In this, the first of a two-part podcast series with First Data executives, Ajay Guru, VP of Merchant Fraud Solutions at First Data and George discuss the impact of fraud on the merchant, what the merchant has to do to manage it, and the classes of tools and techniques available to mitigate fraud.

Ajay addresses machine learning technology's remarkable ability to identify anomalies and makes candid remarks on the necessity of human analysis to determine whether these anomalies are indeed fraud.

Other topics discussed include behavioral analysis (how we enter our user ID and password into the browser) as well as the sophistication of today's manual and automated attacks. There is still a lot of CNP fraud taking place over the phone.

There's good detail on the technology and what fraudsters are up to. Take a listen.