PaymentEye: Fraud Has Evolved…but the Payments Framework Needs To Follow
One of the biggest challenges facing banks, issuers and retailers around card-not-present (CNP) fraud is the fact that a majority of payments and transactions are still being processed on decades-old technology. When this technology was put in place, no one could imagine a world where CNP transactions would become so ubiquitous; however, eCommerce now consists of around 20 percent of all retail spending in the U.K. and China, while in the U.S., about $1 in every $10 paid to retailers comes from online channels.
As technology evolved to facilitate digital payments, the architecture did not. So what's the solution?
Featurespace Founder and CTO Dave Excell shares how, by implementing the right technology, banks, issuers and retailers can identify the specific behaviors that determine if card activity is genuine or fraudulent. Read the full article here.