After more than a year and a half of hearing phrases like ‘you’re on mute’, ‘there seems to be a network glitch’ and the like, it was a welcome relief to be able to meet, greet, and discuss fraud prevention face-to-face.
Now that the pandemic blues are behind us – hopefully for good – it was heartening to see the community coming back together in-person at Money20/20 USA, one of fintech’s biggest shows. This was my first Money20/20 USA and the expectations that were set were spot on. I was fortunate enough to participate in an early 5mile hike with some industry gurus on Sunday morning which was a great way to kick the week off at 6500’.
It truly was back to business like nothing had ever happened. We were putting our heads together once again and discussing new – and existing – fraud trends and how to fight them collectively.
Here’s a snapshot of the top takeaways from this year’s Money20/20:
- The pandemic pushed companies to go digital almost overnight. It also hastened the already frenetic innovation spree in the fintech space to help businesses continue their operations and enable consumers to transact using digital platforms from the safety of their homes. Multiple digital payment methods, including cryptocurrencies, became popular, leading to a prolific growth in the number of fintech platforms offering these services. With digital becoming the norm and fraud levels climbing up to a record high during the pandemic, businesses have realized that innovation and security must go hand-in-hand. Security cannot be an afterthought; it must be baked into the offering. As a result, many businesses are looking for ways to back their innovations up with built-in security, thereby elevating fraud and account security to the top of their boardroom agenda.
- Having experienced a deluge of fraud during the pandemic, which impacted user experiences, businesses are now coming to the fore with a renewed passion for security and are committing themselves to secure their websites and apps in a fully user-centric way.
- Digital businesses realize that they are up against an adversary that is well organized and highly motivated. Attackers can go to any length to exploit loopholes; they regularly tap into the global ecosystem of cybercrime to access latest tools and techniques as well as to share knowledge. Therefore, businesses are aware of the need for fraud defense mechanisms that can help them adapt to evolving attack tactics.
- There is a great interest in new technologies and solutions that can better equip digital businesses to fight fraud and provide long-term protection while maintaining superior user experience. We took this opportunity to underscore the need for solution providers to be made more accountable and announced our industry-first $1M credential stuffing warranty for account security. Our CEO, Kevin Gosschalk, unveiled our Fraud Deterrence Platform backed by an industry-first credential stuffing warranty. This makes us the only provider in the space to offer accountability through a warranty on the fast-growing issue of credential stuffing, which is plaguing all digital businesses across industries.
- Diversity and inclusion are in focus more than ever before, as businesses realize that more women in leadership positions can help bring in more innovation and success. I appreciate the efforts made during this meet-up to raise awareness about this important topic. Our CEO Kevin and CMO Vanita Pandey had the privilege of discussing the importance of diversity in leadership roles at RiseUp and encouraging women participants to unlock the next steps in their careers.
I would like to thank Monique Ruff Bell and Sanjib Kalita from Money20/20, the panelists, and the participants for this wonderful opportunity to interact. I can’t stress enough how grateful we are for the world returning to normal. Networking in person again is fun! To make up for the loss of such face-to-face interactions during the lockdowns and even after that, we hosted a TopGolf event with Outseer, one of our peers in the space. It was so gratifying to be able to see people relaxing over a drink and hitting a few balls.
I would also like to take this opportunity to invite you for the second edition of our ‘Bankrupting Fraud Virtual Summit’ scheduled for 9-10th November 2021, which will feature the who’s who of the industry. You can book your free seat by registering here.