Welcome
How mature is your organization’s security strategy for navigating the evolving payments landscape?
Customers are demanding new and more innovative ways to pay for goods and services. From mobile wallet payments to digital currency payments, the modern payments landscape has drastically evolved past simply cards and cash. To keep up with customers’ growing demands, firms globally are investing in technologies to embrace these new and emerging ways to pay.
How mature is your payments security strategy? Take our short self-assessment to find out.
The assessment will yield customized results and recommendations based on your responses and should take no more than 5 minutes to complete.
Questions
1. How well do the following statements describe your organization?
Questions
2. How well do the following statements describe your organization?
Questions
3. How well do the following statements describe your organization?
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4. How well do the following statements describe your organization?
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5. Please indicate your level of agreement with the following statements.
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6. Which of the following security challenges do you expect to have the greatest financial impact on your business in the future? (Rank top five.)
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7. What is the approximate timeline for when you expect these challenges to have a financial impact on your business?
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8. Which of the following capabilities, if any, does your company utilize currently to support payment risk management? (Select all that apply.)
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9. What emerging payment technology is your company most concerned about?
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10. Which of the following KPIs does your organization measure risk management success against? (Select all that apply.)
Results Overview
Results Overview
- Strategy: Does your organization have a clear payment security strategy?
- Customer focus: How customer-focused is your company's risk/fraud strategy?
- Skills and technology: Is your organization investing in the right skills and technology?
- Governance: Does your organization have a strong governance practice?
Results
Your maturity result: Beginner
Beginner
Your score means your payment fraud maturity is only at the beginning stage.
- Your fraud management investments are in their early stages.
- You are not investing in payment fraud management holistically; you are focused on individual components, but not the big picture.
- Data is siloed and not empowering future product development.
Recommendations
- Integrate fraud management systems to offer a single pane of view to fraud investigators.
- Implement a bimonthly governance meeting for fraud management to work on process, people, and technology aspects.
- Champion a dedicated fraud management function.
- Consolidate data attributes from as many of your payments systems as possible, and create a single schema or at least view of payment and transaction data.
- Implement automated transaction monitoring and fraud screening for your payment channels.
- Create a review process that reviews the effectiveness of all risk controls on a yearly basis at a minimum.
Results
Your maturity result: Intermediate
Intermediate
Your score means your payment fraud management maturity has advanced to the intermediate stage.
- You have a defined process for payment fraud management investment but are not necessarily holistically incorporating your organization into its strategy.
- You are exploring payment fraud management with a methodical approach and expanding its impact in your organization.
Recommendations
- Treat payment fraud management as a cycle and continuing improvement process and not as a single, standalone project.
- Focus on what threats are prevalent, and stay current on the tools and practices to mitigate those risks that are common or unique to your business to stay on top of evolving fraud patterns.
- Expand automated fraud screening and risk scoring starting with the most risk-related transaction or customers.
- Adopt more secure technologies such as biometrics or behavioral biometrics to aid in fraud detection and risk scoring.
- Use tokenization to protect cardholder data.
- Build peer groups and individual transaction-related user profiles, and treat every transaction in that context.
- Use cross-channel approaches for payment fraud management and look at multiple channels (in-person, card, peer-to-peer, etc.).
Results
Your maturity result: Advanced
Advanced
Congratulations, your score means that your payment fraud management strategy is advanced!
- You use payment fraud management to propel your business forward, advancing your business model and continuously evolving your strategy.
- You are approaching payment fraud management holistically, with tools, technology, and teams.
- Payment fraud management initiatives are pervasive throughout your organization.
Recommendations
- Use IP, device information, biometrics, behavioral biometrics, and geolocation in payment transaction risk scoring.
- Focus on unsupervised machine learning decisioning explainability to ensure that risk scores are explainable to auditors and customers.
- Treat your customers’ information on an entity basis and using artificial intelligence and machine learning technologies to 1) reduce investigation workload and 2) improve the customer experience by optimizing authorization and fraud rates.
- Deploy versatile and flexible passwordless, risk-based, and two-factor authentication methods (including biometrics and behavioral biometrics) to guard against ATO and other types of emerging online fraud.
- Develop and implement a 3 Lines of Defense (3LoD) model to proactively identify and mitigate risks across the organization.
View your detailed results
Next steps
Methodology, Disclaimers and Disclosures
Methodology, Disclaimers and Disclosures
Methodology
Methodology
In the initial study, Forrester surveyed 566 professionals across North America, Latin America, Western Europe, Central Europe/Middle East/Africa (CEMEA), and Asia Pacific. Survey participants included decision makers in fintech, retail banking, and payments merchants. Respondents were offered a small incentive as a thank you for time spent on the survey. The study was completed in March 2019. Your self-assessment responses will be compared to the results of the overall study to determine your relative maturity level.
Disclaimers
Although great care has been taken to ensure the accuracy and completeness of this assessment, Visa and Forrester are unable to accept any legal responsibility for any actions taken on the basis of the information contained herein.
Disclosures
This interactive tool is commissioned by Visa and delivered by Forrester Consulting.