WHITE PAPER

The Rise of Payments Fraud: How to Supercharge Fraud Engines to Beat it!

Despite the best efforts of the industry, payments fraud continues to rise – particularly in the online environment.

The most recent research available from online processing firm Vesta suggests 11-13% of all card-not-present (CNP) transactions are fraud attempts. With each successful fraud costing firms $108-$155, a mid-market firm with five million CNP transactions per year could experience 650,000 fraud events costing $16.25 million pa.

Identifying and preventing fraud is an increasingly difficult given the proliferation of new payment methods such as instant payments (currently growing at 30% each year according to Mordor Intelligence), digital wallets (predicted to account for almost half of all electronic transactions by 2026) and Buy-Now-Pay-Later schemes.

Further complexity is added by criminal ingenuity, with new fraud methods such as synthetic ID and account takeover emerging, as consumers shop online.

Find out more, download the white paper.