for Businessmen seeking to provide consumers with a seamless omnichannel experiencefraud is still a constant concern. While they want acquirers to provide payment innovations to help meet customers’ desire to trade digitally on mobile devices, they also want acquirers to help them fight the rising trend of fraud.
In the report “Close the gap: Helping acquirers meet evolving businessman needs,” Completed by PYMNTS Intelligence and Visa Acceptance Solutions, we found that in the most valuable services provided by the acquirer, they have the ability to bring emerging technologies to merchant customers.
Resourceful fraudster
Of course, fraudsters don’t even have resourcefulness. They evolved With the times And take advantage of everything from text-based scams to deep trade in artificial intelligence (AI). Most acquirers have increased fraud and pointed out the use of AI, cyber attacks and data breaches by bad actors to create new avenues of attack.
None of this implies that they are not using fire to put out the fire. Research shows acquirers are investing in artificial intelligence, data-driven analytics and other technologies to enhance their My own Fraud defense measures, especially the riskier business categories, and expand their range of products for merchants.
Pay attention to the gap
More than 4 of the eight countries we surveyed reported an increase in fraud last year, while only one in five frauds decreased. There is a gap between smaller and larger acquirers. The rise is even more dramatic for small acquirers, with the craft volume below the $1 billion threshold, rising fraud rates above seven in ten, while none of the companies surveyed reportedly falling.
Among the acquirers who say fraud is rising, eight out of 10 indicate payment speed plays a role, indicating that their existing anti-fraud systems and strategies are unable to keep up.
People acknowledge the pressures faced by merchant customers. 72% of the acquirers we surveyed said payment and fraud management issues are one of the key reasons for the company cannot Achieve the goals they provide for consumers with unified business.
“Of course, most acquirers have implemented a range of fraud prevention technologies,” PYMNTS intelligence wrote. The most common features offered by the market include consumer transaction alerts, automatic fraud responses, AI or machine learning (ML) systems, and APIs for fraud prevention. Overall, most acquirers (one in ten) use these features.
However, there is a driving force to embrace more advanced technology. Only 55% of acquirers support biometric verification, but merchants and their end users want these features, which may include fingerprints and facial scans.
The acquirer is listening to the call as another 23% of the acquirer plan to provide biometric technology. After a little drilling, 47% of acquirers do not use Genai but want to use it, while 53% of acquirers say they use behavioral analysis, while another 30% of acquirers say they have plans to use it. arrive These features are provided.
Most of these technologies are provided by third-party providers in modular forms and therefore owned acquirers Recent Implementing plans (and plans that have not yet been made) will be able to get there relatively easily.
