A visual guide to advanced fraud detection in cashless transaction technology
The growth in digital wallets has been attributed to:
Opportunity to reach a global customer base with instant transfers around the world
Enhanced security features with authentication and data encryption
Advanced seamless payment experience for a customer- centric journey
Be customer-centric with one-touch digital onboarding
E-Wallets are a digital version of your wallet, and have been around for a number of years - but with recent global events there has been a rapid increase in the use of this contactless payment method. E-Wallets are linked to your bank account or topped up manually and can pay for a wide array of goods and services. Their ease of use and the convenience of having an app on your phone creates a frictionless experience. However, operators need to be aware of vulnerabilities at the enrolment stage for fraudulent applications and ensure enhanced transaction monitoring identifies suspicious behaviour for each transaction.