While fraudsters wield AI and new scam tactics; businesses can explore cutting-edge defenses that slash risks and secure global payments. How?
Around the world, digital payments are booming, but so is payment fraud. From card-not-present fraud to AI-accelerated scams such as card testing, the threats are evolving fast, demanding innovative defenses.
Also, as new payment methods emerge, and rapid advancements in AI empower scammers to launch increasingly sophisticated attacks, a multi-layered approach — involving prevention, real-time detection, and swift response — is key to staying ahead.
To tell us more, Ben Wong, General Manager (Southeast Asia and Hong Kong), Adyen, has drawn from trillions in payment data in his organization to show how AI can cuts manual risk rules by as much as 86%, making this a vital read for IT leaders tackling fraud’s next wave.
DigiconAsia: What emerging payment fraud techniques or cyber threats have you noticed on a regional and global scale? What best practices or technology solutions do you experts recommend for organizations worldwide to combat these evolving risks?
Ben Wong (BW): Card-not-present (CNP) fraud is a constant threat, with scammers using stolen card details to make online purchases. However, the advent of new payment methods has expanded CNP fraud from online to in-person purchases. Also:
- Many fraudsters also engage in card testing, where they “test” the validity of stolen card details with small, low-value value transactions. Because the transaction values are small, card testing fraud often flies under the radar.
- As digital payments grow, so do opportunities for fraud. The advent of AI has also accelerated the evolution of fraudulent techniques, allowing scammers to carry out sophisticated scams while refining their tactics at breakneck speed.
- In the evolving fraud landscape, responsibility continues to lie with businesses to stay ahead and protect their customers’ encrypted data.
We recommend a dynamic risk management approach that incorporates machine learning, which allows businesses to immediately recognize the patterns of fraudulent payments and adjust rules in real time.
DigiconAsia: How are consumer expectations and regulatory responses shaping cybersecurity strategies across different markets in the region?
