Kount, a leading innovator of solutions for fraud and risk management, today announced that its CEO, Brad Wiskirchen, presented yesterday to the Board of Directors at the Federal Reserve Bank of San Francisco. Focused on the state of digital or online fraud, Wiskirchen provided an insider’s perspective as he outlined the challenges of mitigating fraud from both the consumer and merchant perspectives.
The timing of this presentation comes as the threat of fraudulent online transactions increases—hitting an astonishing $16.8 billion last year according to Javelin Strategy & Research. When coupled with the more than 1.3 million consumer fraud and identity thefts that were filed with federal, state, and local law enforcement agencies during the same period, it begins to paint a bleak picture of fraud’s impact on both consumers and businesses.
“It was an honor to present at the Federal Reserve Bank of San Francisco’s Board of Directors meeting,” said Wiskirchen (@bradwiskirchen). “Fraud is in a continual state of flux, expanding and decreasing based on the barriers that are presented to the fraudsters. Kount leverages analytics to deter fraud in every digital interaction between merchants and their consumers, and participating in meetings such as this allows us to raise the awareness.”
Kount believes that security, fraud, and risk management have become a digital business differentiator. Wiskirchen led an interactive conversation that covered a wide range of topics from customer protection to the changing customer expectations of the digital economy.
Wiskirchen served as the Chairman of the Board of the Salt Lake City Branch of the Federal Reserve Bank of San Francisco in 2014 and 2015. He was a member of the board for three years prior to serving as the Chairman. Today, Wiskirchen serves on the High-Level Advisory Group of the International Monetary Fund’s Interdepartmental Working Group on Finance and Technology.