Digital Payments Fraud
Lynn Fountain Overview:
New digital methods are reinventing the payments ecosystem. Payment applications such as Google Pay make it quick and easy to move money around the market and across borders. As more companies adopt various forms of digital payments, they have forced financial entities to adopt alternative payment options. A recent whitepaper by SAS found:
- The Asia Pacific region grew in 2019 by 25%. The region became the non-cash transaction leader because of the widespread adoption of mobile payments and digital wallets.
- Percentage of total card spending in the UK that took place online was at 41% in July 2022 up from 30% in February 2022.
- Overall usage of contactless payments increased in the US 150% from March 2019 to Q3 2022.
The fraud world is an interconnected web of fraud and abuse vectors that influence and impact one another. Merchants need a proactive fraud strategy to protect and recover revenue that would be lost to chargebacks. They also need to evaluate their end-to-end dispute management process
Why you should Attend:
Fraudsters seek new ways to exploit private information. Cybercrime and fraud prevention is an evolving field based on varied tactics used by fraudsters. In order to be prepared to mitigate fraud risks, you must understand the current fraud trends.
Digital Payments fraud is considered one of the top fraud trends for the future.
Areas Covered in the Session:
- Evaluate Top fraud trends in 2023 and beyond.
- Examine new digital payment methods and trends.
- Evaluate compliance trends.
- Researching beyond digital payments.
- Examine digital payment fraud mitigation tactics.
Who Will Benefit:
- Finance
- Accounting
- Compliance
- Legal Professionals
- Internal and External Auditors
- Operational Companies
Speaker Profile
Lynn Fountain has over 45 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.