Newly Formed Coalition of Payments Companies Joins Together to Tackle Complex Financial Fraud
Las Vegas, Nevada--(Newsfile Corp. - October 27, 2019) - The Payments Risk and Fraud Consortium (PRFC) is today launching at Money20/20, following a year of focused, behind-the-scenes planning and development with founding members Advantage Payments Services, ENACOMM, Central Payments, FSV Payment Systems, Payment Solutions Consultants, and Womble Bond Dickinson. With the framework for the consortium now in place, the PRFC will be expanding membership and holding an official kick-off in Las Vegas.
The goals of the PRFC are to:
- Openly and transparently share data, analysis and insights related to fraud
- Create Key Risk Indicators (KRI) to measure prevention, mitigation and recovery effectiveness
- Decrease overall costs associated with fraud detection, intervention and recovery
- Leverage collective knowledge base to gain additional perspective, analytics and considerations
- Provide community perspective and act as a sounding board for members' fraud reduction initiatives
At Money20/20, the PRFC will host a private social today for interested corporations to network and learn more about the benefits of joining the consortium and working together to identify complex fraud trends and reduce losses. Over 30 interested membership organizations will attend to exchange ideas and learn about the mission of the PRFC. Pursuant to the Consortium's maxim "The Power of Collaboration", the PRFC endeavors to be on the leading edge of the fight against complex financial fraud.
Organizations are encouraged to join the PRFC in order to:
- Share information, experiences and ideas
- Explore the latest fraud trends, developments and tools
- Leverage the value of a collective knowledge base and data
- Engage with like-minded people on innovative fraud-fighting initiatives
- Engage as a thought leader combating fraud and mitigating risk
For additional information on the Consortium or to secure an invite to the PRFC's upcoming December webinar, email firstname.lastname@example.org.
About the Payments Risk & Fraud Consortium
The Payments Risk & Fraud Consortium is a newly formed coalition of payments companies who joined forces to better understand and combat complex financial fraud. Members understand that, as fraud increases in frequency and sophistication, the evolving payments ecosystem is at ever-increasing risk.
The founding members are united by a common concern. They recognize that fraud results in considerable financial losses and poses significant reputational risk. Ongoing expenses for preventing, detecting, and responding to financial fraud further increase direct costs.
Fundamentally, members of the Consortium have come together to discuss ways to increase the efficiency of transaction processing and enable effective countermeasures, while balancing the customer experience. Their belief is that they are all stronger when they work together. Research. Collaborate. Educate.
For more information on the PRFC, visit www.fraudconsortium.org or find the Consortium on LinkedIn at www.linkedin.com/company/payments-risk-fraud-consortium.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49163