The pace of shift to digital payments has significantly increased with strong move towards a less cash society. Increased adoption of digital payments clearly indicates a favorable environment for the banking industry. Volumes of digital transactions are growing rapidly, giving both traditional and non-traditional players the opportunity to explore new revenue streams and increase market reach.
However, increased digitization has led to various risks and challenges in the banking ecosystem. With more and more consumers preferring digital payments, the chances of getting exposed to fraud are also increasing. As a direct consequence, we anticipate increasing regulations requiring banks to take preventive measures to avoid fraud in cashless payment channels, ensuring long-term success of digital payments.
To discuss how financial institutions can combat new threats and take advantage of transformative digital payment solutions, TPS & IBM conducted Digital Payments & Combating Fraud conference. The conference was held on May 10, 2018 at PC Hotel, Karachi with focus on approach towards consumer & commercial payments and real time cognitive fraud detection strategies for cashless payment channels.
