Digital businesses have witnessed a large number of new customers due to COVID-19, which has forced most consumers to opt for digital payments. With social distancing becoming the new norm in times of COVID-19, consumers have no option apart from spur on digital shopping methods, and with people addressing more digital payments, fraud and security become the most vulnerable issues. In other words, the rapid shift to digital payments is urgently increasing the need for payment providers and financial institutions to modernize their payment security systems.
Accenture, in its report named “Playing the Long Game in Payments Modernization” (2020), forecasts nearly 420 billion transactions worth US$7 trillion is expected to shift from cash to cards and digital payments by 2023 – and increase to US$48 trillion by 2030. Such a drastic move to digital payments has created an additional workload relating to security and most financial institutions are obliged to introduce new payments security tools and solutions to guarantee safe and seamless digital payments.
A report by MerchantSavvy Payment Fraud Statistics, Trends & Forecasts (2020) states that the companies with set fraud prevention programs have their expenses on fraud attack reduced by 42% and their remedy expenses by 17% compared to companies without these measures.
E-commerce sites and online retailers are facing an overwhelming workload of transactions, unusual activity, and dealing with fraud signals. Significantly, security innovations and solutions are created with customers in mind. It’s better to predict and prevent fraud than to clear up its consequences, isn’t it?
GUAVAPAY uses a sophisticated real-time fraud monitoring infrastructure to generate anti-fraud models in issuing and acquiring transactions that help reduce decline rates and improve dispute and chargeback management.