Welcome to our latest industry trends update, bringing you recent analyst viewpoints on managing fraud and risk throughout the payment lifecycle, and exploring how Visa Acceptance Solutions fits in.
Guarding against account takeover
As financial losses linked to identity fraud continue to increase, 13% year over year according to Javelin Strategy & Research1 ,it's important for businesses to do all they can to thwart cybercriminals.
Making transactions safer
As already mentioned, consumers who reuse credentials across accounts can be a weak link in the fight against fraud. But, despite their drawbacks, passwords remain at the top of the identity pyramid, according to a recent report from 451 Research: 59% of respondents to its survey say their organization employs usernames and passwords as a form of authentication.2
Managing third-party risk
For many organizations, gaining access to innovative products and services that incorporate technologies like AI involves working with vendors and partners. A recent Forrester report3 suggests that: "For this outsourcing strategy to yield maximum benefits to the business, risk pros must focus their attention on managing risk exposure from these third-party entities."
Forrester's research reveals that respondents who make the connection between increased levels of enterprise risk and increased reliance on third parties frequently describe risk management as an accelerator of innovation (34% compared with 27% for respondents overall).
Businesses that choose Visa Acceptance Solutions to help them access new capabilities can benefit from working with:
- A trusted partner—the Visa Acceptance Platform's active-active architecture delivers 99.99% uptime, helping ensure business continuity.4
- A partner for innovation—a single connection to our platform enables access to a wealth of Visa products and services and to an ecosystem of partners. Together, we can help you design advanced, customized payments solutions to support your own and your merchants' goals.
We'd love to talk
We'd love to talk with you about these and other trends and innovations in the payments industry. Feel free to reach out and discover how Visa Acceptance Solutions and our uniquely open payments platform can help you build the future of payments.
And keep an eye out for our next update for more news and commentary.
1 Javelin Strategy & Research.: 'ATO Fraud: Why It Remains FIs' Greatest Fraud Risk'; August 2024, Tracy Kitten
2 451 Research, part of S&P Global Market Intelligence: 'Move over passwords: It's time to move on'; Garrett A. Bekker III and Dan Kennedy, September 2024
3 Forrester Research, Inc.: 'The State Of Third-Party Risk Management, 2024'; Alla Valente and colleagues, August 2024
4 Uptime based on the 12-month period, between January 1, 2022, and December 31, 2022, as reported Feb. 2, 2023
Disclaimer: Case studies, comparisons, statistics, research, and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial, or other advice. Visa Acceptance Solutions neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.