The ATPC recently completed a fraud White Paper entitled, “Improved Fraud Fighting Demands Greater Industry Collaboration” to drive awareness of the challenges and efforts underway within the payments processing industry to tackle this critical issue.
ATPC collaborated with it’s Vision 2027 Committee and Glenbrook Partners to draft the study.
Key study findings include:
- Fraud is an increasing problem for the US payments industry, particularly in terms of
the dollar value impacting consumer payments.
- Industry collaboration to fight fraud can be improved through expanded data sharing;
this is particularly impactful as AI usage increases, offering ecosystem participants
opportunities to leverage broader datasets to make informed decisions about
transaction risk.
- Existing efforts to collaborate across stakeholder categories to reduce fraud
demonstrate that coordination is challenging and that all stakeholder categories must
have an equal voice to ensure success.
- Additionally, the US payments regulatory environment is fragmented and slow to
respond to emerging payments risks, indicating an opportunity for greater dialog
between payment industry stakeholders and regulators to ensure that regulations are
clear, consistent, and responsive to new technological developments.
The ATPC will leverage the report to engage industry leaders and federal and state elected officials and regulators to drive further dialogue and action.
Read the full report here.