Fraudulent transactions are not a new challenge to banks and financial institutions. Any transaction today can lead to a ‘potential’ fraud which results in a loss for the entities, companies, banks, end users, or any stakeholder in the payment ecosystem.
- Living in a connected world where systems need to connect in real-time and provide consistent experience and authentication, having a single golden copy of potential fraud data collected across the payment ecosystem can be a potent tool in reducing payment frictions and preventing frauds.
- To successfully build such a platform, the payment ecosystem partners need to collaborate closely with regulators to remove frictions regarding cross-border data transfer and localization, data format standardization, and build distributed ledgers for ease and faster data updates.
Download our whitepaper to get a detailed analysis and our perspective on fraud potential and scams across the industry one should be aware of , the various pillars of fraud protection and current practices by payment work providers and an alternative point of view.