Digital payment transactions are increasing exponentially, especially now that FinTechs have entered the mix providing innovative and alternate payment methods to drive more convenience and inclusion. While traditional card payments still lead the pack, there is a shift in consumer payments patterns towards instant payments through a mobile tap, QR codes, Biometric Payments or ‘Pin on Glass’, etc. Banks still have conventional payments products like Wire transfer, Check payments, Bill payments, and Electronic Toll collection. The transaction risk for all these channels cannot be monitored in silos. False positives and declines are still far too high by industry standards, and as a result, the industry has a credibility gap that is being exploited.
But how if fraudsters are still learning how to build synthetic credentials that are being used for criminal intent, over and above friendly fraudsters that are gaming the chargebacks system to their benefit. You need systems to account for all transaction risk types, and with payments methods, there is a greater need than ever before to converge the risk monitoring and fraud management for all digital channels under one holistic and comprehensive platform. When you have access to data to drive cross-channel intelligence and establish the digital persona of your consumer, various rules and models can be applied to drive better business outcomes: more acceptance with less risk.