MRC Vegas 2019
April 30, 2019
Read time: 4 min
MRC Vegas 2019 connected thousands of online merchants, vendors, card brands, issuers and eCommece visionaries. The discussion focused on how fraud, payments, security, and technology affect customer loyalty, retention and ultimately the success of business.
This spring 1,600 eCommerce professionals and merchants, representing over 450 companies in more than 30 countries, converged in Las Vegas for Merchant Risk Counsel’s flagship conference. Cybersource was the overall sponsor.
The team attended this year with subject matter expert Joe Salerno, Cybersource’s Senior Director of Client Insights, who was joined on stage by Groupon’s Brigette Korney, Netflix’s Madden Titus, and Microsoft’s Adam Reinhardt to discuss the results of Cybersource’s and the Merchant Risk Counsel’s co-sponsored Global Fraud Report. The panel discussed the latest findings of almost 2,800 fraud management specialists from 34 countries to understand the balance between fraud and revenue objectives. The session provided an opportunity for the audience to learn how leading merchants are approaching ecommerce fraud management with perspectives on the study’s key findings, including real-life examples and commentary on best practices. They examined the challenges they face, the best practices they employ and the benefits they are realizing. See the full Global Fraud Report here.
During breakout session, “Shifting the Focus to Revenue Growth”, Andrew Naumann, Cybersource’s VP of Risk Solutions, covered best practices of growing an online business while keeping payment fraud at bay. One of the most vexing issues that plagues eCommerce businesses is the low authorization rate for card-not-present transactions – estimated at 86% in the US versus 99% for card present.1
Merchant fraud teams can help improve this rate. Today, merchants and issuers make risk decisions independently. With better information flow, issuers can help make more accurate decisions and accept more transactions, than they do today. When merchants broaden their scope beyond chargebacks, they can deploy other measures more effectively to improve the authorization rate. This session covered how a major retailer implemented tools, tactics and best practices that merchant fraud teams can leverage to reduce declines, convert more orders and keep good customers happy.
Later in the session, “Tokens are No longer an IT Thing.” Sr. Director of Product Management at Cybersource, Nate Morgan, talked about how tokenization is enhancing payment security and enabling new experiences. By the year 2020, the number and type of devices connected to the Internet will eclipse the 20 billion number. Most of these will be payment-enabled, and that means they will rely on tokens. For the longest time, tokens fulfilled two functions; secured stored card data and enablement of one-click checkout for repeat customers. Today, tokens are foundational to digital commerce. They provide an easy solution to the long-standing problem of recognizing customers and tracking customer purchases across channels, business divisions, and geographies. Some businesses are using tokens to execute new payment experiences such as multi-merchant use cases, enable loyalty programs, and drive IoT commerce.
Lots of excitement and fun was had at the main stage and Cybersource booth with acrobat performances and giveaways including mini Jenga sets. All the fun reinforced our theme of “striking the balance”. Merchants and partners could stop by to chat about insights from the Global Fraud Report and learn how companies from around the world are successfully managing fraud by balancing how to maximise revenue and minimize operational costs.
If you made it to MRC Vegas, we hope you enjoyed the conference and learned as much from the conversation as we did. We’re also proud sponsors of the MRC European conference, MRC London happening May 13-15. Attending the show? We would love to meet with you. In the meantime, we plan to share our latest insights and innovations on the Cybersource blog.
1Authorization rates in the United States in Q4 2018, VisaNet.