Fighting back against fraud: How the right PSPs can help
In Finextra’s latest article, our CEO Delia Pedersoli, addresses the pressing issue of credit card fraud in the UK, which has the highest level of credit card fraud in Europe. She highlights the importance of payment service providers (PSPs) in safeguarding against criminal activities in the payment process and suggests best practices for selecting a reputable PSP to combat this growing threat without creating unnecessary friction in the customer experience.
Pedersoli emphasises the significance of regulatory expertise in selecting a PSP. Merchants should choose PSPs that understand and comply with the unique and often changing regulatory requirements of the territories and markets in which they operate, especially when cross-border payments are involved. Compliance with regulations such as anti-money laundering and KYC is crucial for maintaining good business practices across the industry.
Additionally, Pedersoli stresses the importance of automating disclosure processes to enhance the end customer experience. PSPs must have systems and controls in place to manage the risk of financial crime and alert users and merchants of potential criminal activity promptly. Automation of these processes reduces the time customers are inconvenienced by security checks and ensures that checks seamlessly integrate into the customer’s normal payment experience.
Furthermore, Pedersoli recommends that merchants choose PSPs that prioritise frequent audits and assessments to maintain high standards of security and compliance with regulatory requirements. Regular pen-testing of technology and services, as well as manual verification of disclosure checks, should be essential components of a PSP’s audit process.
From this article you can expect to learn about the importance of selecting a reputable PSP, understanding regulatory requirements, automating disclosure processes, and prioritising audits to combat credit card fraud effectively. Pedersoli’s insights provide merchants with valuable guidance on mitigating the risks associated with fraud, safeguarding customers, and maintaining a seamless payment experience.
From this article you can expect to learn about the importance of selecting a reputable PSP, understanding regulatory requirements, automating disclosure processes, and prioritising audits to combat credit card fraud effectively. Pedersoli’s insights provide merchants with valuable guidance on mitigating the risks associated with fraud, safeguarding customers, and maintaining a seamless payment experience.
