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Challenges of the Online vs. Retail Channel

Challenges of the Online vs. Retail Channel. Peter Ohser Director, Business Process & Organization Readiness MoneyGram International, Inc. Minneapolis, MN. A Brief History. 2004: MoneyGram launches eMoneyTransfer product 2006: Site is redesigned & enhanced Products offered:

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Challenges of the Online vs. Retail Channel

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  1. Challenges of the Online vs. Retail Channel Peter Ohser Director, Business Process & Organization Readiness MoneyGram International, Inc. Minneapolis, MN

  2. A Brief History 2004: MoneyGram launches eMoneyTransfer product 2006: Site is redesigned & enhanced Products offered: • Same Day Money Transfer • Economy Service Money Transfer • ExpressPayment Bill Payment

  3. Technology Challenges • Build or Buy? • Cost: what’s your scale? • Flexibility: Can you change? • Automation: Can you trust it? • Security: Are you protected?

  4. Fraud Challenges • Identity theft • Spoofing • Phishing & Vishing & Yishing • Hackers • Offline & Online Scams

  5. Identify Validation • Validating that a person exists and is not of bad character is relatively easy • Knowing that the person initiating the transaction is who they say they are is more difficult

  6. Data Requirements Full name Full address (U.S. only) Birth date Phone number(s) Social security number Email Transaction details Other Layers of authentication Email validation OFAC check Knowledge Based Authentication (KBA)- Auto Manual voice and knowledge authentication Network Analysis Geo-location analysis Data aggregation Linkage analysis Negative files Proprietary risk model What MoneyGram Does

  7. Customer Profile • Banked • Use many online services • More affluent • More educated • Hold white-collar jobs • Speak English (bilingual) Seeking fast and convenient money transfers

  8. The Speed Dilemma

  9. The Interchange Hurdle Credit/Debit Cards • Fast • Charge interchange • Cash advances • Protected ACH bank Drafts • Slow • Require bank validation • Very cost effective • Safer

  10. Thank you

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