Zumigo joins hands with industry organizations, associations to collaborate
Many matters in the world affect the common good of the larger community, beyond one group of stakeholders or businesses. Fraud is one such matter. When left unchecked, it can run rampant and erode the trust between businesses and their consumers, resulting in negative impact – including loss of funds/revenue, and the downstream effects of non-compliance – to all of us. It therefore takes a collaborative community – an ecosystem of leaders, visionaries, solution providers, educators, volunteers, technicians, legislators, and law enforcement – to fight fraud.
At Zumigo, we recognize the importance of working together towards a common good and we are committed to collaborate with fraud fighters. Since day one, we have worked with many partners to bring the best solutions to the market, to address the most common and the newest fraud challenges. This year, we have deepened our commitment by expanding our involvement.
First, we have joined the US Faster Payments Council, an industry-led membership organization that is open to all stakeholders in the U.S. payment system. Its charter is to drive broad adoption of faster payment methods in the U.S. through collaboration and problem-solving. According to a recent report, U.S. real-time transactions are estimated to reach $7.4 billion in volume by 2025*. It’s not a matter of “if” but a matter of “when” instant payment transaction fraud becomes a vulnerability that hackers exploit at scale, quickly and easily. Together with forward-thinking entities, we will help foster collaboration and address fraud challenges that are specific to instant payment transactions.
We continue to be a member of the Communications Fraud Control Association (CFCA), a not-for-profit global association that is committed to risk management, loss prevention and fraud control through education, information sharing and collaboration. This is our second year with the organization, and we will continue to advance CFCA’s charter by contributing our knowledge and learnings.
Finally, this is also our second year of joining the About Fraud community as a solution provider. About Fraud is dedicated to helping businesses fight fraud through education and empowerment. We have participated in Fraud Fight Club events and have co-produced webinars for educational purposes, and we will continue our collaboration.
There is no time to rest in the war against fraud, especially with the continuous emergence of even more sophisticated scams and attacks. We are deepening our commitment to the fraud-fighting community and will continue to seek out new partnerships.
*The Real-Time Payments World Map by PYMNTS Intelligence and The Clearing House, July 2024
Yu-Ting Huang is Sr. Director of Marketing at Zumigo. Comment or questions? Find her on LinkedIn.