In JuicyScore you can reduce risks in your online business easily and effectively. JuicyScore is an easy solution to detect payment fraud. However we are going to tell you more about the exact methods of payment fraud detection, it is just worth to mention that taken at the right time, such measures will yield good results and may help reduce operational costs very easily. One of the most effective instruments for this is a machine learning, since it helps to achieve better accuracy and can simply adjust to fraudsters’ techniques and tools and also such method has better prediction rate, especially in case if the databases grow. Payment fraud detection is a complex of measures directed at spotting of various payment fraud risks, which may cause serious damage to online business. So let us explain what are the most effective ways of payment fraud detection. Payment fraud detection may be rather challenging problem, however there are no such problems a specialist can not solve. So practically any type of illegal transaction completed by a cybercriminal when someone's property, money or sensitive information is stolen can be regarded as a payment fraud. The so-called payment fraud or fraud with payments in remote banking systems is one of the types of fraud with bank cards, when a fraudster makes payments by a card without the awareness of the bank credentials owner. And according to the Juniper Research forecast, by 2024 eCommerce transaction fraud loss will reach up to almost 50.5 billion dollars. Payment fraud is expected to continue increasing and projected to cost $40.62 billion in 2027 – 25% higher than in 2020. No surprise that many scammers have become more active and, as a result, payment fraud detection has become one of the most significant problems.Īccording to Merchantsavvy, global losses from payment fraud tripled from $9.84 Billion in 2011 to $32.39 in 2020. However the problem of payment fraud detection has also occurred, particularly, due to the Covid-19 pandemic, which has had a significant impact on the financial sector.
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The past decade has seen a series of technological breakthroughs which opened many opportunities for the financial industry and took it to new heights.
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In this article we are going to find out how to detect payment fraud and will take more detailed look into the problem of payment fraud detection and automatization. However such situation also creates rather rich environment for fraudsters. Clearly digitalization allows to conquer new heights, gain access to new customers and reduce operating costs. Many financial industries have to face such problem and suffer from losses connected with fraud every year. As for the online business owner payment fraud detection is now becoming one of the main issues. We can’t but agree that we stand at the beginning of a new digital payment era that payment fraud is the most common fraud type in online business.
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