PAYMENTS
Adyen ’ s latest research found 33 % of UK businesses had experienced a rise in payment fraud , with just 53 % saying their fraud systems were effective .
This is why Olbe believes investing in AI and fraud protection systems is “ more important than ever to ensure the best defence .”
Just as fraudsters may leverage Gen AI for malicious gains , so can payments providers offer defence mechanisms using the same technology .
Olbe adds : “ Risk management solutions like Adyen ’ s RevenueProtect have a range of tools to tackle fraud . RevenueProtect follows a three-step approach – detect , prevent , respond – and uses a global , cross-industry network of data to accurately make the best risk decisions and protect customers .” Today , there are many antifraud solutions available to help ensure future payments innovations are not constrained by potential security concerns .
“ At Mastercard , we have a Safety Net solution that helps protect issuers and acquirers from large-scale fraud , preventing a record US $ 21bn being lost to fraud attacks on our network in 2023 ,” notes Gerber .
“ Elsewhere , our AI-solution Decision Intelligence scores more than 125 billion transactions each year in real time , identifying potentially fraudulent card transactions and providing card issuers with the necessary intelligence to protect their customers .”
“It ’ s important to stay one step ahead by enriching the omnichannel approach with a unified commerce offering ”
NICOLE OLBE MANAGING DIRECTOR UK , ADYEN
104 April 2024