The Ekata team headed to Las Vegas for Money20/20 and meet professionals in the Payments industry, attended sessions to learn about topics such as PSD2 and KYC, and reconnected with customers.
Each year, over 12,000 people attend Money20/20’s flagship conference in Vegas. It’s easy to get lost in the shuffle, but if you keep your head above water, you’ll see a few recurring themes:
Know Your Customer (KYC)
Due to the increasing number of data breaches over the last few years, financial institutions are looking to vendors to help them perform supplemental risk checks on top of traditional KYC requirements. It’s easy for a fraudster to get a name, address, social security number or date of birth from the dark web, which exposes banks and credit card issuers to massive fraud risks.
General Data Protection Regulations (GDPR)
The United States is still a bit behind in regards to understanding the European Union’s General Data Protection Regulations (GDPR). While most sessions and conversations on this topic at Money 20/20 were very high-level, it’s good to see that even US-focused businesses are thinking about how to better protect consumer data, which is a trend we’ll continue to see globally.
Fortunately, Ekata has been preparing for GDPR for well over 18 months, is fully compliant, and has implemented the proper controls to allow European consumers to exercise their rights under the regulation.
With 3DS 2.0 launching in early 2019 to support PSD2 Strong Customer Authentication requirements, merchants are thinking more and more about how to share more data with issuers to get them to authorize more transactions.
Ekata helps merchants, card brands, and issuers understand if the information passed along as part of the authentication or authorization message actually check out or not. By verifying that the name, address, phone number, email address, and IP address are actually associated with each other, issuers can more confidently approve transactions.
To review and see where Ekata will be next, review our Upcoming Events page.