level executives.
The Summit, whose theme was “Protecting Online Transactions, Accounts and Identities,” was held at the Silverado Resort and Spa in Napa Valley, California. Hey, there’s no law against fighting crime in a beautiful setting.
Led by a number of industry professionals with expertise in a wide range of subjects, presentation topics covered everything from “Latest Trends in Cybercrime” to “Combating Fraud While Managing Customer Expectations.”
Reed Taussig, president and CEO, ThreatMetrix observed, ““With worldwide online fraud, identity theft and cybercrime threats growing each year, we recognize the importance of industry experts coming together to discuss proven strategies and best practices for protecting businesses and accelerating e-commerce. The second annual ThreatMetrix Fraud Fighters Summit served as a unique opportunity for leading industry professionals, ThreatMetrix customers and other solution providers to unite in the collective fight against cybercriminals.”
The Summit also served as the inaugural gathering of the ThreatMetrix Advisory Council, a group of high-powered fraud fighting professionals who provide ThreatMetrix with real-world guidance and input on cybercrime trends and product development.
Among the presenters was Julie Conroy McNelley, Aite Group Research Director, who discussed the expanding threat landscape, attack vectors and defense mechanisms in a session entitled, “Beating the Bad Guys: How to Win in the Escalating War with Cybercrime.”
“Fraud prevention is more about the journey, because there is no final destination,” said McNelley. “In regards to financial institutions, merely sticking with the FFIEC bare minimums are not enough – the threat environment is moving much too quickly. They must take the requirement of periodic risk assessment very seriously to stay one step ahead of today’s sophisticated cybercriminals.”
In “Top 9 Fraud Attacks and Winning Mitigating Strategies,” Tom Donlea, managing director of Americas, Merchant Risk Council, discussed how “clean fraud” is a merchant’s primary area of concern. He explained, “Clean fraud is a transaction that passes merchant’s typical checks and appears legitimate, yet the transaction is actually fraudulent.”
Donlea added, “There are a number of strategies merchants can use to combat clean fraud: using device fingerprinting, separating the new customers from loyal ones, locking down purchase delivery, reviewing real-time order feedback, and analyzing system data to understand fraudster behavior. By working together as fraud fighters and sharing this breadth of knowledge, we can stay ahead of these and other traditional and emerging attacks.”