Online Payments Risk Management is certainly a hot topic. The 2013 holiday data breach at Target and more recently, a new large data breach at Home Depot the need for organizations to understand Online Payments Risk Management is more important today truly than ever before.
I think there is no better way than for companies and payment card providers to step back and acknowledge many “security” measures are not effective today in combating cyber crime.
Ohad Samet’s book is a great introduction to payment risk management from multiple angles and can be a good base document to build upon in bringing PCI compliance efforts to online payment websites.
It may even be interesting to see how Samet positions of Loss over Fraud. The implications can be rather surprising.
Samet has organized this book into logical sections regarding approaches and the use of analytics to optimize tracking losses while also addressing the role of the organization and the people implementing secure transactions. Regardless of its 2013 publication, section 3 on Tools and Methods provides solid, industry tested solutions that should be reviewed annually.
That said its time to roll up your sleeves and begin protecting consumers.
Kaiser Fung takes an excellent approach to confirming that data analysis is now key to improving outcomes and discovering insights.
My interest in revisiting is remembering Chapter 4: Predicting Trends. This touches two important factors today: cloud and procurement.
It seemed like an eternity that analytics are now realized as a critical business strategy for universities.