Global A2A transaction value exceeded $525 billion in 2022.1 Consumers appreciate the ease and speed of a direct transaction and companies benefit from the inherent cost advantages, but behind the scenes, organizations must find ways to combat the growing threat of bad actors trying to defraud users and exploit security gaps.
Fraud is not going away. Companies need to stay alert and take steps to protect themselves and their customers from becoming victims. With 41% of identity related fraud taking place in the payments process3, companies that address this issue aggressively are most likely to thrive – gaining operational efficiency, better liquidity management, and the ongoing trust of a loyal customer base.
The gold standard in reducing fraud risk is the ability to identify the owner of the payee account before initiating payment. Most high-value frauds happen internationally, so organizations should look for solutions that feature timely and accurate access to global data.
The combination of technology and data intelligence will not only help organizations address fraud, but can also reduce operational errors which in turn, promotes better liquidity management and positive customer experience.
Here at LexisNexis® Risk Solutions we have gone beyond the traditional domestically focused tools to offer international solutions that bring their substantial global data capabilities to bear. Whether you are looking for solutions that enable common APIs for Verification of Payee, Confirmation of Payee or cross-border account verifications, LexisNexis® Bankers Almanac® Validate™ delivers safe, seamless and one-stop account-level confirmation on a global scale.
In case you missed it, make sure to watch our recent interview with Finextra TV, where we discuss the Top 5 Payments Trends to Watch this year!