While digital wallets have enabled consumers to make online purchases faster than ever before, they're becoming a target for fraud operations.
Vesta's CEO, Ron Hynes shares his thoughts with Global Banking & Finance Review on why mobile wallets are becoming a target for fraudsters, and how to prevent mobile fraud from occurring.
In the article, Ron discusses how the COVID-19 pandemic has accelerated the adoption of mobile wallets (Apple Pay, Android Pay, etc), and how fraudsters are taking advantage of this opportunity to target companies with weak fraud prevention systems in place.
Here's what Ron had to say about identifying the right fraud prevention platform for your company:
"The more data you gather about a transaction, the better your decisions will be. Utilizing trustworthy platforms that use decisioning engines along with both supervised and unsupervised machine learning allows you to have billions of data points for your transaction to be compared against, providing the best, most accurate determination of the transactions while simultaneously reducing fraud." - Ron Hynes, Vesta CEO.