Fraudsters embrace shift in the payments industry

The rise and fall of a fraudulent transaction

As the financial services sector has undergone a transformation over the last ten years, with customers no longer needing to visit their bank, the shift to online banking, ecommerce and m-wallets has presented new opportunities for fraudsters, according to new report. The white paper from Compass Plus, a provider of retail banking software and electronic payments systems to financial institutions indicates that financial institutions have to deal with a number of hidden costs, including loss of customer confidence and damage to their brand and integrity. Compass Plus outlines the various types of fraud that are prevalent today and the numerous layers of protection that can be used to combat them.

Financial institutions are in a constant race to protect themselves and their customers from fraud,” said Maria Nottingham, chief marketing officer at Compass Plus. “This white paper demonstrates how the integrated deployment of anti-fraud measures, as well as proactive and reactive data management and analysis, can be powerful weapons in the prediction, prevention and control of fraudulent behaviours.”

The report entitled ‘The rise and fall of a fraudulent transaction’ can be downloaded here.

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