The right platform can detect unusual behaviors and block fraudulent transactions as they occur, while still allowing real customers to make legitimate transactions without interruptions, writes Dave Excell, CTO and co-founder of Featurespace.
The digitally driven retail environment has caused lots of adapt-or-die challenges for payment processors and merchant acquirers, including spotting fraud as it moves from one device and channel to another.
Widespread data breaches have sparked a rise in account-takeover fraud using stolen consumer credentials, prompting merchants to crack down on suspicious purchases. But too many legitimate customers are getting caught in the process.
Fintech startup Payrailz is positioning itself firmly in the "invisible" payments market that's taking shape in the e-commerce and mobile app business. Only in Payrailz's case, it's making a direct appeal to smaller banks that may have the greatest need to update their tech.
The spread of Alexa, Siri, Google Assistant and Samsung's Bixby is changing the way consumers interact with technology. Behind the scenes, artificial intelligence is doing more than ever to handle and protect payments.
Without the constant innovation that artificial intelligence empowers, legacy companies will quickly lose their edge as competitors whisk away consumers with new offerings and customized products, writes Ajay Vij, senior vice president and head of financial services for Infosys.
For much of the last decade, credit card companies and issuers have fine-tuned security to the point where if any suspicious activity occurs on a cardholder account, that cardholder will receive an alert. That same sort of transaction and behavioral analytics is starting to come into other business sectors and walks of life.