The digital revolution in payments, characterized by a surge in online transactions and the emergence of novel payment technologies, has been a double-edged sword. While innovations have streamlined commerce, they have also spawned intricate fraud mechanisms, compelling businesses to recalibrate their strategies for safeguarding their operations, reputation, and financial survival.
It’s estimated that digital transactions such as paying by text, will surpass 3 trillion by 2026 according to McKinsey & Company, nearly triple 2020 levels. Defending against fraud and complying with changing regulatory requirements are imminent challenges, but adopting best practices positions payment service providers to adapt to any regulatory change.