Payments Fraud

Fraud can cause Banks and other FI’s more harm than we think. From losing customer’s trust to financial losses, fraudulent activities can shut down any business. Fraudster’s tactics evolves every day. These new developments force Banks and FI’s to come together and assess the growing risk to customers and businesses, and find the solutions to prevent and detect payments fraud.

MOBILE PAYMENTS:  Research has indicated that Mobile payments fraud  is set to become painful in 2017 , with criminals’ aptitude for digital-oriented fraud rising and pressure in other channels forcing them to find new targets, mobile payments fraud will experience a rise that most stakeholders are simply unprepared for.

ANTI-MONEY LAUNDERING: Combating money laundering can be costly, complicated, and disposed to error. Banks and other FI’s should perform appropriate due diligence, including screening financial transactions for suspicious activity, and checking customers against global sanctions lists. High risk customers must be monitored with an additional level of scrutiny. If not done or done incorrectly, organisations are left at risk.


BIOMETRICS: Payment industry stakeholders spent 2016 adapting to open APIs, Omni channel commerce, EMV chip cards and other major innovations. To ensure security in 2017, the payment industry will be expected to make transactions convenient for customers, while also using the necessary protections and strong authentication solutions to prevent new account fraud and strengthen cybersecurity.

Data Analytics: Merchants largely agree that automating data analysis is useful for uncovering underlying trends that indicate fraudulent behaviour. Machine learning, when used as a fraud prevention solution, seeks out customers behaving ‘unusually’ and provides suspicion scores, rules, or visual anomalies.

The overall purpose of this is to examine the fraud and risk strategy issues for those in fraud and risk management space and finding challenges that are faced by all stakeholders in the payments value chain.