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.
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