The Paypers’ Web Fraud Prevention & Online Authentication Market Guide 2017-2018

The Paypers’ Web Fraud Prevention & Online Authentication Market Guide 2017-2018 1600 600 Holland FinTech

In their 6th edition of the Web Fraud Prevention & Online Authentication Market Guide, The Paypers shares an incisive compilation of insights, technologies and best practises in combating fraud from a variety of leading solution providers. The guide leverages the diversity and authority of its seasoned contributors to provide nuanced views from different aspects of the value chain.

Shams and scams

The guide identifies noteworthy trends in digital banking and e-commerce fraud, including a significant uptick in fraudulent consumer account takeovers which have risen by 45% in 2017 alone. It highlights the staggering costs of unauthorized customer account access, noting that companies incurred approximately USD 3.3 billion in losses last year.

The guide also notes that artificial intelligence and machine learning are effective in mitigating fraud risk. This includes related tools such as predictive scoring to anticipate fraud before it happens and automating existing fraud systems to produce timelier responses and learn of new cybersecurity threats as they emerge. Contributors also touch on the evolving fraud reporting requirements within the ambit of PSD2 and GPDR, before proceeding to identify the costs and opportunities related to their compliance therein.

Digital onboarding and KYC

One of the contributors to the guide is Holland FinTech’s own Erin Taylor, who makes a concise observation on the disconnect in digital onboarding related interests between consumers, businesses and regulators. This is especially true in Europe where market expectation and regulatory constraints can vary from country to country. She argues that although digital onboarding is key to growing one’s client base in an increasingly digitised financial market, the benefits of reduced bureaucracy involved in the signing up of new clients for financial services are offset by cumbersome due diligence requirements imposed onto the financial institutions themselves. In light of the evidence presented, she proposes that regtech solutions can be implemented to lessen the impact of these requirements.

Click here to download the full report.

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