Fraud Detection

The Real Story Behind False Declines and How Wibmo Trident FRM Secures Transactions 

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In today’s fast-evolving digital economy, businesses rely heavily on seamless online transactions to drive growth and customer satisfaction. However, false declines — legitimate transactions mistakenly flagged as fraudulent — have become a growing concern. These incidents lead to customer frustration and significant revenue loss. As fraudsters continue to innovate, businesses must deploy advanced security measures that both combat fraud and minimize false declines.  In this blog, we explore the causes and impact of false declines and how Wibmo’s Trident FRM (Fraud Risk Management) system helps businesses reduce these risks while providing secure, frictionless payment experiences.  What Are False Declines?  False declines, also called false positives, occur when valid transactions are incorrectly rejected due to fraud detection systems being overly cautious. These rejections can be triggered by unusual spending patterns, technical errors, or overly strict fraud detection algorithms. While these systems aim to block fraudulent activity, they can sometimes hinder genuine transactions.  In 2023, false declines have been an expensive issue for businesses, costing global eCommerce firms an estimated $81 billion in lost revenue. This highlights the need for more advanced fraud detection systems that balance security with customer convenience.  The Impact on Businesses and Consumers  False declines affect both businesses and consumers alike. For businesses, the immediate loss of revenue from rejected transactions is just the beginning. Customer churn is a serious consequence, as 47% of customers who experience a false decline may not return, leading to long-term revenue loss. Additionally, false declines contribute to operational inefficiencies as businesses deal with disputes and chargebacks, further affecting profitability.  For consumers, having a legitimate transaction rejected can damage trust and loyalty. The frustration caused by a false decline often leads to customers turning to competitors, affecting future engagement.  How Wibmo Trident FRM Reduces False Declines  To address these challenges, Wibmo’s Trident FRM (Fraud Risk Management) provides a sophisticated solution that combines machine learning, real-time data analysis, and behavioural analytics to accurately assess transaction risk.  Key Features of Wibmo Trident FRM:  Trident FRM continuously monitors user behaviour, detecting anomalies and signs of potential fraud. This advanced fraud detection helps block fraudulent transactions while allowing legitimate ones to be processed without interruption.  Unlike traditional fraud detection systems, Wibmo Trident FRM adapts to emerging fraud patterns. It fine-tunes authentication requirements based on transaction risk, ensuring a balance between fraud prevention and customer experience.  Leveraging AI-powered data analytics, Wibmo Trident FRM offers real-time fraud detection, blocking fraudulent transactions as they occur. This ensures that businesses can process legitimate transactions smoothly while preventing unauthorized activities.  Combating Online Fraud  The global rise of eCommerce has seen an increase in online fraud, with $48 billion in eCommerce fraud losses globally in 2023. Businesses must adopt proactive fraud prevention strategies to avoid these significant financial losses. Wibmo Trident FRM provides a robust solution that not only protects businesses but also reduces the frustration caused by false declines.  Best Practices for Fraud Prevention:  Benefits of Wibmo Trident FRM  Wibmo Trident FRM allows businesses to strike the right balance between security and customer experience. By reducing false declines, businesses can protect their revenue and build long-term customer trust and loyalty. Its adaptive approach ensures that customers enjoy a seamless and secure payment journey, even in a high-risk online environment.  Customer Experience Impact:  With fewer interruptions and smoother transactions, Wibmo Trident FRM enhances the overall customer experience, helping businesses maintain customer loyalty while ensuring secure payments.  Conclusion  As online fraud continues to rise, it’s crucial for businesses to adopt advanced fraud management solutions. False declines can cause both financial losses and customer dissatisfaction, making it essential to minimize them through intelligent risk management. Wibmo Trident FRM offers an effective solution that provides real-time, adaptive fraud prevention while ensuring legitimate transactions are processed smoothly. 

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Enhancing Fraud Prevention with Risk-Based Authentication and Method URL

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Preventing fraud while maintaining a seamless user experience is crucial for merchants and issuers alike in the rapidly evolving digital payment landscape. A key way to strengthen fraud prevention is by gathering more device and browser characteristics before authentication. This can be achieved through Risk-Based Authentication (RBA), Browser Fingerprinting, and the use of Method URL as part of the EMV 3DS protocol. Let’s explore how these elements work together to improve security and reduce fraud. The Role of Risk-Based Authentication (RBA) Risk-Based Authentication (RBA) dynamically assesses each transaction’s risk level based on multiple factors, such as device characteristics, location, and user behaviour. Instead of applying a blanket security protocol for all transactions, RBA allows issuers to adjust the level of authentication required based on the perceived risk. This improves fraud detection while minimizing friction for low-risk transactions, thereby creating a better user experience. Browser Fingerprinting: A Core Element of Fraud Detection Browser fingerprinting is a technique used to collect unique information from a user’s browser. This includes data like the device’s operating system, browser version, plugins, IP address, screen resolution, and more. By building a unique profile of the user’s environment, issuers can detect anomalies that may indicate fraud, such as sudden changes in the user’s device or location. However, to leverage this information effectively, additional data must be captured early in the transaction flow, which is where Method URL comes into play. Understanding Method URL Method URL is a critical step of the EMV 3DS protocol. It enables issuers to collect additional browser information during the early stages of the authentication process. This step, which occurs before the authentication request is fully processed, provides vital data that can enhance RBA and fraud prevention measures. How Method URL Works: Benefits of Method URL in Fraud Prevention The use of Method URL offers several benefits for both issuers and merchants in combating fraud: Best Practices for Implementing Method URL To maximize the benefits of Method URL, issuers and merchants should follow these best practices: Integrating Wibmo Protect Wibmo Protect is an advanced fraud prevention solution that seamlessly integrates with RBA, Browser Fingerprinting, and Method URL to provide an additional layer of security. By leveraging Wibmo Protect, issuers and merchants can benefit from: Conclusion Method URL, when integrated properly, significantly improves fraud prevention by enabling issuers to gather vital browser and device characteristics early in the authentication process. By leveraging this data for risk-based authentication, both issuers and merchants can reduce fraud, improve authentication success rates, and provide a better user experience for customers. As fraud prevention becomes more complex, using tools like Method URL and Wibmo Protect is essential for staying ahead of emerging threats and ensuring secure, frictionless transactions.

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The Role of AI and ML in Averting Fraud in Real Time 

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Fraudsters are becoming increasingly sophisticated, leveraging advanced technologies to exploit vulnerabilities. As a leading provider of secure payment solutions, Wibmo understands the critical role that artificial intelligence (AI) and machine learning (ML) play in averting fraud in real-time. This blog explores how AI and ML are transforming fraud prevention, the benefits of these technologies, and how Wibmo’s innovative products are at the forefront of this battle.  The Growing Threat of Fraud  Fraud is a pervasive issue that affects individuals and organizations worldwide. According to a report by Juniper Research, global losses from online payment fraud are expected to exceed $206 billion between 2021 and 2025. This staggering figure underscores the urgent need for effective fraud prevention measures.  How AI and ML Combat Fraud  AI and ML are revolutionizing the way we detect and prevent fraud. These technologies enable systems to analyse vast amounts of data, identify patterns, and make real-time decisions. Here are some keyways AI and ML are used in fraud prevention:  The Benefits of AI and ML in Fraud Prevention  The integration of AI and ML in fraud prevention offers numerous benefits:  Wibmo’s AI and ML Solutions  At Wibmo, we leverage AI and ML to provide cutting-edge fraud prevention solutions. Our products are designed to protect users and organizations from a wide range of fraudulent activities. Here are some of our key offerings:  Real-World Impact of AI and ML in Fraud Prevention  The impact of AI and ML in fraud prevention is evident in various industries. For instance, banks using AI-powered fraud detection systems have reported a 50% reduction in false positives and a 30% increase in fraud detection rates. Similarly, e-commerce platforms have seen a significant decrease in chargebacks and fraudulent transactions by implementing AI and ML solutions.  The Future of AI and ML in Fraud Prevention  As AI and ML technologies continue to advance, their role in fraud prevention will become even more critical. Here are some trends to watch for:  In the fight against fraud, AI and ML are powerful allies. These technologies enable real-time detection and prevention, ensuring that individuals and organizations can stay one step ahead of fraudsters. At Wibmo, we are committed to leveraging AI and ML to provide innovative fraud prevention solutions that protect our users and enhance their security. By staying informed about the latest trends and continuously improving our systems, we can create a safer digital environment for everyone.  By understanding the role of AI and ML in fraud prevention and adopting advanced solutions like those offered by Wibmo, you can significantly reduce the risk of falling victim to fraud. Stay vigilant, stay informed, and stay secure. 

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Securing Digital Transactions During the Festive Season with Wibmo: A Trusted Partner for Seamless and Safe Payments

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The festive season brings an immense surge in online shopping and digital payments. In 2023, Diwali sales alone saw a 49% increase in online transactions, along with a 35% rise in website traffic, making it one of the most lucrative periods for businesses. However, with this rise comes a higher risk of fraud and security breaches. Securing seamless transactions is essential for protecting both revenue and customer trust during this busy season. Wibmo Protect is designed to address these challenges, offering a comprehensive solution that ensures secure and frictionless transactions, even during the peak of the festive rush. How Wibmo Protect Safeguards Festive Transactions 1. Multi-Layered Security with Adaptive AuthenticationWibmo Protect uses dynamic, multi-factor authentication (MFA) to safeguard transactions by adapting security measures based on real-time risk. This reduces the friction for legitimate customers while ensuring robust protection against fraud. Given that the 2023 festive season saw a 72% spike in online sales just two days before Diwali, adaptive authentication is crucial to maintaining a seamless shopping experience without compromising security. 2. Real-Time Fraud Detection & PreventionThe festive season also brings an increase in fraudulent activities. Wibmo Protect’s AI-driven fraud detection engine continuously monitors transactions, instantly identifying suspicious patterns and blocking unauthorized activities in real-time. With eCommerce fraud expected to rise during high-traffic periods like Diwali, proactive fraud detection minimizes losses and protects businesses from financial threats. 3. Seamless Integration with Payment EcosystemsBuilt on industry-standard 3D Secure protocols, Wibmo Protect easily integrates into existing payment ecosystems, ensuring secure transactions without disruption. This is particularly important as conversion rates during the 2023 festive season increased by 22%, emphasizing the need for a frictionless user experience while handling high volumes of transactions. 4. Scalability for High Transaction VolumesThe Indian eCommerce sector recorded significant growth, with over ₹3.75 lakh crore in retail trade during Diwali 2023. Wibmo Protect’s scalable infrastructure is built to handle such high transaction loads, ensuring that businesses can maintain security and efficiency even when managing millions of transactions daily. 5. Compliance with Global and Local RegulationsWibmo Protect adheres to global standards like PCI-DSS and complies with local regulations, such as the RBI’s Additional Factor Authentication (AFA) guidelines. This guarantees that businesses remain secure and compliant, reducing the risk of regulatory fines during peak transaction periods. 6. Advanced Machine Learning for Fraud Pattern RecognitionWibmo Protect leverages machine learning to stay ahead of emerging fraud patterns. During high-traffic periods like the festive season, when fraudulent activities spike, Wibmo Protect’s system identifies and prevents new fraud attempts, ensuring businesses stay protected. Why Businesses Trust Wibmo Protect As businesses gear up for the festive season, securing digital transactions is crucial to providing a seamless shopping experience while protecting against fraud. With Wibmo Protect, businesses can confidently manage high transaction volumes and safeguard their customers from evolving threats during the festive season. Keep your payments secure this festive season with Wibmo Protect, your trusted partner for secure, seamless transactions.

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Scams on the Internet: How to Spot Them and Stay Safe

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The internet has become an essential component of our everyday life in the current digital era. Almost all facets of our lives, including banking, socializing, and employment, have shifted online. But the ease of using the internet also carries the risk of becoming a victim of fraud. Cybercriminals are continuously coming up with new ways to trick naïve people, and internet scams are becoming more common. The Federal Trade Commission (FTC) documented over 2.2 million fraud cases in 2023 alone, resulting in losses of over $8.8 billion, underscoring the critical need for awareness and prudence. This blog will discuss typical internet scam types, how to identify them, and important online safety advice. Common Types of Internet Scams How to Spot Internet Scams Tips to Stay Safe Online Bottomline Internet scams are an unfortunate reality of the digital age, but by staying vigilant and informed, you can protect yourself from falling prey to cybercriminals. Remember to always verify the source of online communications, use strong passwords, and be cautious of offers that seem too good to be true. By following these tips and educating yourself about common scams, you can enjoy the benefits of the internet while staying safe and secure.

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Transforming India’s Digital Payments: The Rise of AePS and Its Challenges

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A Decade of Digital Evolution India’s digital landscape has undergone a remarkable transformation over the past decade. With the advent of digital payment channels such as UPI, IMPS, and net banking, the country has achieved unprecedented growth in digital transactions. Despite these advancements, one specific demographic—rural middle-aged to senior citizens—was not fully utilizing this ecosystem. To address this gap and make basic banking services accessible in areas with limited banks and ATMs, the government launched the Aadhaar Enabled Payment System (AePS). Introduction of AePS The Aadhaar Enabled Payment System, introduced by the NPCI in 2016, is a digital payment method based on the Unique Identification Number (UIN) linked to the Aadhaar card. It allows Aadhaar cardholders to conduct financial transactions via Aadhaar-based authentication without needing to visit a bank. Instead, these transactions are facilitated by business correspondents (Bank Mitras) using micro-ATMs. AePS empowers all sections of society by making financial and banking services accessible to everyone through Aadhaar. It supports seamless fund transfers, cash deposits, withdrawals, balance inquiries, and more. Additionally, AePS facilitates the disbursement of government welfare schemes such as NREGA, social security pensions, and old age/handicapped pensions. Exponential Growth Since its launch, AePS has seen a significant boost in utilization. In 2019, the revenue from AePS transactions was around INR 5 billion. Within five years, this figure skyrocketed to INR 51 billion in 2024, a tenfold increase. By 2025, it is projected to reach INR 67 billion. In 2023 alone, over 370 million customers conducted transactions through AePS, highlighting its widespread adoption and success. Rising fraud concerns However, the rapid growth of AePS has also attracted fraudsters, targeting the predominantly rural, middle-aged, and senior population. Over the past 2–3 years, numerous reports of AePS-related fraud have surfaced. For instance, in Hyderabad, a gang of cybercriminals was arrested for fraudulently withdrawing ₹14.64 lakh from 149 customers. Such incidents underscore the growing risk of cyber-financial scams associated with AePS. According to the Indian Cyber Crime Coordination Centre (I4C), AePS frauds accounted for 11% of cyber financial scams originating in India in 2023. Addressing Fraud: RBI and NPCI Initiatives In response to the increasing fraud cases, the RBI has instructed banks to streamline the onboarding process for AePS touchpoint operators, including mandatory due diligence. Additional fraud risk management requirements are also being considered. The NPCI has released circulars addressing customer withdrawal limits, account statements, and Business Correspondent (BC) onboarding procedures. Strengthening onboarding processes AePS providers must rigorously scrutinize the onboarding processes for business correspondent agents. This involves conducting comprehensive background checks to verify the authenticity and credibility of potential agents. Additionally, a risk-based categorization system should be implemented, where agents are classified based on an assessment of their history, including any previous instances of fraudulent activities or non-compliance. By adopting a detailed and systematic approach to onboarding, AePS providers can ensure that only trustworthy and low-risk agents are integrated into the system. Moreover, continuous monitoring and periodic reassessment of BC agents are crucial to maintaining high standards of integrity and security. Regular training and awareness programs should be conducted to keep agents updated on the latest security protocols and fraud prevention techniques. By strengthening these onboarding and monitoring processes, AePS providers can significantly reduce the risk of fraud and enhance the overall security and reliability of the payment system. This proactive approach not only safeguards the interests of users but also fortifies the reputation and operational efficiency of the AePS ecosystem. Common fraud scenarios One prevalent fraud scenario involves unauthorized cash withdrawals, where users receive no indication of the transaction. Fraudsters often impersonate fingerprints or deceive customers about the success of transactions. In some instances, BC agents have been known to use silica gel to replicate fingerprints, further complicating the detection of fraudulent activities. These sophisticated methods of fraud underscore the necessity for AePS providers to enhance their security measures and address these specific threats comprehensively. To combat these issues effectively, AePS providers need to strengthen their ecosystem and focus on specific patterns to identify and mitigate fraudulent activities. Key Areas of Focus Preparing for Future Challenges Currently, the primary issue revolves around cash withdrawals. However, with the increasing volume of fund transfers, there is a potential risk of anti-money laundering activities. As AePS providers continue to expand their services, they need to be adequately equipped to handle these emerging challenges. This involves not only detecting and preventing fraudulent activities but also complying with stringent regulatory requirements to ensure the integrity of the financial system. Conclusion The AePS industry is booming, and as it grows, fraudsters will seek new ways to exploit the system. To sustain growth and protect users, financial institutions must enhance fraud and risk management systems by investing in advanced technologies like artificial intelligence and machine learning for real-time monitoring and anomaly detection. Continuous education and training for users and service providers on potential risks and best practices are also crucial. By implementing robust security measures, the AePS ecosystem can mitigate fraud risks and continue to flourish, driving financial inclusion and transforming India’s digital payment landscape. Collaboration with regulatory bodies is essential to stay ahead of emerging threats and ensure a secure, seamless payment experience. With a concerted effort towards enhancing security and compliance, the AePS industry can thrive, paving the way for a more inclusive and digitally empowered India.

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Navigating the Digital Fraud Landscape: How Wibmo’s Trident FRM Empowers Merchants to Combat Fraud and Enhance Customer Trust

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The Evolving Landscape of Digital FraudFrom phishing scams to elaborate whaling tactics, digital fraud has become increasingly sophisticated, posing significant threats to both consumers and merchants. Fraudsters adeptly exploit vulnerabilities and leverage stolen data to infiltrate webstores, perpetrating fraudulent activities with alarming ease. The Merchant DilemmaFor merchants, the prevalence of digital fraud presents a formidable challenge. Distinguishing genuine customers from fraudulent ones requires meticulous scrutiny, potentially introducing friction into the checkout process. However, striking the right balance between security and user experience is paramount, as excessive checks can deter consumers accustomed to seamless, one-click purchasing. Trident Fraud Risk Management (FRM) by WibmoIn response to the escalating threat landscape, Wibmo presents Trident FRM, a groundbreaking solution poised to revolutionize digital identity validation and verification. With real-time payments gaining prominence, the ability to swiftly discern between legitimate customers and bad actors has become indispensable. The Multilayered Approach of Trident FRMTrident FRM adopts a multilayered approach to fraud orchestration, leveraging cutting-edge technology and advanced analytics to accurately ascertain digital identities while maintaining efficiency and security. By seamlessly integrating with existing systems, Trident FRM establishes a framework of trust and security, empowering merchants to embrace real-time payments with confidence. Comprehensive Insights Across the Customer JourneyBeyond transactional validation, Trident FRM offers insights that span the entire customer journey. From initial discovery to final delivery, Trident FRM provides comprehensive coverage, mitigating risks and enhancing trust at every touchpoint. Empowering Merchants in a Fraught LandscapeIn a landscape fraught with fraudulent activities, Trident FRM emerges as a beacon of resilience and reliability, equipping merchants with the tools needed to navigate digital commerce with confidence. With Trident FRM, merchants can unlock new possibilities, safeguarding their businesses against fraud while fostering seamless, secure shopper experiences. Key Considerations for MerchantsAs merchants navigate the complex realm of fraud prevention solutions, several key considerations must be taken into account: — Accessibility to a robust ecosystem of security partners and technologies. — Enhanced visibility and access to industry-wide intelligence. — Flexibility and scalability to align with evolving business needs. — Option for a trial period to evaluate efficacy before commitment. — Complementarity with existing anti-fraud investments and optimization of ROI. — Provision of performance guarantees and benchmarks for reliability and efficacy. — Adaptive machine learning capabilities responsive to evolving fraud tactics. — Evaluation of true costs and benefits, including potential revenue loss from false declines. — Complementarity with authentication efforts, particularly in the era of 3D Secure. Merchant Fraud Facts and StatisticsAccording to the 2023 MRC Global Payments and Fraud Report, merchant fraud continues to pose significant challenges, with 71% of merchants experiencing an increase in fraud attempts over the past year. Additionally, the report highlights that false declines cost merchants an estimated $443 billion in potential sales annually, underscoring the importance of striking the right balance between fraud prevention and user experience. Furthermore, research by Juniper Research forecasts that global online payment fraud losses will exceed $20 billion by 2024, highlighting the urgent need for robust fraud prevention measures in the digital commerce landscape. In this context, solutions like Trident FRM play a crucial role in mitigating fraud risks and safeguarding merchants against financial losses. With digital commerce continuing to expand rapidly, merchants must prioritize fraud prevention strategies that not only protect their businesses but also enhance the overall shopping experience for consumers. Through innovative solutions like Trident FRM, merchants can navigate the complexities of digital fraud with confidence, ensuring the integrity and security of their online transactions. Author: Animesh Jha, Vice President — Fraud & Risk Management Wibmo A PayU/Naspers FinTech Company 'Ecommerce'], 'Fraud Detection'], 'Fraud Prevention', 'Merchant Services', ['Digital Frauds'

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Wibmo Protect — Adaptive Multi-Factor Authentication Solution

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The Reserve Bank of India (RBI) has embarked on a transformative journey by proposing a Principle-Based Framework for the authentication of digital transactions. This pioneering initiative underscores the RBI’s commitment to fostering a secure, seamless, and customer-centric digital payments ecosystem. The primary objective of this framework is to propel the adoption of alternative authentication mechanisms, transcending the traditional SMS OTP paradigm. By embracing innovative authentication solutions, the RBI seeks to elevate the customer experience while fortifying the security infrastructure of digital payments. Furthermore, this strategic move is poised to empower businesses to embark on a journey of innovation, enabling them to explore cutting-edge solutions while upholding the highest standards of security and integrity. In essence, the Principle-Based Authentication Framework heralds a new era of digital transactions, characterized by enhanced security, heightened user experience, and unparalleled innovation. Challenges with OTP Authentication: Traditional SMS OTPs, while prevalent, present significant limitations and risks. They heavily rely on mobile service providers, are susceptible to interception, and contribute to transaction delays and failures, leading to user frustration and financial losses. Limitations of Traditional SMS-Based OTP Authentication: – Reliance on Mobile Service Providers: SMS OTPs are entirely dependent on mobile service providers, making them susceptible to network coverage issues and unable to support offline mode. – Inadequate Support for Cross-Border Transactions: Due to network dependencies, SMS OTPs face challenges in facilitating cross-border transactions and international access. – High Transaction Authentication Failure Rate: In the current scenario, the authentication failure rate for card transactions using SMS OTPs averages between 5% to 8%, primarily due to network dependencies. – Vulnerability to Cyber Threats: SMS OTPs are prone to interception, phishing, MITM attacks, and sim swapping, lacking robust protection for authorized access. – Rising Instances of Fraud: Cybercrimes, including fraud cases involving SMS OTPs, have surged, with approximately 1.1 million fraud cases registered in 2023, amounting to Rs 7,488.6 crore. Additionally, UPI fraud cases reached over 95,000 in the 2022–23 fiscal year. – User Experience Disruptions: Delays or delivery failures in SMS OTPs disrupt the user experience, leading to frustration and contributing to merchant conversion losses. – Increased Operational Costs: Constant intervention is required to manage authentication experiences across various channels, leading to additional costs. The average SMS cost per transaction is 12 paise, which escalates based on the chosen channels. Wibmo Protect: A Revolutionary Solution: Wibmo Protect, a cutting-edge platform, aligns seamlessly with the RBI’s framework. Utilizing a risk-based contextual authentication approach, it leverages machine learning and deep data analytics to detect and prevent fraudulent transactions in real-time. Contextual authentication further enhances security, enabling swift and secure payments without OTPs. Key Benefits of Wibmo Protect: Wibmo Protect offers a multitude of benefits, including: – Fraud Detection & Prevention – Dynamic Risk-based Authentication – Preference-based authentication with multiple modes – Multi-channel support for various transaction types – Reduced chargebacks and increased revenue growth – Merchant opt-out feature – Enhanced consumer authentication experience Wibmo Protect combines three powerful modules: 1. Access Control Server (Accosa ACS): A holistic payment authentication platform integrated with an intelligent risk engine. 2. Enterprise Trident FRM: A comprehensive cross-channel, self-learning risk assessment engine. 3. Tridentity: A multifactor out-of-band authentication solution offering secure, password less authentication. Wibmo Protect emerges as a game-changer in digital transaction security. By embracing innovative technologies and adaptive authentication methods, it sets new standards for security, efficiency, and customer satisfaction. With its comprehensive suite of modules, Wibmo Protect stands as a beacon of trust and reliability in the evolving landscape of digital transactions. Through continuous innovation and commitment to security, Wibmo paves the way for a secure and seamless digital future. Author: Anand K Khanna, Product Manager — Fraud & Risk Management Wibmo A PayU/Naspers FinTech Company Digital Payment, Fraud Detection, Multi-Factor Authentication, Payment Security, RBI

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UPI Fraud Trends and Their Possible Mitigation

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With over 2 billion transactions worth over INR 4.5 trillion processed every month, India’s United Payment Interface (UPI) has revolutionized the digital payment ecosystem. UPI has been emerging as the most preferred payment method among Indians. However, at the same time, we are witnessing a rise in fraudulent transactions in recent times. A total of 1,46,495 unified payments interface (UPI) fraudulent activities were reported on the National Cybercrime Reporting Portal (NCRP) during the first and second quarters of 2022, as per the Ministry of Home Affairs (MHA). Up until now, banks and financial institutions have predominantly relied on educating consumers against fraud. But, in cases of fraud, the consumer is at the mercy of the grievance process, which adversely affects the consumer experience and dents customer loyalty. Fraud Trends and Their Possible Mitigation Impersonating Sellers and Customer Care It is more of a habit to google customer care contacts when facing issues with our online purchases. Fraudsters are flooding the internet with fake customer care details to lure in consumers. After gaining the trust of gullible customers over the phone, refund collect requests are shared via QR codes, SMS links, and so on. Financial institutions can integrate with technological solutions that detect and alert the customer in the event that a payment is made over the phone. Spoofed VPA IDs In the name of disaster relief or support, fraudsters created multiple spoofed VPA IDs that are remarkably similar to the original ones. In recent times, we witnessed an unprecedented rise in VPA IDs, similar to the PM Cares Fund. Maintaining a list of suspicious keywords such as support, relief, care, disaster, army, minister,” etc. and running risk rules over transactions being made to VPA IDs containing high-risk keywords have the potential to curb fraudulent transactions. Screen mirroring apps and malware Through malicious links, fraudsters get consumers to download screen-sharing or remote-access apps or malware. Once installed, the fraudster gains access to confidential UPI details, which are then used in combination with other modus operandi, such as SIM-swapping. Payment apps should have the capability to detect potential malicious apps already downloaded on the device and restrict payments from going through. Collect Request Through classified ads, fraudsters initiate conversation with sellers they are impersonating as potential buyers. Creating a sense of urgency, the fraudster intends to make a quick payment without much negotiation and sends a collect request, sometimes in the form of a QR code. The VPA IDs used by fraudsters are generally gibberish and at times have numbers or alphabets in sequence. Banks or financial institutions’ apps should have the capability to detect such patterns on beneficiary VPA handles. UPI has made digital payments more accessible and convenient for millions of people in India, and it is expected to continue to play a significant role in India’s digital payments ecosystem in the coming years. With continued efforts of educating consumers against frauds, banks and financial institutions should leverage the technological advancements against the mushrooming UPI frauds. Author: Sujit Kumar Mahato, Product Manager Wibmo A PayU/Naspers FinTech Company BaaS

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True Cost of Combating Payment Frauds

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A quick recap of major players involved in payment transactions : 1. Customer 2. Issuer Bank — holding the customer’s bank account 3. Payment Networks — Visa, Mastercard, NPCI, etc 4. Merchant 5. Acquirer Bank — holding the merchant’s bank account In simple terms, Payments Fraud is the one where someone made unauthorized payments/purchases. Though the liability of fraud differs(customer/merchant/banks etc) on a case-to-case basis, someone in the payment system has to finally bare the brunt and mark the money as lost in their respective books. Fraud is a global issue that affects not only individuals but also organizations — merchants, banks, insurance companies, and who so ever is dealing with payments. Payments frauds have been crippling every country across the globe and according to recent studies, the epidemic of payment fraud has been growing over the recent years. When it comes to payments, there are 2 major elements – 1. FALSE NEGATIVE — when an act of fraud goes undetected and through the payment system 2. FALSE POSITIVE — when a faulty fraud detection system blocks a legitimate transaction. Anti-fraud solutions and fraudsters are caught in a cat-and-mouse game. Both have been leveraging technological innovations to meet their underlying need and eventually adding to the cost of combating fraud. Whenever we come across the term COST, our first thought is that it’s a mere cumulation of expenses incurred in producing or building a product or service. However, in financial terms, the cost is segregated into — Direct Cost and Indirect Cost. The majority of the time, indirect costs are neglected when it comes to deriving the actual cost of a project due to the difficulty associated with deriving a cost-effective methodology for the assignment of indirect costs. When it comes to defining the cost associated with fraud, organizations generally tend to consider the amount lost in the fraud process. These numbers are a significant percentage of the topline revenue. Moreover, it’s a concerning fact that even less than 20% of businesses are able to fully recover the amount from unauthorized transactions and other fraudulent activities. Apart from the obvious Direct Cost — fraud amount value — associated with the transaction, the Indirect Cost often goes unnoticed. Cost of Combating Fraud: Huge infrastructure and resources — manual as well as technological are deployed by organizations in payment authentication and authorization. The cumulative loss arising from both False Positive and False negative scenarios burn a larger hole in terms of operational efficiency. Cost to Reputation: Businesses incurs huge cost when it comes to building a reputation of trust through the marketing function which employs varied techniques to increase the perceived value of a product or service over time. Undetected frauds and consequent delays in grievance redressal often leave the customer/merchant with a bad experience with their respective banks and also with the payment entities involved in the process. Cost of declining Genuine transactions: High False positive rates can leave the customers/merchants frustrated. Organizations leave no stone unturned through sales and marketing and customer support to acquire and retain a customer. In the era of fierce competition, if one thinks Customer acquisition is hard, think about the retention of a frustrated customer. It is somewhat now possible to measure fraud and error losses but one needs to surely factor in the Indirect Costs in order to make a proper judgment about a proportionate level of investment to be made in reducing them through the deployment of anti-fraud tools. Direct costs associated with fraud are just the tip of the iceberg and give even less than half a picture of the menace lying underneath. Author: Sujit Kumar Mahato, Product Manager Wibmo A PayU/Naspers FinTech Company Anti Fraud Management, Digital Payment, Fraud Detection, Fraud Prevention, Online Payments

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RETURN FRAUD- The e-commerce way of Shop-Lifting

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The pandemic changed the way consumers shopped. A black swan event changed consumer behavior and Online shopping is one of the segments to reap benefits. The pandemic and the exponential growth in e-commerce forced traditional brick-and-mortar shops to adapt to the evolution. Pre-pandemic brick-and-mortar shops kept a cautious eye on shoplifters but the e-commerce boom came up with its own shoplifting nemesis, say Hello to RETURN FRAUD. Fraudsters abuse the retailer’s fraud policy which was actually created for customer delight and it’s the smaller e-retailers who bear the brunt of Refund Fraud. The modus operandi of Refund Frauds differs from traditional frauds as it takes place post transaction — once the goods have exchanged ownership from the merchant to the consumer. A thriving ecosystem, Fraud-as-a-Service (Professional Refunders) has come into place to support those who wish to take advantage of lax return policies without actually having to go through the process. Reddit and Discord channels are leveraged as promotional grounds for these Illegal Life Pro Tips (ILPT) Modus Operandi 1. Everything is legitimate during the online transaction. Fraud is initiated once the good is received by the consumer. 2. Consumer goes to a Professional Refunder who charges a percentage cut on the refund value. 3. Refunder impersonates the Consumer 4. Refunder initiates the escalation with the merchant and uses the PERFECTED METHODS to get a refund without returning the product. A few of the Perfected Methods : a) Substance Leak — With doctored images/videos refunders report hazardous breakage such as monitor capacitor leakage, or battery acid leakage, thus making the product legally un-shippable. b) Partially Empty Box — Generally used for tracked shipping where the package is claimed to have arrived but has missing components. c) Fake ID Tracking Numbers — A properly weighed package is returned back without the actual goods. The shipping address is doctored to a new but incorrect address. Refunder then initiates a return claim with the merchant — to whose naked eye the package appears to be shipped and delivered back. d) Blood or Maggots — Claiming of finding questionable substances (again, doctored images/videos) in the product received and thus a reason for why one can’t possibly handle the opened package. Refund Fraud not only is a concern to merchants but also runs a risk of putting consumers’ virtual assets at risk such as email, passwords, card details, etc — as refunders offer Fraud-as-a-Service, access to the buyer account. Apart from the complicated methods listed above employed by professional refund fraudsters, consumers, with a Robin Hood mentality, too are learning about refund fraud and executing Refund Fraud as : a) Bricking: A working item ( generally electronic items) is purchased with the intention to be returned after stripping down the valuable component and rendering the item eventually unusable. b) Wardrobing: Majorly observed with expensive clothing. An item is purchased, used, and eventually returned. c) Switch Fraud: Returning a previously owned defective or damaged identical item with the aim of cashing on to the refund. Be it the retailers or the e-retailers have a return policy in place but a fine balance needs to be maintained — neither overly complex nor overly relaxed. The process of refund dents a blow to the bottom line not only in terms of labor involved in the process but also in refurbishing the returned items. Trying to avoid Return Fraud by adding manual resources will be a mountain task in this era of data where organizations are sitting on a mountain of data as well as leveraging data from other sources. Multiple data enrichment tools provide services as quick reverse checks on multiple data points for instance email addresses. Current innovations in fraud detection software over the recent years have made it possible to curb the menace of fraud even with very little technical knowledge. Author: Sujit Kumar Mahato, Product Manager Wibmo A PayU/Naspers FinTech Company Fraud, Fraud Detection, Fraud Prevention, Return Fraud, Risk Management

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Importance of Fraud and Risk Management Solutions for Financial Institutions

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Technology and trust must go hand in hand Technologies are undoubtedly transformative for businesses and their customers. But to fully deliver the promised benefits, technologies must consciously build trust amongst all legitimate users and stakeholders. Trustworthiness is becoming critical by the day in an increasingly digital world because of the rising incidence of online fraud. Just as quality at the source is a mantra for manufacturing companies, the detection, and prevention of fraudulent transactions as soon as they originate is important for banks and financial institutions. At the same time, customer convenience has to be balanced out. Regulators expect banks to enhance their digital abilities to detect/prevent frauds/crimes Regulators play a key role in ensuring the safe, smooth, and efficient functioning of the banking and financial systems within their individual jurisdictions. As such, central banks worldwide have begun to tighten various regulatory requirements in order to reduce the risk of fraud made possible by technological or process loopholes in the systems used by banks and other financial institutions. In March 2022, the Bangko Sentral NG Pilipinas (“BSP”, the central bank of the Philippines), published amendments to its “Regulations on Information Technology Risk Management” with the specific objective of enhancing customer protection. To ensure that digital banking channels are made safer and more reliable, the BSP requires banks operating in the Philippines to implement automated and real-time fraud monitoring and detection systems capable of identifying and blocking suspicious or fraudulent online transactions. Starting 1 September 2022, banks must be prepared to show BSP their action plans; and full compliance with a readiness plan is expected by 31 December 2022. While the Fraud Management systems implemented must commensurate with the bank’s operations and the scope of its digital platforms, BSP does expect that the solutions that banks put in place will, at a minimum, deliver the following capabilities: · Monitoring, collecting, and analyzing transaction data arising from all physical and digital banking and non-banking channels; · Integration with the bank’s Anti Money Laundering (AML) systems to provide a more robust and comprehensive mechanism to prevent financial crimes (and not just detect them); · Building customer profiles and analyzing behavior to detect frauds based on changes in usage patterns; and · Secure scalability to handle growing transaction volumes. FRM solutions must give robust Fraud detection and prevention capabilities without damaging customer relationships Frauds and other operational risks not only damage customer confidence in individual banks (and the banking system as a whole) but can also lead to financial losses (reparations, penalties) and harm your brand/reputation. Clearly, the costs of not having a state-of-the-art Fraud & Risk Management System (FRMS) are high. While there are many FRMS solutions out there, not all of them are equally efficacious. This is because each one uses different protocols to detect and analyze risks and thereafter, determine further courses of action. Wibmo’s Trident FRM platform offers multiple advantages Wibmo’s Trident is an enterprise fraud and risk management platform that uses advanced authentication protocols and ML-driven statistical models. Our platform makes approval/ challenge/ decline decisions based on rigorous, real-time assessment of more than 100 parameters related to the device, user, and transaction (e.g., merchant, location, IP address, time of the transaction, value, etc.). This Risk-Based Authentication (RBA) approach provides a more robust and reliable assessment of the risk of every individual transaction. The omnichannel capability of the platform is an added advantage wherein the bank’s operations team gets a central view of their customer’s transactions across channels For banks operating in the Philippines, Trident can ensure full compliance with BSP’s amended regulations within the stipulated timeframe. However, irrespective of where your bank operates, there are many other reasons why Trident could be the right FRMS solution for your bank: · Many banks rely on disparate legacy systems and point solutions for specific functions (e.g., AML, branch-based KYC transactions, etc.). Integrating data from myriad systems is neither easy nor efficient; the chain is only as strong as the weakest link. Therefore, our risk management platform is API-driven. What is more, it uses 360o degree customer data and insights to detect anomalous behaviors that might indicate fraud or misuse. · Trident is sensitive to the need for banks to deliver a seamless, speedy, and superior customer experience for every legitimate transaction; this minimizes customer friction– key to building loyalty and enhancing lifetime value. · Customers (and fraudsters) can use multiple channels to effect transactions (e.g., 3DS, mobile payment, ATM/POS, online retail/corporate banking). The FRMS solution your bank adopts must be able to function equally effectively- and seamlessly- across channels (to handle situations where customers legitimately switch channels). Our platform uses AI/ML to safeguard customers, merchants, card issuers, and networks in an omnichannel environment. Sometimes, frauds are perpetrated at the merchant level (e.g., by employees misusing customer cards for fraudulent transactions). The Trident platform can detect and prevent such misuse as well. Trident enables full compliance with FATF and AML-CFT, thus helping to prevent financial crimes. · Your bank works with various card networks (Visa, MasterCard, American Express, etc.). Trident is compatible with all networks; it gives you get a network-agnostic RBA score thus strengthening your bank’s overall ability to detect, prevent and manage fraud risks. · Trident can be fully deployed on Cloud, thus assuring high availability and scalability so that 100% of your bank’s transactions are processed in real-time to validate the authenticity and assess risk before completion. · Our FRMS platforms are rules-driven. This lets your bank respond quickly to emerging threats with the help of “quick rules” and “expression rules” for more complex threat scenarios. The bank will also be equipped with Rule Wizard wherein the operations team can build rules on the fly · Quick investigation and resolution of transactions are important to ensure customer satisfaction, and regulatory reporting/compliance as well as enhancing the bank’s preparedness to prevent future false positives. Efficient and workflow-driven case management capabilities built into our platform allow investigators to track, investigate and resolve transactions quickly. This also reduces your bank’s operational expenses– a major benefit gave the pressure on margins. · Banks that adopt

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Prediction, Prevention, and Detection of Fraud Attempts, the key to faster payment processing

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The global digital payment market size is expected to grow from USD 89.1 billion in 2021 to USD 180.4 billion by 2026. The promotion of digital payments worldwide and the increasing penetration of smartphones are major contributors. Besides, the pandemic has accelerated the adoption of contactless and wallet payments. India, too, saw exponential growth. Thanks to 1 Billion cards and more than 2 Billion prepaid payment instruments like wallets and other digital payment modes. But, cyberattacks are a major roadblock in the growth of digital payment solutions. These global attacks are the most critical challenges that the payment industry has been facing. New and evolving cyberattacks affect businesses by breaking into payment systems to get cardholders’ data. The evolving frauds include : a) Friendly fraud — Fraudsters make the purchase on a credit card, receive the product or service. Then demand a refund for a lost or short-shipped order, or file a chargeback through their credit card issuing bank. With the intention of receiving a full refund of the purchase amount. b) Affiliate fraud — Refers to any unscrupulous activity conducted to generate commissions from an affiliate marketing program. Newer types of affiliate fraud include using stolen data for lead generation or stolen credit cards to generate sales. c) Botnets- Submit large numbers of transactions to test the viability of stolen payment card credentials. d) Phishing — Fraudulent communications, through email, text, or call, that appear to come from a reputed source. e) Velocity attacks — Multiple monetary authorizations seeking to detect an active account and decipher CVV/Expiry Date values of a set of cards within a BIN range. f) Triangulation — Fraudster is the middleman between a customer and an unsuspecting merchant. The customer places the order through the fraudster (impersonating as a merchant). Then the fraudster uses stolen credit card information to buy those goods from a legitimate merchant. It is estimated that 9 million identities are stolen each year in the US alone, with a new victim of identity theft every two seconds. Since many people do not report identity theft, no true number of victims exists. According to the Central Statistics Office (CSO), by 2021, loss from cyberattacks would rise to US$ 6 trillion from US$ 3 trillion in 2015. The growing number of cyberattacks is a hindrance to the adoption of digital payment services. In a recent study by YouGov and ACI worldwide, consumers are increasingly concerned about digital payments fraud. As a result, exercise greater caution when using digital payments compared to a year ago. 71% of consumers are more concerned about scams and fraud because of Covid-19, compared to 47 percent of consumers last year at the onset of the pandemic. The study also indicates that banks continue to be the preferred first point of contact in event of fraud. Around 60% of respondents would first call their bank to block their account or visit the bank branch to file a written complaint. Though worldwide initiatives towards customer awareness are on the rise, the banks will need to continue to lead the way not only by increasing customer awareness but also by deploying modern and robust enterprise-level fraud management solutions. For a delightful customer experience, banks need to predict, prevent and detect fraud attempts even before the payment processing to pave way for frictionless digital transactions. Author: Sujit Kumar Mahato, Product Manager Wibmo A PayU/Naspers FinTech Company Fraud, Fraud Detection, Fraud Prevention, Global Digital Payments, Online Payments

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Faster and Convenient Authentication

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Before the invention of the steam-driven railways in the 1800s, mankind was dependent on animal pulled wagons to transfer goods. The Tanfield Wagonway in England, the first large-scale railway, used horses to haul coal-filled wagons from the mining village of Tanfield. On the lookout for faster and more convenient forms of transportation, evolved from horses driven wagons to steam engines, from steam to diesel, and from diesel-driven to engines driven on electricity. Fast forward to the 21st century, the world is experimenting with hydrogen-powered trains. Consider the banking industry. Though there is no trace of the word ‘banking’ before the 1600s, the practice of safekeeping, saving, and transacting money can be traced back to the temples of Babylon. The Arthsashthra, written by Chanakya around 300 BC, has mentions of ‘hundis’ or letter of transfer. Had the banking industry failed to ride the technological horse, money transfer initiated through hundis would have taken days or at least hours, to reach the designated payee through the fastest railroad. Thankfully, the banking industry learned to ride the technological horse and today with the help of electronic transfer can facilitate the process of money transfer. Electronic transfer not only made money transactions faster but also convenient for the people, who were saved from the age-old hassle of going to a nearby branch and waiting for their turn in the long queues at the bank teller. Can money transactions be made faster and more convenient for the customers? The movement of the electrons, involved in the electronic transfer, cannot be made faster with current feasible resources nor the customers can have a more convenient experience in making transactions from the comfort of their homes. The only way to provide a better — faster and convenient- banking service could be through optimization of steps involved in internet transactions. A large part of the processes involved in electronic money transfer is dominated by Authentication or security — ensuring the money transfer takes place from the genuine customer. The introduction of OTP has been a major advancement in the banking industry. However, it is the one step that may be loved by the banks but hated by customers, especially when the OTP fails to arrive on time or when the user makes a mistake. Removing OTP altogether poses a serious threat to security and thus banks still rely on OTP services for user authentication. This brings us to the question — How authentication can be made faster and more convenient? Is it possible to have convenient security? The answer lies in DATA. Let’s consider a simple case of house-rent transfer. A genuine user would be transferring the same house-rent amount month after month to the same account, using mostly the same wifi connection (ISP), the same laptop/mobile, and may be even on the same day of the month. A fraudster, for sure, wouldn’t be so generous to take the pain of paying rent on the user’s behalf. All the parameters above can be easily tracked and monitored with data. The answer to a “Faster & More Convenient Authentication/Security” lies in identifying the right set of data and formulating them into risk assessment. Higher risk should demand stricter authentication whereas lower risk should lead to faster and convenient -frictionless transactions, paving way for customer delight. The pandemic has accelerated the adoption of cashless transactions across the globe and is forcing the bank, more than ever, to evolve in order to meet the demands of smartphone-led online shopping culture, with cards and digital wallets rising in prominence. Banks need to leverage data and segregate high and low-risk transactions in order to provide ‘faster and convenient authentication to their customers. The demand for a fast, reliable, secure, and frictionless payment experience by customers requires banks to adopt fraud detection systems, which leverage the power of data through advanced machine learning technologies. When it comes to detecting subtle patterns which help in the identification of fraud transactions, machines are more effective than humans. Today, irrespective of the field, the power to leverage data, to provide ‘faster and convenient service, is one of the biggest assets for any organization. The faster and higher the convenience, the greater is the customer delight. The greater the customer delight, the higher is the customer loyalty. Author: Sujit Kumar Mahato, Product Manager Wibmo A PayU/Naspers FinTech Company Authentication, Digital Payment, Fraud Detection, Payments, Paytech

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How to prevent identity theft?

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With unprecedented growth in online transactions, it is no surprise that online fraud has increased. One of the major malpractices is identity theft. In a country like India which is striding towards the number one position in online shopping, the rise in this kind of fraud cannot be overlooked. Accessing and retrieving personal information is a child’s play in an increasingly digitized country like India. With social media and the deep web or darknet getting more and more accessible to a larger population, the prevalence of identity theft is getting increasingly difficult to control. Who can be the victims of Identity Theft? Have you used your Credit or Debit card to shop online/POS? Have you paid the utility bills using your Card? Have you used UPI or other payment methods? In short, anyone who has used plastic money is in danger of identity theft. Everyone who has shopped online or used any payment portal using their payment credentials is at risk of falling prey to synthetic identity theft. It is, in essence, stealing your identity i.e., impersonating you digitally, and riding on your credibility and creditworthiness. It is done by gathering data that confirms the identity like phone number, Aadhar card number, or PAN card number along with Bank Account number and utilizing this data to impersonate and transact digitally. With widespread social media and the data captured by almost all websites, it is nearly impossible to stay completely private. The Conditions favouring Identity theft In a densely populated country like India, identity theft is spreading like a disease more due to Cyber security laws are in place but reporting and actual implementation of those laws is not easy in a developing country like ours. It is getting easier to lay hands on social security details like Pan and Aadhar Data breach is increasingly difficult to prevent crime by identifying the perpetrators and isolating them. Also, the timeline that the entire fintech industry works, is very limited i.e., the journey of the card to merchant to verification or access control and back to the transaction approval takes just thirty seconds on average. This renders a very small window to our lenders but an easier getaway to the fraudsters. It, therefore, makes more sense to fortify defences at our end through our payment gateways. Usage of multi-layered security makes it a herculean task to track perpetrators while they on other hand enjoy accessibility from any corner which has internet. The Impact It is an indisputable fact that digitization of the financial transactions in India has accelerated beyond what the experts forecasted. Part of it was contributed by the covid waves and the awareness of “cashless transactions and contactless delivery”. It can however not be denied that as the younger population of the country is swelling, we find a major part of the population turning net-savvy and preferring mobile transactions. They demand seamless experience and connectivity through IoT. This has not only provided traction to digitization but has also enhanced the effectiveness of creating an antifraud and secure transactional environment to retain the credibility of the digitized transactions. Role of FRM like Trident in Detection of fraud The simple logic that Wibmo uses is that the more you know your customer, the more difficult it becomes for the fraudsters to impersonate you. E.g., while a person might impersonate another with a banker, it is almost impossible to impersonate him with his family. The difference lies in the fact that the family knows the person in question too well. This is the exact logic we use at Wibmo through our TRIDENT. In essence, the more you use our services, the more difficult it becomes for fraudsters to steal your identity. Collecting various data points through ML or machine learning offers the most effective defence against identity theft. Based on the past patterns, the current transaction can be evaluated and analysed in a fraction of seconds, and thus the fraud detection and prevention can occur without increasing the transaction time. The continuous learning by the machine will only improve as the data points collected are only going to get the virtual persona of the customer more precise. The long-term utility and credibility that such a system can give to the issuer and acquirer are worth every penny spent and every effort taken. Role of end-users in the detection of the fraud There are few steps that you can take to reduce the risk as an end-user. 1. Take time to check the authenticity of the sites where you are planning to use the card. Do not simply click on the links sent over SMS or WhatsApp or mails offering you cashback or discount vouchers 2. Download the apps from a trusted origin and use that for repeat purchase rather than using links that might have been sent to you. 3. Never share the OTP, UPI pin, and other bank details. However, at times this has been reiterated it is surprising how even the educated crowd is taken in. Do not hesitate to change them in case you even suspect them having been compromised. No one can deny that Identity theft is a very real threat but reducing our transactions fearing this is akin to not using roads fearing accidents. Neither is it fair to throw the onus of this onto the end-users or customers. The only sustainable and robust solution lies in fortifying our defences at the PG level. Author: Krishnan KN, Advisor in Wibmo’s Agile PMO Wibmo A PayU/Naspers FinTech Company Fraud, Fraud Detection, Fraud Prevention, Identity Management, Identity Theft

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