In partnership with the secure tech giant G+D, Netcetera has cemented its role as a frontline player that turns innovative technologies, such as SRC, SPC or network tokenization, into real solutions, making it difficult for fraud to dive deep within the business of its clients, as well as to secure the online shoppers’ privacy & data.
What are the current trends in e-commerce fraud, and how do you counter them?
Over the past several years, we have witnessed an expansion in e-commerce. This progress has caused many technological innovations to become market reality, serving the customers’ needs and enabling businesses to develop further. But in parallel with the many technological strides and the relentless pursuit of technological advancements, payment fraud has developed, too.
Social engineering fraud has been on the rise. Assisted by AI, phishing e-mails are getting perfect. Native speakers in call centers and voice deep-faking tools make scamming calls scalable. It’s about friendly fraud, account takeover, etc..… Fraudsters always systematically attack the weakest link in the chain – the human being. The problem has grown so big that regulators have started rethinking liability and gross negligence.
Businesses face huge losses while integrating business models that try to protect their customers’ privacy and data. At the same time, the cardholder’s needs logically remain the same: simplicity and non-negotiable security. A new study from Juniper Research has found that the cumulative merchant losses to online payment fraud globally between 2023 and 2027 will exceed $343 billion. It’s a joint call for all of us to prevent this.
We can’t always predict the trends of fraudsters, but we must remain prepared for the challenges with a diversity of the right tools and measures and rely on the expertise and knowledge of those proven in this field.
Are there any particular market initiatives in favour of fraud prevention, or does Netcetera have a specific business model?
...tokenization, 3DS, and SRC with Click to Pay remain vital tools in the fight against payment fraud. Novel authentication and identity solutions using biometrical and behavioural aspects make account takeovers much harder.
In 2024, data sharing takes the highlighted stage, with PSD3 bringing security, accessibility and inclusion to the forefront. This raises the need to integrate advanced technologies like AI and ML to support the creation of an even more personalized and secure environment.
Netcetera’s priority remains to prevent fraud while balancing security and delivering an excellent user experience.
The full interview is available on Paypers web.
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