This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
COMMENTARY: Payments Fraud Is Unrelenting. So Are the Hidden Battles Against It
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.