Keep your digital business safe from Payment Fraud with XTN Cognitive Security®:
Cyber-criminals target financial services for valuable end-user credentials and account data to carry out fraud through phishing, smashing, and similar malicious campaigns. Payment fraud can occur across multiple bank channels, such as online banking, mobile banking, and POS. A fraudster often uses one channel to attack another, potentially damaging the bank’s online payment services reputation.
Payment fraud is the illegal and unauthorized use of payment methods, such as credit cards, debit cards, bank transfers, and other payment instruments, with the intention of wrongfully obtaining money or goods, or avoiding paying for them. This can be achieved through various means, including identity theft, phishing scams, skimming devices, and others. Payment Fraud can result in significant financial losses for individuals, businesses, and financial institutions.
Payment fraud can work in several ways, including:
Scammers send emails or messages that appear to be from a legitimate source, tricking the recipient into providing sensitive information, such as credit card numbers and passwords.
A fraudster uses someone else’s personal information, such as their name, address, and Social Security number, to open bank accounts, credit cards, and other payment methods in their name.
A fraudster gains access to someone’s account, either through hacking or social engineering, and makes unauthorized transactions.
A device is attached to a card reader, such as an ATM machine, to steal card information.
Fraudsters create fake credit or debit cards with stolen card information and use them to make purchases or withdraw cash.
These are some of the most common methods used in payment fraud.
Maximize your bank’s Payment Fraud protection with the XTN Cognitive Security Platform®. While customers play an important role in protecting personal information, a bank’s fraud protection strategy must go beyond awareness and into omnichannel coverage. Our solution provides a comprehensive fraud protection ecosystem with a multilayer, omnichannel approach, monitoring all bank channels simultaneously for maximum security.
Say goodbye to separate and vertical fraud management – our solution lets you manage all fraud from a single console and easily identify malicious activities through correlation and analysis of user behaviors across channels.
Elevate your fraud protection to a new level with the XTN Cognitive Security Platform®. Improve efficiency, effectiveness, and transparency while keeping your customers’ information safe.
The XTN Payment Fraud Protection solution covers the following main areas of analysis:
Consequences of Payment Fraud can impact a digital business by:
• Money loss
• Brand reputation issues
• High process management cost
Have any question? We’d love to hear from you.