EXPERT FORECAST : BANKING AND FINANCE
Amal Ahmed , Director at Signifyd
reputation of businesses and financial institute as customers become subject to them , it can shred the loyalty that customer has towards the company .
• Reduces business opportunities – Cross-border payment fraud can cause businesses to lose opportunities with other businesses and financial institutions . A company that has become a victim of fraud , can see potential clients and partners feeling vulnerable within the payment systems .
• Personal and financial data breaches – Cross-border payment fraud can cause personal and financial data being leaked , exploiting private customer information to third parties that can lead to identity theft , financial losses and other forms of fraud .
• Non-compliance with regulations – Cross-border payment fraud can lead to regulations and laws being broken leading to further costs for fines , legal frees and more damage to businesses and financial institutions .
As businesses venture into new international markets , understanding and preparing for the unique fraud challenges of each region is paramount .
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