Regardless of company size or industry, payment fraud is a growing risk for businesses around the world. The scale of the challenge cannot be underestimated: a recent survey by the Association for Financial Professionals found that 71% of respondents were subject to a payments fraud attempt in 2021.
Data and intelligence are key components of any fraud prevention strategy, allowing fraudulent transactions to be singled out, flagged and prevented. Yet, ensuring companies have access to the type and breadth of data needed for these strategies to be effective is not always easy, with resource and privacy constraints representing key barriers.
