Fraud and Risk Management solutions usually focused on single instrument of payment like – card or cheque or wire transfer, etc. However, fraudsters did not have such compulsions to confine to a mode or channel and hence the fraud migrated from one channel to another. When chip and PIN made it difficult to commit card fraud for in-person payment at point-of-Sale (POS), the fraud migrated to e-commerce. As 3DS2 is making it difficult to commit fraud on e-commerce card usage, it is moving to alternate payment methods. Furthermore, the fraud at POS is emerging in a new way for real-time payments and use of QR code, especially when QR code is sent as a mobile picture for customers to scan-and-pay.
Hence, the need of the hour is not a channel or payment instrument specific FRM, but a solution that can cater to cross-channel, and more focused to behavioural based fraud detection.
RS IntelliEdge™ is a multi-channel digital payment FRM solution which provides a single FRM solution for cards, A2A, real-time payments and more, and even leverages the commerce context like P2P payment, P2M payment, toll-gate payment, etc. to bring in larger coverage for protection. Click to know more: https://www.rssoftware.com/rs-intelliedge-banks/