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Payment leaders must focus on fraud prevention, collaboration with tech and telecom sectors, and public education to mitigate future risks. This can be attributed to the increasing sophistication of fraud detection tools, improved authentication measures, and greater consumer awareness of phishing scams. What’s next?
“The payments industry needs to continually innovate and invest in systems to help mitigate the threat of fraud. Purchase scams accounted for 67 per cent of the total number of APP cases. Romancescams However, this type of scam isn’t the only cause for concern.
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