The global payments industry is experiencing major shifts with successive disruptive innovations coupled with the ever-rising consumer demand for more user-friendly and frictionless payments experience. Discerning new age consumers’ demand for more frictionless payment options are fulfilled by merchants and payment service providers (PSPs) with a range of modern payment schemes that are potentially vulnerable and are often exploited by the organized fraud syndicates.

New-age, sophisticated fraud rings perpetrate new fraud schemes and designs that pose a daunting challenge for all players in the payments business. The hyper-accelerated growth of eCommerce has unlocked new opportunities and boundaries for merchants but also ushers security concerns. The introduction of EMV has further heightened the challenge with fraud rings focusing on CNP schemes.