**Disclaimer: All opinions are my own, not of my employers **
Meet Dave Lott, at X-Tech 2019: Financial Services and Technology (Get 15% discount on the Convention using presenter code: XTECH33)
Dave, can you please tell us a little bit about yourself and what your current professional focus is?
I have been with the Federal Reserve Bank for six years. Prior to joining the Fed, I was a management consultant focused on retail banking and payments for more than twenty-five years. As part of the Retail Payments Risk Forum team, our mission is to serve the payments industry through research and educational efforts with a particular eye towards payment risk. Risk is not just financial risk but includes reputational, operational and compliance risk.
Our research is accomplished through a number of channels including primary and secondary research efforts. We attend and participate in industry conferences as well as meet with various payments stakeholder groups on particular issues in which they have an interest. Our educational effort includes our weekly blog, quarterly webinars and various conferences that we organize and host. All of our deliverables are in the public domain and can be found on our website.
What, for you, are the benefits of attending a conference like the ‘X-Tech 2019 Convention’? What can attendees expect to learn from your session?
What are the current ‘hot’ payment fraud topics being experienced by consumers, financial institutions and retailers?
Certainly for online retailers, the shift in card fraud from card present to card not present (CNP) fraud is of great concern. As expected, the migration to EMV chip cards has greatly reduced the opportunities for counterfeit card fraud at the point-of-sale, so the criminals have turn to CNP fraud. Since the liability for such fraud generally falls to the retailer (at least in the United States), the merchant community has been working to enhance their fraud mitigation processes.
From a consumer perspective, account identify fraud in all its various forms remains the primary form of fraud. The impact of data breaches continues to result in account takeover and the creation of synthetic identity frau.
Looking ahead, how do you see the technology and innovation space evolving?
From a risk mitigation standpoint, technology will be a major factor as computing power increases and costs decrease allowing for faster and better data analytics to help spot fraudulent transactions. The Fintech industry has provided and will continue to provide solutions to help the payments ecosystem provide consumers with a better and more secure payments experience.