Automated fraud-fighting systems have proven successful, although data suggests that firms planning in-house solutions may encounter unexpected headaches.
One of the toughest challenges for firms trying to avoid falling victim to scams and bad actors is effectively authenticating another organization’s identity for business transactions. The January PYMNTS/nsKnox “B2B Fraud Tracker” noted that many businesses realize the need to modernize their current systems to battle the modern fraudster, but less than one-third plan to outsource this upgrading. This implies that most companies planning to make changes will do so in-house.