ADDRESSING THE B2B OPPORTUNITY

Fightback: five ways financial institutions can combat payment fraud

Despite digital payments having lower fraud rates and better security than paper payments, 90% of companies forecasted an increase in digital payments fraud in 2024, according to Javelin research.¹

Financial institutions (FIs) often have the onus of combatting fraud. However, it’s possible for FIs to mitigate fraud while maintaining customer satisfaction and cardholder loyalty. With that in mind, here are five ways FIs can work with acquirers, fintechs and payment networks to more effectively fight fraud in the payments ecosystem.

Clive Cornelius and Edward Galvin

Conclusion

As the popularity of digital payments rises, the associated fraud risk follows suit. And complex global supply chains are perfect playgrounds for digital fraudsters preying on less digitally-aware businesses.

But by working together across the payments ecosystem, FIs, fintechs, acquirers and their merchants can protect themselves and reassure clients – not only fighting fraud collaboratively but also converting security challenges into commercial opportunities.

About the authors

Clive Cornelius

Head of Large & Middle Market, Visa Commercial Solutions, Europe

Edward Galvin

Head of Large & Middle Market Commercial Payments Sales, Visa Commercial Solutions, North America

Contact our experts

If you’re ready to move forward in B2B with Visa, contact us to learn more.

Contact sales