Counter-fraud

As I outlined in my previous blog, we have seen a rapid movement to card channel payments as cash usage has declined during the pandemic. In the UK, as early as April this year cash withdrawals had declined by 60% (according to the UK Government) - mainly due to a combination of people staying indoors and being unable to use cash for payments, as well as reports of the risk of virus transmission by handling cash (something that the World Health Organisation has advised may not necessarily be the case).

As Brexit’s final transition date edges closer, Britain’s businesses have warned that they are running out of time to make preparations for trade, should a no-deal be reached. At the same time, the government has warned that there will be a huge amount of red tape for businesses to contend with, whatever deal is struck. Put these factors of uncertainty and increased bureaucracy together and you have the perfect recipe for trade fraud to manifest itself and thrive. Jesse Chenard, CEO at fintech MonetaGo, looks at why the risk of trade fraud is higher than ever in the current climate and how technology could provide the solution.

https://www.finextra.com/blogposting/19458/brexit-uncertainty-creates-the-perfect-conditions-for-trade-fraud-to-rise-technology-has-the-answer

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