When consumers and businesses make payments online, they typically focus on making sure recipients receive their payments on time, so they don’t incur late fees. Fraud is likely not on their minds.
However, fraud is one constant in our payments ecosystem. Criminals are relentlessly looking for ways to take advantage of people and systems for their own benefit. Authentication practices, tools and processes are designed to prevent unauthorized users from gaining access to our accounts or devices. These approaches focus on verifying the identity of the person or entity who has the right to access the system.