COVID-19 has accelerated the digitization of payments all over the world, setting the stage for the “next normal”. Many fraudsters saw it as an opportunity to exploit weak links in the end-to-end payment transaction chain. As we move into 2021, payment fraud will continue increasing and is projected to cost $40.62 billion in 2027 (25% higher than last year).
While it’s impossible to stop the fraud altogether, a proactive approach to fraud prevention will help financial institutions and online merchants minimize the impact of cyberattacks.
Download this whitepaper to learn about the 8 “Must-have” components of an effective fraud-fighting strategy that minimizes financial loss, reputational harm, and unnecessary payment transaction declines.
The framework described in this paper will help you to:
- Harness real-time payment transaction data to make business decisions faster;
- Identify suspicious transaction activity in milliseconds;
- Reduce customer friction and declines associated with false positives and outdated risk scores;
- Enhance operational efficiency and stability of your payment ecosystem.