Although a bit old, the message is even more relevant in that according to The Nilson Report card fraud losses worldwide reached a staggering $27.85 billion in 2018 and were projected to rise to $35.67 billion in five years and $40.63 billion in 10 years. This, in itself, has to have bankers lying awake at night, and if asleep, having major nightmares.

In the world of Covid-19, not only has the acceleration to digital payments resulted in behaviour changes from the consumers but has had a dramatic impact on increased fraud.

Banks need state of the art security and consumers need the comfort that their banks are using the latest technology and that it is user-friendly. This extends to merchants as well – particularly with the looming deadline of December 2020 for SCA in Europe.

WIZZIT can assist with a very cost effective solution, with minimal disruption to the organisation and industry standard accreditation.

Now enter Covid-19. As consumer behaviour shifts, we see a continuing increase in the share of contactless/xPays/wallets and CNP transactions. Increasing transaction volumes alters the way both genuine customers and fraudsters behave – highlighting performance issues with old detection models and historical rules.

Ready to explore such use cases or other solutions such as our Tap on Phone plus Pin solution, please contact us.

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