Digital payments are growing rapidly, driven by the convenience and efficiency they provide for both consumers and enterprise-level businesses. According to Juniper Research, digital wallet spending will top $10 trillion in 2025 — and the number of people around the globe using contactless mobile payments in 2024 will surpass $1 billion for the first time.

But along with the mainstreaming of digital payments comes a huge surge in fraud of many varieties and ever-increasing sophistication, including the use of artificial intelligence. 

In this playbook, we outline the drivers behind today’s boom in digital payments, along with eight key strategies to prevent and detect next-generation fraud. Featuring up-to-the-minute trends, this playbook explores:

• The rise of increasingly sophisticated fraud techniques and tools
• How to strike the right balance between fraud prevention and the needs of customers 
• How AI and machine learning provide a strong defense against fraud, and more

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