This month, our team attended three major industry events – the CNP expo in Orlando, the IRCE conference in Chicago, and the MRC Summit in Brussels, Belgium.
It was a pleasure to meet with both merchants and vendors, and to hear about their goals and challenges. Riskified was also honored to participate in several sessions during the MRC European Congress, including the Ignite session and the Future of Fraud Panel.
In another session at Brussels, our CEO and co-founder Eido introduced the Cost of Fraud Calculator, an interactive tool created by Riskified in partnership with the Merchant Risk Council, to a packed room of MRC members.
The goal in building this tool was to help those tasked with managing fraud present the business case for investing in fraud management to their superiors. The calculator was designed to present a holistic picture of the true cost of fraud for the organization and visualizes the business impact in a manner that risk and fraud professionals can share with executives. Hopefully, once senior managers see how fraud operations affect customer experience and sales revenue, they will be more open to allocating resources to this cause.
Cost of Fraud Calculator at MRC Brussels (May 2015)
We were glad to receive many great questions and enthusiastic responses from the session attendees. The Cost of Fraud Calculator is currently in beta and will be launched on the MRC website in July. Merchants interested in a sneak peek can contact us at sales to inquire about becoming beta users.