Market practitioners are constantly deploying new and different technologies and methodologies to combat payee scams. However, a recent report by payments industry group P20 highlights a perceived gap in customer protection – payment service providers need to do more to tackle scams by expanding the use of technology for risk analysis and fraud prevention.
Businesses have implemented a patchwork of fraud prevention solutions, ranging from best practice to no practice at all. But since the start of the pandemic there has been a huge increase in fraudulent activity, which has exposed many areas where companies are vulnerable.
While rule-based systems are powerful in detecting known fraud patterns, machine learning can point to yet unknown types of fraud
Peter Pippan, ION Treasury
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