Council Post: Take A Proactive Approach To Fighting Digital Payment Fraud In 2021

The trend toward digitization has been building momentum over the past few years. Cash apps, digital wallets and card-not-present (CNP) transactions are replacing cash, checks and physical credit cards. Meanwhile, fraudulent activity across digital channels is ramping up. Risk is high, as many consumers choose to shop online and use contactless payment methods to avoid unnecessary exposure to the virus. Unfortunately, fraud and risk teams lack experience and historical data around emerging digital payment options -- two of the key factors that traditional rules-based fraud solutions use to fight fraud.