Lessons U.S. #payments industry can learn from Brazil

All eyes are on Brazil. This South American country is catching the world’s attention as the host of the 2016 Summer Olympics. However, there is much more than athletic inspiration to be drawn from Brazil. Having completed its EMV chip card liability shift in 2011, Brazil is ripe with lessons on how to thrive in a post-magnetic stripe landscape.

As countries, like Brazil, embrace EMV technology on a larger scale, they face a new set of fraud challenges. Those challenges often involve an increase in card-not-present (CNP) fraud. Countries yet to undergo a complete EMV liability shift can learn the following from Brazil’s post-shift fraud environment:

  • Use every tool in the toolbox. A combination of resources, including algorithms, human intelligence and consumer verification tactics, can help identify and predict new fraud trends.
  • Embrace the data – all the data. When analyzing consumers’ accounts for potential fraud cases, complete datasets are a must. The more complete the data is, the greater the chances of identifying card activity outside a consumer’s typical behaviors.
continue reading »