Risks and opportunities in the global acquiring landscape, due diligence, brand reputation, and cybercrime were some of the most important topics on the agenda of Visa Europe’s recent Acceptance Risk Forum (23 & 24 October 2013), a very relevant event for the global acquiring and payments industry, from a regulatory and risk perspective.
One of the main insights shared during the forum was that the fact that online criminals and fraudsters put a lot of effort in communicating to each other on how to stay ahead of the game, and the cybercrime is on the rise. This communication and teamwork is not shared yet in the financial sector community, the players within the payment and acquiring industry work in silos, independently, without sharing information and without a common strategy to fight these cybercriminals. The aim of such strategy should be of course that, within the future, only reputable merchants will be accepted by the iPSPs, PSPs, merchants’ acquirers and ISOs. Bringing together the financial sector community across Europe for events such as Visa Europe Acceptance Risk is a first step to create a joint strategy and achieve this goal.
Troels Oerting, head of European Cybercrime Centre, made very clear that cybercrime is truly global and growing as people are sharing online vast amounts of information about themselves, economy, companies, families and such, making them easily accessible by the cybercriminals, who are looking for stealing and selling identity, money, and valuable information. With the greater aim of making the internet a safer place, especially when thinking to international ecommerce and its rapid growth rate, everyone needs to work together to be able to fight the rising criminal activity.
Acceptance risks are posing great hurdles for payment service providers and global acquiring companies around the world. As merchants increasingly look to expand internationally, they should be aware of the new risks that technology and the continuously developing commerce channels bring along. Merchants should work closely with their acquirer and commit themselves to take all the measures to prevent data breaches, cyber-attacks and to increase security systems.
More details about the Visa Europe Acceptance Risk Forum event and the key conclusions here.