Growing customer preference for the mobile experience is transforming the payments industry. Myriad new opportunities in the digital ecosystem have attracted new competitors intent on acquiring customers and capturing marketshare from traditional providers. These disrupters are shaking up the industry with a range of alternative digital payment solutions enriched with embedded ancillary services that deepen and strengthen the relationship.
Consumers, businesses, legacy banks and alternative payment providers are not the only ones embracing digitalization. Fraudsters are racing to take advantage of new opportunities – and vulnerabilities – enabled by the new payment channels and services.
The fragmented nature of data complicates the process of gathering and analyzing the information needed to identify and assess risk, and drive better fraud prevention decisions. The APIs and open data that underpin the technology of fintechs, neobanks, and other disrupters offer superior ease of connectivity but also contribute to data fragmentation, making it difficult to gather a holistic picture of risk.
To better detect latent risks and emerging fraud tactics, forward-thinking organizations employ a multilayered approach to fraud prevention. Layered solutions help balance customer experience with the appropriate level of security to minimize fraud while maximizing conversion rates.
For more in-depth insights download the Global State of Fraud and Identity report and learn about the latest perspectives to support a proactive fraud response.
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