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Real-Time FraudDetection: Defence at Machine Speed Traditional fraud systems rely on static rules and after-the-fact analysis. But fraud doesn’t wait, and neither can protection. Surfacing contextual incentives like rewards or BNPL options. Here’s how AI is redefining payments at every layer of the stack.
Table of Contents Voices from the industry: Insights into the 2024 payments landscape In 2024, we witnessed a convergence between consumer and B2B payments, driven by the rise of BNPL adoption, AI-powered frauddetection, and the continued digitalisation of payment platforms.
By 2028, the number of users of BNPL services (Buy Now, Pay Later) is predicted to double to 670 million, an explosive 107% growth compared to 2024. However, as the industry flourishes, so inevitably do the risks ranging from fraud to late payments. on an annual basis to reach US$560.1 billion in 2025. billion.
They can range from traditional payments, such as credit/debit cards and ACH payments , to modern alternative methods, such as digital wallets, mobile transactions, Buy Now Pay Later (BNPL), and cryptocurrency. Frauddetection – Frauddetection and prevention measures identify and block any fraudulent activities in the payment system.
By combining traditional credit cards, digital wallets, BNPL (Buy Now Pay Later) services, and real-time payments, businesses can offer customers a seamless, personalised experience. Real-time frauddetection systems will enhance trust and security by identifying and mitigating risks instantly.
IPO Buy now, pay later (BNPL) player Klarna unveiled plans this quarter to operate more like a full-service digital bank. Circle officially launches its IPO Stablecoin issuer and infrastructure company Circle announced the launch of its IPO in May.
Overly Aggressive Fraud Filters Frauddetection systems designed to protect merchants can sometimes be too strict, resulting in legitimate transactions being flagged and declined. If these steps fail to load properly, are confusing, or the customer abandons them, the transaction will be declined or left incomplete.
Stablecoins This technically fits into the crypto category, but it deserves a highlight all on its own because of the potential. Stablecoins are a type of cryptocurrency pegged to a fiat currency or a commodity, such as gold. Also, stay informed about regulatory changes, as they are sure to change as crypto continues to evolve.
AI, in particular, is transforming payment processing, enhancing transaction speed, accuracy, security, customer experience, and frauddetection, the report says. For example, Visa has been using AI-based technology for risk and fraud management since 1993. BNPL, in particular, has surged, rising from accounting for 1.6%
Prominent players like Grab, Shopee, and Atome exemplify this trend with integrated “Buy Now, Pay Later” (BNPL) services, empowering underbanked populations and improving financial accessibility. Advanced systems strengthen frauddetection by analysing extensive datasets to identify anomalies, and build security and trust.
Key areas of impact include fraud prevention, card fee structures, accessibility standards, stablecoin usage, and the treatment of consumer data in evolving open finance ecosystems. These include ensuring that BNPL options are clearly described, not misleading, and supported by regulated providers.
Whether it’s the fierce competition among acquirers for merchant accounts, the disruptive impact of emerging fintech startups, or the transformative potential of cryptocurrency and stablecoins, the competitive landscape is constantly evolving. The global recurring billing market is expected to reach $25.88
The payments industry in 2024 saw rapid evolution, marked by the growing adoption of real-time payments, advances in AI-driven frauddetection, and significant progress in Central Bank Digital Currencies (CBDCs). One of AI’s most transformative roles is in frauddetection and prevention.
Immediate focus areas include fraud prevention, ISO 20022 readiness, and stablecoin regulationbut longer-term success depends on active engagement with consultations, operational resilience, and global alignment. ISO 20022 also unlocks improvements in frauddetection, regulatory reporting, and data analytics.
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