41% of UAE businesses report an increase in fraud attempts last year


The rapid growth in digital payments and e-commerce in recent years, accelerated further by the Covid-19 pandemic, has resulted in a striking rise of payments fraud, research shows.

Global financial technology platform Adyen’s own research finds that 41 per cent of businesses in the UAE report an increase in fraud attempts over the last 12 months, while just 29 per cent have effective fraud systems in place . With payments fraud becoming a critical challenge to business across all industries, network tokenisation is key to creating a future of secure, and seamless online payments.

Adyen has issued over two billion active network tokens, marking 2,200 per cent growth in the technology since 2020. “Network tokenisation is a powerful tool,” says Trevor Nies, Global Head of Digital at Adyen. “It brings the two-fold benefit of increasing customer security, while increasing authorisation rates, and therefore revenue for businesses. With Adyen’s technology, which supports the major card schemes, we are seeing that more and more businesses realise the potential in network tokens.”

Security remains a top priority for businesses, however this no longer needs to come at the expense of the customer experience. Through network tokenisation, businesses have seen an average of 3 per cent uplift in authorisation rates equating to a multi-million dollar increase in revenue every month. Since network tokens are less expensive to process than a PAN card payment, businesses can reduce costs, while increasing transaction approval rates and revenue. This is especially transformative for subscription or digital businesses that offer customers “save card details” features making it easier than ever to shop online.

Network tokenisation is an emerging technology and as such not all issuers currently support it. To solve this challenge Adyen offers network token optimisation which uses machine learning to choose between a network token or PAN payment to boost authorisation rates. This drives an additional 1 per cent uplift in authorisation rates for businesses.