Against a backdrop of fast-changing rules and rising digital threats, BankservAfrica hosted the PayInc Annual Fraud Intelligence Conference to take stock of how the payments landscape is being reshaped. Speakers said artificial intelligence (AI), geopolitical tensions and new regulation are colliding to create more complex identity theft and cyber-enabled scams that outpace traditional controls.
The conference set out a new direction: move from isolated, institution-by-institution measures to a coordinated, industry-wide approach. Delegates backed the wider use of artificial intelligence tools to spot patterns of abuse, broader sharing of fraud intelligence across companies, common standards for verifying customer identities and quicker, more consistent authentication across payment channels.
Next steps discussed included forming joint workstreams to agree data-sharing protocols with strong privacy safeguards, developing shared response playbooks for fast-moving attacks and working more closely with regulators on cross-border cooperation. Participants also signalled plans to test real-time risk scoring and stronger digital identity checks, aiming to curb losses without slowing legitimate payments.
For more detail, read the full announcement.