What's Happening?
Candice Pressinger from Elavon has provided insights into the evolving landscape of payment security, emphasizing the role of AI in fraud prevention. She highlights the importance of AI-powered Transaction Risk Analysis (TRA) and biometric verification
in transforming fraud control, which boosts approval rates while reducing false declines. Pressinger also discusses the challenges retailers face in maintaining PCI-DSS compliance and the financial consequences of inadequate security measures. She stresses the need for a culture of security within organizations to empower teams to act decisively against new threats.
Why It's Important?
The insights shared by Candice Pressinger are crucial for retailers as they navigate the complexities of payment security. With AI embedded in modern fraud systems, retailers can enhance their security measures, potentially reducing financial losses due to fraud. This development is significant for the retail industry, which faces constant threats from cyberattacks and synthetic identities. By adopting advanced security technologies, retailers can protect their revenue and customer trust, making security a competitive advantage rather than just a compliance requirement.
