2023-01-31 15:42:03

Fighting back against fraud: How the right Payment Service Provider can help

Logo Finextra
By Finextra

The UK has the highest level of credit card fraud in Europe, with over 134 card frauds per 1000 people and the average victim losing out to the tune of 8,833 according to think tank Social Market Foundation.

As the vital link between acquiring and issuing banks, ensuring payments are made correctly, payment service providers (PSPs) have an important role in safeguarding against criminal activities in the payment process. With retailers liable to payouts and reputational damage following incidents of fraud, selecting a reputable PSP that can help combat this growing threat without creating unnecessary friction in the customer experience is a must. So, what does best business practice look like?

Regulatory expertise

Firstly, when selecting a PSP, merchants should look to work with payment service providers that understand the unique and often changing regulatory requirements of the territories and markets within which they operate. This is especially crucial when cross-border payments are involved. Knowing what sanctions might be in place against doing business with certain companies and regions needs to be thoroughly investigated and understood. All international payments should also be screened by the Swift gateway to ensure anti-money laundering and KYC compliance.

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