We outline the market outlook for fraud prevention in the payment industry — from investment trends and leading companies to recommendations for the players in the space.
What is fraud prevention?
Fraud prevention platforms protect organizations and their customers from a variety of online threats, such as illegitimate transactions, chargebacks, account hijacking, fake accounts, scams, and counterfeit products.
Features & capabilities
Fraud prevention provides payments leaders with several capabilities, including:
- Risk classification leveraging artificial intelligence (AI), machine learning (ML), and behavioral analytics
- Payment Services Directive 2 strong and 3D-secure authentication
- Detecting and blocking anomalous payment activities
- Account opening protection
- Linkage-based investigation solutions
- Payment protection platform
Benefits
Fraud prevention companies offer these substantial benefits to payments leaders:
- Improved consumer satisfaction
- Enhanced operational efficiency
- Increased order approval rate
- Reduced financial loss
- Reduced false positive rates
- Improved authorization rates
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