London Summit 2015

Watch: How to Avoid Payments Fraud in the Forex Industry

''The user must show to the issuer that he tried to resolve the case with the merchant directly, otherwise the

We present a series of videos of the speeches and discussions featured at the London Summit 2015. If you were unfortunate enough to miss the summit, or did attend but missed out on a particular session, this is your chance to catch up.


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Noam Grinberg is the Head of Risk Management at SafeCharge, and has years of experience researching and working in the industry.

In this workshop, Noam discusses in detail how best to utilise 3D Secure, not only to protect your business against fraud, but at the same time to avoid losing conversions because of an over-long signup process. He also examines chargebacks and representments and discusses practical tips on how to achieve optimal results in the forex industry. He talks about the specifics of different types of fraud against brokerages and solutions to contend with them. Noam concludes by outlining what he sees as future trends in the sector. This workshop is ideal for brokers who want to learn about best practice.

Noam outlines how 3D Secure developed as earlier forms of online security were each cracked by fraudsters, and then goes on to discuss the advantages and disadvantages of 3D Secure. Following this he talks about future developments in online verification.

Noam suggests using ‘dynamic 3D Secure’, which means finding the portion of the traffic that can be more risky- high amounts, location conflicts, problematic users- and limiting strong authentication to these users, defined by specific parameters. Giving the option to skip 3D Secure and deposit through a regular channel can be appropriate in some cases.

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This workshop also discusses representments and chargebacks, which are major issues for all brokers. Noam explains the process for best dealing with chargeback representment, and specifically for visa and mastercard. He offers in-depth, technical advice for getting the best results from these situations.

“Always answer retrievals”
“Go to pre-arbitration whenever possible”
“Send documents in English”
“Try to limit the representment paper to 20 pages”

Finally, Noam talks about future trends in the industry. He says that the market is moving towards stronger authentication, and that in the next two years all payments in Europe have to be ‘strong authentication’. This term means that two out of three conditions must be fulfilled:

“One, something that you know, like a password, second is something that you have, like a phone, and third needs to be something that you are – biometrics.”

He identifies new technologies such as facial recognition, biometric check by heartbeat, and how static passwords are going to be replaced by dynamic ones which constantly update.

Watch this informative workshop in the embedded link!

Watch the rest of the summit’s content here.

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