New Payments, New Fraud02-May-2017
In today’s day and age, it’s hard to tell truth from fiction. Whether it’s a transaction, the news, or even chicken, consumers and businesses alike have to be extra diligent to verify that whatever and whoever they’re engaging with are what or who they really say they are. Fraud has run rampant across all industries, and for the payments industry it’s a critical time to manage the exciting changes underway while preventing fraud.
The payments landscape has yielded a number of new innovations driven by the growth of digital payment methods, but the proliferation of new technologies has also unearthed opportunities for fraud that are increasing at a terrifying pace. Businesses should be able to take this opportunity to grow and expand their customer base, but fraud remains an obstacle that often prevents merchants from further expansion. Fraud is increasingly carried out by organised and savvy groups who are on to the latest fraudulent schemes before a business even realises it’s been hit, which is why it’s so important to implement a fraud prevention strategy that stays steps ahead.
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