How technology helps to handle fraud and scale up digital payments

India is spearheading the global digital economy, with approximately 70 billion digital payment transactions recorded in 2022-the highest globally, according to Statista.

This remarkable figure represents substantial growth compared to the corresponding number of 44 billion in 2021.

However, with the emergence of a digital-first economy, organisations have become increasingly vulnerable to payment data breaches. The shift to remote access has made it easier for unauthorised individuals to exploit digital payment systems for malicious purposes, as the boundaries of organisation firewalls are no longer a strong deterrent. This widening scope has provided fraudsters with more opportunities to carry out illicit activities within digital payment systems.

With this, a growing number of payment processors are incorporating AI into their operations to enhance their understanding, streamline transactions and intensify security measures.

Shedding some light on these areas, Sathyan S, Head of Data Science/ AI, Thoughtworks India; Vinod Sankaranarayanan, Head of Digital Public Goods and Infrastructure, Thoughtworks; and Leslie D'Monte, Senior Associate Editor, Mint took part in an intriguing discussion on the topic, How Tech Helps to Handle Fraud, Scale Up Digital Payments on 9 June 2023, in Bengaluru at the Mint Digital Innovation Summit & Awards.