With constantly evolving technology, ever-present competition and limited resources, the payments industry has always been fast-moving. With the added burden of a global pandemic, resulting in increasing cybercrime and fraud and ever-tighter regulatory and political pressures, businesses must achieve resilience whilst maintaining the near frictionless and trusted digital experiences that customers have come to expect.
Whilst regulations, such as PSD2, try to preserve the integrity of the ecosystem by reducing fraud, regulators always grapple with long regulatory cycles. Fraudsters, unlike legitimate businesses, are not affected by these cycles, and global events, such as a pandemic, are conducive to criminal purposes. As criminals remain several steps ahead of regulations, consumers adopt new technologies, share more and more data, demand safety and expect their trust not to be broken.