As digital payments surge, so do the challenges of ensuring robust security without compromising customer experience. We were delighted to participate in Mastercard Identity Connect in Amsterdam, where industry leaders – including Decoded’s own Marisa Mitchell – shared valuable insights on the future of payment security and optimisation.
Highlights included the growing risks posed by the dark web, the rising importance of AI-driven fraud detection, and the industry-wide challenge of balancing security with a smooth user experience. Optimising payment flows emerged as a key takeaway, as it not only strengthens security but also enhances revenue potential, positioning businesses to succeed in the complex digital payments landscape.
Decoded’s Marisa Mitchell ran a live demo, illustrating the ease with which cybercriminals exploit the dark web for financial gain. This eye-opening presentation underscored the need for a robust understanding of cybersecurity, not only within the payments industry but across all sectors. As digital threats evolve, companies must stay proactive in their defence strategies to ensure data and customer protection.
Speakers at the event, including Mastercard’s Dirk Mourik, Stripe’s Sean Werkema, Entersekt’s Praveksha Majarah, emphasised that traditional security measures alone are no longer enough in today’s landscape. The increasing use of AI to analyse transaction patterns in real-time offers a powerful tool for catching potential fraud early while minimising disruption for legitimate customers. AI-driven solutions are now integral in helping financial institutions and merchants stay ahead of fraud tactics that grow more sophisticated each day.
Striking a balance between stringent security measures and a seamless user experience remains a top priority for merchants. Too many security steps can frustrate customers and lead to cart abandonment, but inadequate security opens the door to fraud. By streamlining each step of the payment process, businesses can achieve an optimised journey that is both user-friendly and secure, building customer trust and loyalty along the way.
Payment optimisation was another standout theme, as businesses that improve transaction flows see fewer chargebacks and higher revenue potential. Real-time data insights allow for smarter decision-making and more effective fraud prevention, making payment process optimisation a vital strategy for driving growth while safeguarding operations.
Mastercard’s Identity Connect event emphasised that as digital payments expand, so do the complexities of keeping transactions secure. By harnessing AI-powered fraud prevention, optimised payment flows, and a vigilant approach to data security, businesses can not only protect their bottom line but also foster trust among customers. Decoded was proud to join industry leaders at the event, contributing insights to strengthen security postures and advance digital payment capabilities for the future.
Our Cybersecurity Immersions provide teams with the insights needed to tackle today’s risks – from digital fraud to AI-driven security – through hands-on, interactive learning experiences. If you’re interested in learning more about our cybersecurity training programmes, visit Decoded’s Cyber Fraud Immersions.
Image accreditation: Amstel Hotel (2016) from Wikimedia Commons. Last accessed on 15th November 2024. Available at: https://commons.wikimedia.org/wiki/File:Amstel_Hotel_2034.jpg
If you’d like to learn more about Decoded and how we can help transform your
organisation, we’d love to hear from you.
