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6 Tips to Jumpstart Payment Fraud Prevention

November 18, 2022

Download the Anti-Fraud Playbook.

As fraudsters continue to perpetrate new payments fraud schemes at scale and faster than most organizations can keep up with, fraudulent payment card transactions are forecast to reach $38.5 billion in volume by 2027.

And the costs continue to add up for businesses too, including the often overlooked impact of lost time, money and productivity, and damaged reputation and customer relationships. All this equates to nearly $30 billion a year in business impact.

Fraud, like any complicated payments issue, shouldn’t be dealt with alone. Preventing payments fraud in-house is becoming increasingly difficult without access to AI and machine learning tools, trend data and experts who know how to interpret fraud trends in real-time.

How to Assess Your Greatest Fraud Risks

Manual approaches to fraud management aren’t cutting it. Financial services firms looking to uplevel their fraud mitigation strategies are tapping technology experts who can help them deploy sophisticated AI and machine learning-based tools that proactively flag fraud risks before they escalate.

Businesses can gain insights into the evolving fraud landscape through embracing advanced fraud mitigation technology—such as multi-layered authentication processes, dynamic fraud decisioning and real-time insights— to start establishing their fraud management foundation. But don’t worry, you don’t have to go at this alone.

Instead of worrying about the logistics of payments fraud, businesses should be focused on the customer experience. That’s where a trusted expert matters. Galileo is here to equip you with actionable tips and tools to get ahead of payments fraud risks so you can focus on what’s most valuable: your customers.

Start Preventing Fraud Today with the Galileo Anti-Fraud Playbook

The Anti-Fraud Playbook is your guide to reduce fraud losses and minimize evolving payment risks.

This playbook will help you learn how to:

  • Ditch the reactive approach

  • Benchmark your fraud appetite

  • Navigate today’s top four payments fraud trends

  • Make your fraud mitigation strategy count

  • What to look for in a fraud mitigation partner

  • Get ahead of your fraud risks

In this playbook, we’ll also explore the six tips to help you jumpstart your fraud mitigation framework, including:

  1. How to target fraud at every point in the transaction to identify and stop fraud before risk spreads.

  2. Why taking a machine learning-based approach to fraud mitigation helps your team tackle today’s and tomorrow’s threats.

  3. How to address fraud at the right time and speed to protect customer relations.

  4. Why it matters to take a multi-layered approach to fraud mitigation.

  5. How to ditch the ‘set it and forget it’ approach with a modern fraud solution.

  6. How big data experts help you access the right level of threat visibility. 

Beyond what you need to know about the current payments fraud landscape, how to activate an effective fraud mitigation strategy, and how to establish the right practices, the Anti-Fraud Playbook also provides you with a breakdown of the five ​​key considerations to consider when choosing a fraud mitigation partner.

Ready to get ahead of payment fraud and start minimizing your fraud losses? Get your copy of the Anti-Fraud Playbook.

To learn more about how Galileo can help proactively protect your customers from payment fraud risk, click here.

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