The Partnership Imperative
How Cross-Industry Collaboration and AI are Fortifying Defenses Against Payment Fraud
The State of Fraud in Numbers
The Evolving Threat Landscape
Fraud is converging across payments, crypto, and money mule networks, demanding cross-channel detection. AI-driven scams like Authorized Push Payment (APP) fraud are accelerating, while traditional methods remain potent.
⚠️Top Threat Vectors of 2024:
- •Business Email Compromise (BEC): 63%
- •Check Fraud: 63%
- •Wire Transfers: Overtaking ACH as most vulnerable to BEC
Most Targeted Payment Methods
*BEC-related targeting. Data from AFP 2024.
The Power of Collaboration: A Unified Defense
Financial institutions are shifting from isolated defenses to collaborative ecosystems. By sharing data and insights, they create a formidable barrier against sophisticated fraud networks.
🤝Consortium Analytics
Analyzing millions of counterparties across institutions to flag high-risk payees in wires, checks, and instant payments before funds are lost.
🧠Smarter AI Models
Cross-industry data pools provide AI platforms with comprehensive eCommerce and payment data, drastically improving pattern recognition and fraud detection accuracy.
“Fraud detection providers must utilise data collected throughout the whole eCommerce process to advance AI models.”
– Cara Malone, Juniper Research
Fraud Detection Market by Segment
2023 Market
Electronic Payment: 42.18%
Other Segments (Services, etc.)
AI & Technology: The Frontline Defense
Leading vendors are leveraging AI-orchestrated platforms to analyze vast datasets for subtle fraud patterns. The electronic payment segment dominates the market, reflecting the critical need for robust online transaction security.
Market Leaders & Their Edge:
- →MaxMind (22.78% share): Leading software for safeguarding transactions.
- →Signifyd (19.07% share): AI-trained models using full eCommerce lifecycle data.
Challenges & Opportunities
Key Challenges
Fragmented Signals
Converging fraud across payments, crypto, and mule accounts complicates detection without a unified, cross-channel view.
AI Arms Race
Defenses must scale against AI-powered fraudster tactics while meeting strict compliance deadlines like Nacha’s March 2026 rules.
Actionable Opportunities
Leverage Consortiums
Join partnerships for counterparty risk sharing, enhancing detection across institutions before transactions are complete.
Invest in Orchestration
Adopt AI-orchestrated platforms that prioritize end-to-end data for superior pattern recognition and proactive defense.
Ready to Build a Stronger Defense?
Let’s discuss how collaborative strategies and cutting-edge AI can protect your organization from the next wave of payment fraud.