Late last year, PYMNTS Intelligence reported that 28% of payments executives were seeing an increase in fraud and risk management uncertainties, and a commensurate percentage saw losses exceeding half a million dollars in the preceding 12 months.
It’s no surprise to Eric Stratman, senior director of analytics and insights at ValidiFI, who told PYMNTS in an interview that many firms grapple with outdated risk assessment processes. Because of those legacy systems, they transact online and across ACH networks playing a futile game of catch-up with scammers.
“Fraudsters are constantly evolving” as they shift to different attack vectors depending on the “use case” of the customer and the payment being made, Stratman told PYMNTS.
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