Navigating the complex landscape of payment fraud
Digital payments demand advanced fraud prevention, blending AI and human intelligence to counter evolving threats while ensuring seamless user experiences.
December 11, 2024
Digital payments demand advanced fraud prevention, blending AI and human intelligence to counter evolving threats while ensuring seamless user experiences.
Open Banking set out to revolutionize finance by giving third-party providers access to customer data (with consent) to drive innovation and empower consumers. But while Europe’s PSD2 regulation has enabled new fintech services and a vibrant TPP ecosystem, adoption has fallen short of initial expectations. Complex regulations, security concerns, and, most critically, profitability challenges for banks have created hurdles. Discover how a shift in strategy, combined with data enrichment, could help banks embrace Open Banking as a growth opportunity rather than a regulatory burden.
Payment firms must balance innovation with compliance, while regulators support growth and trust.
The merged R&D tax credit scheme in April 2024 introduces new rules for contracted-out R&D, benefiting larger businesses but requiring careful planning and documentation.
Discover how moving sales online can transform your business and unlock new growth opportunities.
In the fast-moving payments industry, trust must be replaced by a “Protection Model” focused on safeguarding compliance, technology, and risk management.
Rethinking the approach to banking silos, this article explores how connecting, rather than breaking down, silos can foster innovation and efficiency in financial institutions.
Fintechs can accelerate mainstream adoption of digital assets by integrating them with traditional payment networks, enabling seamless everyday transactions.
Card issuer processors face integration, compliance, and fraud challenges but can stay competitive by streamlining processes and enhancing customer experiences.
ChatGPT, nearing 200 million users, uses Large Language Models to streamline tasks and improve efficiency in industries like fintech, enhancing customer support and fraud detection.
In 2023, the UK government committed £100 million and 400 new fraud officers to reduce fraud by 10% by 2025, amid increasing social media and deepfake scams, according to IDnow’s UK Fraud Awareness Report.
As real-time payment adoption grows, 50% of European firms are already involved, with another 42% planning to join, highlighting the balance of challenges and benefits in managing financial crime.
Instant payments are rapidly transforming the transaction landscape, supported by a global increase in payment rails and advanced services, despite facing challenges from fraud and regulatory demands.
Unveiling the complexities and optimisation opportunities in the card payments industry’s operational landscape.
PSPs must enhance their end-to-end reconciliations to deliver seamless, efficient payment services and stay competitive in the rapidly evolving fintech landscape
In recent years, the global financial landscape has undergone a notable transformation, characterised by a discernible decline in correspondent banking relationships. Several different factors highlight this shift, each contributing to
In an increasingly interconnected world, global commerce has become the lifeblood of the modern economy. Businesses of all sizes are expanding their reach beyond borders, opening up new opportunities and markets. However, the traditional financial systems have often lagged behind the speed and efficiency demanded by the globalised marketplace. Enter cross-border real-time payments—a concept that is reshaping international trade by breaking down barriers and providing a boost to global commerce.
As the pace and scope of cross-border payments continue to accelerate, it’s becoming increasingly clear that the payment industry’s approach to compliance must also evolve—and take centre stage.
Artificial intelligence’s impact on the payments landscape is nothing short of transformative – from personalised customer experiences and seamless cross-border transactions to enhanced security and prompt fraud detection, AI-driven innovations
Napoleon understood the importance of resilient supply chains as his Grande Armée spread across Europe. Today, payment firms are being told to improve the resilience of their operations by overseeing
Despite the advancement of financial technology and payments, large portions of SMEs still face difficulties when it comes to transacting across borders. As a result of this, there are more
The financial world is rapidly evolving, driven by changing consumer needs and technological advancements. The Buy Now, Pay Later (BNPL) sector is experiencing a remarkable rise in Europe and is
Banks and finserv companies have a significant task in 2024 when it comes to building and retaining consumer trust. This is concerning news because it’s easier than ever for customers to switch banking providers.
Traditional finance is at a crossroads with the new digital frontier, and the rapidly evolving landscape of digital assets demands innovative custodial solutions. For banks, payment service providers, financial institutions and others that are either considering or already piloting digital asset projects, it’s imperative to understand the importance of an underlying custody infrastructure.
Disability has the potential to impact anyone in society. It can be visible or hidden, temporary, or permanent, and can be influenced by a number of factors. More than one billion people around the world have some level of disability, equating to roughly 15% of the global population. At the same time, the world is ageing as people live longer, and the number of people aged 60 and over will double to 2.1 billion by 2050.
The payments sector’s success and growth over the past decade can largely be attributed to firms’ ability to meet and exceed customer’s expectations. Unlike established banks, fintechs are largely free from the legacy tech stacks that slow down banks from modernising. So Payment Service Providers (PSPs) can anticipate customer needs and provide services that address their problems. However, as new PSPs continue to emerge, the landscape is becoming increasingly competitive. So PSPs have to meet changing customer expectations more quickly.
How regulatory reforms and increased capital can drive UK fintech expansion One of the first questions any fintech founder or investor asks is how it will be regulated. Regulation affects
The ongoing digitisation of payments can perpetuate a false narrative that traditional payment cards are becoming obsolete. The reality is that card payments are thriving globally, adapting to the new age of fintech and smartphones. While the landscape of financial transactions is ever-changing, the truth is that one size does not fit all – and different markets have different payment requirements.
Open banking unlocks customer data, driving competition and innovation while reshaping the financial landscape for a more inclusive future. Open banking, a revolutionary concept in the financial industry, has reshaped
In a decisive move to fortify the financial sector against the ever-evolving threat of authorised push payment (APP) scams, the recent policy statement PS23/4, issued in December 2023 by the
The 2024 Veriff Fraud Report is compiled after extensive analysis of our global customer data throughout 2023. This data shows the real story of what it’s like on the frontline
As 2023 draws to a close, it’s time for us to take a moment to reflect on the past year and celebrate the accomplishments of our team at Salt Edge.
After a year of development, the royal assent of the UK Financial Services Markets Act (FSMA 2023) signifies that change is on the horizon for the UK’s financial landscape and its players.
Inpay is looking a bit different today, you may have noticed. But what’s behind our brand refresh? We’ve been working hard to strengthen and differentiate our commercial proposition during 2023
Can FI’s look beyond transaction data to uncover the true picture of risk? ComplyAdvantage’s research revealed that payment screening teams continue to grapple with siloed data sets and disparate systems. And yet, as the financial crime landscape grows more complex, the need to connect fragmented data sets to understand the global networks behind financial crime has never been more important. ComplyAdvantage’s Iain Armstrong give his top tips for integration success in payment screening.
Asia is the largest and most populous continent in the world, home to more than 60% of the global population – some 4.56 billion people. This vast region spans over
Guy W. Lecky-Thompson, head of products & processing services at Trionis explains why ATMs still have a prominent role in the future of the payments industry.
Tony Petrov, chief legal officer at Sumsub, summarises the rules incorporated in the EU Artificial Intelligence Act (EU AI Act) and how they might impact on the industry.
The transition to real-time payments is well underway. AutoRek global payments manager, Nick Botha, explains why those who prepare and adapt now will be better poised to become a leader in the world of real-time payments.
Eduardo Martínez of Toqio outlines why embedded finance has become an essential component of developing systems and providing customer satisfaction.
Christien Ackroyd explains how the ethical grade concept works, covering best practices, benefits, and which banks are getting it right.
Pavlo Khropatyy explains how banks should embark on the journey of digital transformation, keeping their customers firmly at the heart of their strategies.
With big tech entering the banking space, payment firms need to be at the forefront of changing the ‘software sabotage’ culture to ensure consumers and those in the supply are protected as well as reducing e-waste.
James Hunt of Feedzai discusses the evolution of acquiring banks and PSPs.
Monica Eaton explores how augmented reality is used in the marketplace and what impact it might have on the payments industry.
Daniel Holden explains the meaning and significance of unified commerce and why it is vital to the customer experience.
Smartphones have sparked a demand for digital financial services (DFS), particularly among millennials. With 6.92 billion smartphone users worldwide, the number doubled in less than a decade. The COVID-19 pandemic
Tony Craddock, Director General from The Payments Association and Mike Nathan, Global Head of Solutions Consulting at Feedzai explore the seismic shifts on the horizon for the financial services industry due to regulatory changes in fraud prevention and how these might rewrite the game’s rules—for better or worse.
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
