4th Perseuss Fraud Conference

4th Perseuss fraud conference highlights

Earlier this month, a large group of payment and fraud experts from all corners of the globe gathered together for the 4th Perseuss Fraud Conference. This allowed the attendees to learn more about fraud prevention practices and to establish face-to-face relationships to open communication lines. The conference was a great success and we are proud to share some of the highlights.

Monday, 4th June 2018

The event started with a welcome cocktail reception where all the participants had the opportunity to meet each other, and in many cases simply catch up with old friends and meet new friends. The food, spirits, stories and overall engagements set the tone for the two days ahead.

Tuesday, 5th June 2018

Maarten Alleman, CEO of Perseuss, opened the day with welcoming our global community and providing an update about Perseuss. Michael Hagen, CCO at Perseuss, continued the update with a snap shot of the Perseuss growth over the last 12 months, which has doubled in size from our User Community to transaction volumes, fraud checks to fraud files uploaded. Providing further support to our dynamic growth, our CCO then portrayed the depth of the Perseuss team, our newly developed customer support/success team, along with the new features now available in latest Perseuss version just released, all accompanied by a variety of business intelligence reports.
Providing a holistic industry update, our audience learned much more about the role of IATA in serving the community. Especially interesting was the topic of Agent Debit Memo’s (ADMs) and how the application of reasoning code providing transparency, has delivered a 50% reduction in ADMs over the last 5 years. Following that session, VISA demonstrated that working together as a community has reduce fraud in the travel sector. The Global Airline Action Days are a great example of this, with its significant impact resulting in over 1000 persons arrested at airports.
The first panel discussion of the conference (with a title ‘Learning from the past – What have been the most important fraud prevention issues lately and your best strategies to cope with them’) featured five experts who each had their own unique contribution to share. It was fascinating and instructive to hear both the differences and similarities in their approach from the airline, railway and ride-sharing industries.

After the lunch, Okke Formsma, Data Scientist at Perseuss, provided illustrations on the soon to be released Perseuss Artificial Intelligence (AI) algorithm with its embedded machine learning features. This will streamline and reduce the work flow processes for fraud analysts, with its dynamic interactive connection of all known fraud data elements associated with any suspicious transaction. Closing day one, Jan Jaap Kramer presented a case study providing the insights and methodologies in dealing with the challenges of fighting fraud in Latin America. 
In the morning we asked all the attendees to write down topics they would like to talk about with their industry colleagues, whereby many good ideas were shared and a selection of them were discussed during the small break-out groups in intimate working sessions.​ This sparked some interesting discussions and the conclusions were shared with the other groups. Many participants felt an entire day would be well served with focus exclusively in these areas, highlighting the challenges, crafting solutions. Perseuss has noted this preference.
After the days wrap up, we left for the marina where the ‘Umoja’ was waiting for us. On board of the large sailing ship we enjoyed drinks and bites while the sails were being hoisted by the conference guests themselves. During the boat trip we enjoyed a delicious BBQ dinner, great views and good talks. The highlight of the evening was the RIB. Small groups stepped aboard this speedboat that reaches up to 70 kilometers per hour. A fun and thrilling experience!

Wednesday, 6th June 2018

Day two started with a presentation about fake documents and counterfeit credit cards. These fraudulent practices are very complex and sophisticated, illustrating further the great detailed length a bad actor will perform to advance their fraudulent actions in pursuit of their goals. For those in our audience whom had the keen eye and knowledge, they found the session very enlightening to assist in the ability to identify fake documents more readily.
After a short break Aniek Teulings, Perseuss’ Operations Manager, provided an overview of how the FACT tool from Perseuss enables direct, secure and pre-authorized communication between e-commerce merchants, issuing banks, and law enforcement agencies from around the world. This allows the prevention of fraudulent transactions, chargebacks & chargeback settlement fees and the protection of customers and brands.
FACT was then further supported by the presentation of Europol, as their cybercrime specialist explained how global co-operation with law enforcement can help the apprehension of criminal actors identified in the FACT platform.
Following was a panel of industry executives on the topic of “Heading to the future - What are the newest trends and how can we best react?” Best practices were shared, and it was revealed that organized fraudsters remain 1 or 2 steps ahead. Revenue protection remains paramount, as does their brand, while fraudsters are not loyal to either and attack by any means available.

After the lunch, and nearing the closing of day two, Michael Smith from the LFPA presented on the growing threat of loyalty program fraud. Highlighting the $248 Billion dollar value within these brand programs and the impact of the comprising effect of fraud, causing the brands to lose customers. Last, but not least was an interesting presentation about how GDPR impacts our industry in the area of data storage and its application to fraud prevention. While a very complex subject, not only did attendees get their questions answered, yet all recognized these standardization requirements are further support to the industry.
Tony Ashe, VP Business Development at Perseuss, then wrapped up these inspiring days with a short summary of the two days and the variety of topics covered. Most evident, and worthy to highlight was the consistent theme that prevailed throughout every day and every session: the responsibility and effectiveness of collaboration and the dynamic results achieved in combatting fraud while all parties work together.
In prep of next year’s event, the Perseuss team, its steering committee, audience and industry peers have and will continue to work together to bring you, our community the opportunity to collectively engage in best practices and content as we together learn from the past & head into the future!

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