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Complete Story
07/20/2020
New Report: How Alipay Fends Off The Fraudsters
PYMNTS.com
Consumers and retailers have become more wary of handling physical cash during the COVID-19 pandemic, spurring some to turn to mobile payment apps instead as a safer, contactless alternative. Fraudsters are eager to take advantage of green app users who may be unfamiliar with the tools to scam them out of their funds, however. Payment platforms must therefore be vigilant in protecting their growing customer bases. That includes imposing strong know your customer (KYC) measures to prevent bad actors from onboarding in the first place.
The payment app space is not the only one gearing up against crime, of course. Other industries are also looking to ensure their preparedness against new attacks and complying with new anti-money laundering (AML) policies that are anticipated to roll out later this year. The July AML/KYC Tracker® dives into all the latest developments worldwide.
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