5 months ago
In response to Paul Lewis, presenter at BBC’s Money Box,
Many banks have not kept pace with rapid digitisation that has changed the way customers pay for goods and services. Criminals are outstripping legacy banks and card fraud losses are set to rise from $32bn in 2020 to $47bn by 2027.
The good news is that banks can significantly ramp up their fraud prevention controls through advanced analytics at the payment processor level. AI can let banks spot suspicious transactions at the point of transaction.
With a technology-first approach,
banks can improve detection of unusual behaviours that fall outside of expected
customer activity profiles and build more effective fraud defences. They can
also use the same technology to drive more customer-centric banking services
that are fit for the modern age.
Contact us to learn more.
Paymentology runs multiple issuer payment card processing platforms across the world, spanning Mastercard, Visa and UnionPay networks. We are recognised as the leading innovator in the sector. We specialise in: Replacing legacy Issuer card processing, Provision of cloud & data centre based processing, Direct transaction injection into bank GL, Delivery of rich card spend datasets to bank, Enablement of very latest cardholder spend controls, and Support of Debit, Credit and Pre-Paid card programmes.