Payment Devices Must Be Protected in Real Time to Combat Modern Fraud

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In today’s fast changing and increasingly crowded business market, selecting the right partner is vital.

However, like with other critical topics in life, the solution isn’t always obvious and changes depending on the operating environment.

This is because one thing naturally leads to another.

“It is the one question we are always asked, more than anything else: why should we engage with you?” Shimon Steinmetz is the Chief Financial Officer of a risk assessment and fraud prevention system. “However, the nuances of that sentiment will vary by region.”

Steinmetz stated that in places with low fraud rates, it is vital for his organization to prioritize permission concerns.

“In regions such as Latin America, they have perhaps 5 or 2 basis points of fraud — so they don’t believe they have a fraud problem.” The area, on the other hand, has a 70% authorization, 65% authorization rate. Everything is being rejected. That’s where 40% of your volume is rejected, which is why they don’t have a fraud problem,” he stated.

In locations with high fraud rates, on the other hand, a different approach is required, stressing the capacity to help solve and indemnity payment fraud by offering an additional layer of authorization security to speed the payment process.