Why Verification Is a Critical Bridge Against Fraud, but Not a Silver Bullet
At EBAday 2026, Jonathan Cardwell, Business Development Lead at Banfico, highlighted the challenges and strategies surrounding fraud verification in a recent interview. He noted that while verification is effective in certain scenarios, it struggles against authorized push payment fraud due to its nature of being sanctioned by verified users.
Cardwell emphasized the importance of integrating a risk-based approach that balances the necessity of verification with maintaining a seamless customer experience. He framed verification as a vital component in the ongoing battle between fraud prevention and detection, though he cautioned that it isn't a comprehensive solution.
Key takeaways
- ▸Jonathan Cardwell discussed the effectiveness and limitations of fraud verification at EBAday 2026.
- ▸Authorized push payment fraud complicates verification as it can be authorized by verified individuals.
- ▸A risk-based approach to adding friction in the verification process is crucial to minimize disruption.
- ▸Verification should be viewed as a bridge, not a complete solution, in the preventative measures against fraud.
Why this matters
The insights shared by Cardwell underscore the need for a delicate balance in verification processes to combat increasingly sophisticated fraud methods. As payment fraud evolves, companies must adapt their strategies to ensure they are not only preventing fraud but also enhancing user experience. A successful implementation of risk-based verification could set apart providers who prioritize both security and customer satisfaction, giving them a competitive advantage in the market.
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