In an early January post by Mohamed Dabo of Cards International, the CEO of INETCO and the Director of Barclaycard Payment Solutions shared their views on key payment fraud and security issues that will dominate the payments landscape in 2020.
Both alluded to the delicate balance between delivering an amazing customer experience, meeting compliance such as the Strong Customer Authentication (SCA) legislation, and trying to keep one step ahead of the fraudsters. Other priorities and trends mentioned include:
- Increasing both speed and accuracy when it comes to payment fraud detection and prevention – milliseconds count.
- Conducting continuous assessment of real-time payments and customer interactions – Tapping into real-time transaction data streams that can be continuously fed into machine learning models – individual customer models that are easier to configure and that provide more precise risk scoring to reduce false positives.
- Supporting collaboration both internally and externally – the implementation of cross-industry intelligence sharing, as well as cross-functional software that both operational and fraud teams can use to manage every end-to-end customer transaction from both a service delivery and fraud perspective.
- Balancing customer safety compliance with providing a great customer experience – ensuring two-factor authentication processes does not slow down the speed of transactions to a point where customers abandon the purchase
- Continuing rise of the use of biometrics in payments – fingerprints and eye scans as verification