MasterCard shares insights on fraud and risk management with payment card industry

Friday, 20 November 2015 00:00 - - {{hitsCtrl.values.hits}}

MasterCard hosted a Fraud and Risk Management workshop for electronic payments professionals in Colombo recently. In line with MasterCard’s commitment to sharing global best practices with its partners and gaining local insights from them, the workshop is a part of an ongoing series of knowledge-sharing sessions being organised by the payments technology company in the island.

The speakers at the event included Melvin Chew, Vice President, Customer Fraud Management, Law and Franchise Integrity, MasterCard; Manu Kashyap, Vice President, Enterprise Security Solutions, Asia/Pacific, MasterCard; Rajeev Kumar Ellappan, Leader, Franchise Integrity and Law and Franchise Integrity, MasterCard; and Harish Babu S.N., Assistant Vice President, Card Operations, South Asia, MasterCard.

“Ever more businesses and consumers around the world are embracing the security and convenience offered by electronic payment solutions. As members of the industry, we need to continue to work together to identify threats and explore new avenues of managing risks and preventing frauds to retain their trust in them,” said Melvin Chew, Vice President, Customer Fraud Management, Law and Franchise Integrity, MasterCard.” As we share our learnings from around the world at workshops such as this, we also seek to better understand market specific issues from our partners in order to work with them on addressing the same.”

Providing an advanced analysis of risk management, the workshop was aimed at complementing participants’ compliance and loss control initiatives as well as their fraud prevention and management techniques. With several decades of fraud and risk management experience between them, the speakers identified potential points of vulnerability and outlined best practice solutions. They also emphasised on risk concepts and methodologies as well as the development of fraud management strategies to create a sound fraud and risk management framework.

“We are delighted to engage our industry partners at yet another knowledge sharing session. Their passion to learn more about global best practices in fraud management and risk mitigation and keenness to adopt them was truly inspiring. We look forward to working with them on creating a safer electronic payments ecosystem in the market,” said R.B. Santosh Kumar, Country Manager, Sri Lanka and Maldives, MasterCard.