Payments Industry Builds Consortium To Fight Fraud

Banks, merchants and networks face rapidly evolving digital payment fraud leveraging AI, deepfakes and mobile attack vectors, the article warns. It argues that siloed, institution-by-institution defenses are insufficient and that consortium-based data sharing, tokenization and network-scale tools enable earlier detection. Discover Network's Enhanced Decisioning, Fraud Alerts and Account Incident Manager are cited as examples to reduce false declines and improve authorization rates.