The landscape of digital payments is evolving at a rapid pace, bringing both new opportunities and significant challenges. The Mastercard Identity Connect event held in Amsterdam recently shed light on critical topics affecting the payments industry, from the alarming trade of identities on the dark web to cutting-edge fraud prevention strategies.
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Ward Hagenaar Head of Consultancy and David Núñez Corona, payment consultant at PaymentGenes, attended the event and reported its highlights. Below are the key takeaways from this engaging session, which featured industry experts from Decoded, Mastercard, Stripe, and Entersekt.
The Mastercard Identity Connect event began with a gripping demo by Marisa Mitchell of Decoded, revealing how easily consumer identities are bought and sold on the dark web. The demonstration underscored the vulnerability of personal data and the growing threat from cybercriminals. It served as a stark reminder for both consumers and businesses to remain vigilant and prioritize data security.
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Throughout the discussions reported below, all panelists shared their thoughts through the moderator Rahul Singh. The speakers included Praveksha Majarah from Entersekt, Sean Werkema of Stripe, and Dirk Mourik from Mastercard.
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As digital payment volumes soar, so do fraud risks. The speakers of the Mastercard Identity Connect event emphasized the importance of collaboration between payment issuers and merchants to stay ahead of fraud. AI-driven tools, paired with real-time behavioral data, are now critical for detecting suspicious activities early, ensuring secure transactions without adding friction for customers.
A key challenge for merchants is striking the right balance between security and user experience. As discussed by the panelists, while protecting customers from fraud is crucial, too many authentication steps can introduce friction, frustrating users and leading to cart abandonment. To strike this balance, businesses must optimize each step of the payment process—leveraging secure authentication methods and efficient dispute management—ensuring both a seamless and secure customer journey.
The speakers highlighted the vast potential in optimizing payment processes. By leveraging real-time data analytics, businesses can improve transaction flows, reduce chargebacks, and unlock new revenue streams. Strategic payment optimization not only reduces fraud risks but also enhances overall profitability. To this aim, a payments capability assessment can prove highly effective for merchants.
This insightful event organized by Mastercard demonstrated that as digital payments continue to grow, so do the complexities of keeping transactions secure and customers satisfied. With AI-driven fraud prevention, optimized transaction processes, and a vigilant approach to data security, businesses can not only protect their bottom line but also foster trust and loyalty among their customers.
Staying informed and agile in this fast-moving landscape is key to ensuring success in the payments industry.
PaymentGenes can help you navigate this complex ecosystem thanks to our team of experts.
Contact Ward Hagenaar and David Núñez Corona for guidance in payments.
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The Adyen Experience event showcased how leading brands like JET, Rituals, and Adyen are pioneering new approaches in payments. JET shared its recent replatforming to a unified payments system, accelerating new payment method launches and adapting to regional differences like tipping. Rituals focused on enhancing in-store customer journeys with tap-to-pay and tailored recognition features, while Adyen unveiled “Adyen Uplift,” an AI-driven initiative for conversion optimization, alongside practical advice on adopting AI solutions incrementally. This event underscored the importance of strategic, adaptable approaches in payments, inspiring businesses to explore similar advancements.
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At Visa’s Issuer Enabler Open House, industry leaders highlighted key advancements in payments. Revolut is advancing a global retail banking model to overcome traditional barriers, while B2B payments in Europe remain an underutilized growth opportunity. Europe stands out with low fraud rates, driven by secure technologies like 3DS and tokenization, and Visa has enhanced A2A payment security to combat APP fraud. Visa’s partnerships with over 100 EU fintechs and the launch of Visa Flex, a single-credential solution for streamlined card management, reflect its commitment to innovation, integration, and robust security in payments across the region.
