Digitalisation of retail payments and development of a risk management system

The purpose of the article is to develop approaches to risk management in the payment sector. The rapid digitalisation of payments has changed the structure and quality of payment risks. In the near future, the settlement and payment services sector will face increasing levels of various risk factors, enhanced regulatory control, and significant changes in global risk management standards. Payment risk management is a modern and challenging task, the solution of which is constantly and dynamically evolving due to transformations in the environment, payment instruments, and user behaviour. An urgent area of risk management development in the payment sector is the construction of a system for proactive fraud detection. The use of advanced digital technologies and tools can allow participants in payment chains to stay ahead of emerging threats. The article analyses fast payment systems (hereinafter referred to as FPS) and associated risks of fraudulent actions. Methods of analysis, synthesis, generalisation as well as the logical method are applied. The data published by regulators on recorded fraud ways over the past 5 years are used. The authors provide a classification of fraudulent activities in the payment sector and note the methods used to detect fraud. Based on the practical experience of using Russian FPS and system analysis of FPS cases from other countries, the authors propose ways to improve payment risk management. The results of the article can be applied in the practice of functioning of both payment systems as a whole and their individual participants.

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