Implementation of 3D Secure 2.0, a protocol designed to be an additional security layer for online credit and debit card transactions, by banks and merchants alike can play a critical role in reducing "authorized payment fraud," two security experts say (see: Using Artificial Intelligence to Fight Money Laundering).
In an in-depth video discussion, Alastair Sheen, an independent fraud risk management consultant, and Robert Tharle, former senior manager, future fraud development at the U.K.'s TSB Bank, discuss all the steps banks can take to help prevent this type of fraud.
Authorized payment fraud involves manipulating victims into making real-time payments to fraudsters typically by socially engineered attacks involving impersonation.