The fight against payment fraud has always been a top priority for society. However, the nature of payment fraud has changed significantly in light of accelerating digitization (digital banking, e-commerce, digital payments). Fraudulent attacks, including data or identity theft as well as phishing and hacking of payment services, have shifted to the Internet.
The main targets of these types of attacks are businesses in the commercial sector and the telecommunications, banking and insurance industries. FMSs aim at minimizing the likelihood of such attacks and the resulting losses by taking preventative action.
In addition to a legal framework and legal provisions, a number of basic technological and methodological conditions are required for the development of FMSs. As online payment transactions are increasingly processed in real time, FMSs need to work in real time, too.