Payments fraud impacted 82% of financial institutions last year. And it’s inevitable, pervasive, and growing with every payment channel threatened by unique, ingenious, and constantly evolving schemes. So, if you’re among the 88% of financial institutions that confirmed (during a recent Accenture survey) you have multi-year payment transformation plans, fraud mitigation should be a cornerstone of your payments partner due diligence.
Mitigating fraud has evolved into a unique competitive advantage for banks and credit unions.
Although fintechs and big techs are surgically reinventing payments, most consumers and small businesses believe that banks and credit unions will be more accessible and willing to resolve fraud-related issues, so you need to capitalize on that trust before it erodes.
Considering the inherent vulnerabilities in every payment channel and the new reality that real-time payments mean real-time fraud, banks and credit union need a layered approach that leverages proven solutions to protect your accountholders, assets, and reputation.
Since no bank or credit union can successfully fight fraud on their own, your payments partners must be able to demonstrate their ability to mitigate and manage fraud with:
- Proprietary fraud solutions that are natural extensions of their transaction processing platforms
- Dedicated fraud solutions for new payment channels
- A client-centric, open approach that supports the integration of best-of-breed, third-party fraud solutions
- Proactive preparation for new and evolving fraud-related regulatory mandates
Payments are the leading financial transactions so we can expect the scale and sophistication of payments fraud to continually increase. If it’s time to modernize your payments platform, it’s imperative that your new technology partners offer proven solutions for today’s threats and have a demonstrable commitment to the innovation it will take to fight tomorrow’s.