Confidential Customized for Lorem Ipsum LLC Version 1.0 FaaS To Combat Financial Scams: FinTech Experts At The Money 2.0 Conference Shed Some Light On The Matter!
Confidential Customized for Lorem Ipsum LLC Version 1.0 TOC ➢ Introduction To Faas: A Key To Prevent Scam ➢ Using FaaS To Overcome Scams & Chargebacks ➢ How FaaS Overcomes Scam & Chargeback Scams?
Financial leaders took advantage of the global finance event, Money 2.0 Conference, to talk about the prevalent scam and how FaaS can become a catalyst for eliminating FinTech scams efficiently→
● The FaaS product allows merchants in diverse business categories to access several payment options with just one integration.
● With FaaS, a third party manages the job of creating the infrastructure, integrating numerous licensing and compliance, and merging dissimilar financial systems.
● Any business can leverage Fintech APIs to include financial capabilities into their current applications, services, and products thanks to Fintech-as-a-Service (FaaS).
● Additionally, services like chargeback and scam prevention might benefit retailers.
● Businesses may quickly integrate and provide customers with various financial services that were previously only available through traditional banking and legacy financial institutions.
Using FaaS To Overcome Scam & Chargebacks
● Furthermore, the global finance event also concluded that utilizing
● Fintech businesses must also ensure they are familiar with their clients and have the required regulatory information when they join.
● At the financial leaders’ summit, FinTech experts highlighted that data breaches occur more frequently every year. These breaches expose personal information, including usernames, passwords, credit card details, and social security numbers, to scammers.
● Cybercrime is an evolving threat, just like fintech-as-a-service. Cybercrime is an issue, even in areas of the internet that are the most secure. Cyber scam in the modern day are more sophisticated than before.
How FaaS Overcomes Scam & Chargeback Scams?
➔ Finance experts at the Money 2.0 Conference believe that scams and chargebacks cannot be avoided entirely; it is generally agreed upon that merchants should work to develop solutions that will aid in chargeback avoidance while also automating the representation process.
➔ To increase the security of the card acquisition process and shield businesses from chargeback risk, Visa and Mastercard created authentication systems like 3D Secure. With this
➔ Most firms lack the manual capacity to sift through a sea of daily transaction data to identify red flags for chargebacks. Because of this, chargeback solutions must enable merchants to focus on specific issues and provide easy access to supporting documentation if they need to address a claim.
➔ Additionally, speakers who graced the financial leaders’ summit— Money 2.0 Conference, quip by recognizing high-risk transactions, anti-scam technology helps organizations prevent chargeback fraud by spotting it before it happens.
➔ It also enables the company to develop specific guidelines for transactions it will and won't accept, whether due to restricted nations or IP addresses. The overall risk of scamm-related disputes can be significantly reduced by having protection that is always on.
Thank You! This Presentation Is Prepared By Jhanvi Saxena Manager, Money 2.0 Conference