Ant International has partnered with AlipayHK and TNG eWallet to launch the Digital Wallet Guardian Partnership. The initiative aims to strengthen digital payment safety across Asia and protect cross-border wallet transactions.
Digital wallets are the preferred payment method for millions of consumers in Asia. However, with rising adoption, fraud risks have also surged. The partnership focuses on three key areas:
- Technology innovation: Deploy AI, privacy-preserving computing, and advanced security tools.
- Knowledge collaboration: Conduct workshops and share insights on evolving fraud risks.
- Stakeholder engagement: Launch awareness campaigns for consumers and merchants.
Rising Digital Payment Fraud in Asia
Asia-Pacific accounts for nearly two-thirds of global wallet spend, worth US$9.8 trillion. Adoption remains the highest worldwide, but so does fraud. In 2023, 42% of global fraud cases originated in Asia. Account takeover fraud grew by 28%, making it the fastest-growing threat to wallet users.
Alipay+, Ant International’s global payment gateway, has been driving interoperability across 36 e-wallets and six national QR schemes. Today, it connects 100 million merchants with 1.7 billion accounts, highlighting the urgent need for stronger payment protection.
Alipay+ EasySafePay 360 to Combat Fraud
In the first phase, wallet operators will adopt Alipay+ EasySafePay 360, an AI-powered fraud prevention tool. This system protects both online and offline wallet transactions. Trials showed a 90% reduction in account takeover incidents.
EasySafePay uses real-time AI risk models to detect and block fraudulent activities. Privacy computing enables secure, integrated analysis while protecting user data. Users also benefit from a Money-Back Guarantee, with AI-powered claim approvals that improve accuracy by 95% and efficiency by 90%.
The platform includes a one-stop portal for wallet operators. This tool integrates into apps, helping resolve user concerns quickly with customizable features. EasySafePay also secures e-commerce, subscription services, and streaming payments, while reducing checkout friction and improving merchant conversion rates by up to 10%.
Industry Leaders Emphasize Security Commitment
Alan Ni, CEO of TNG Digital, stressed trust as their top priority. “By combining advanced technologies and shared expertise, we can protect both users and merchants,” he said.
Venetia Lee, CEO of AlipayHK, added, “Security innovation is crucial. We safeguard 4.5 million active users with AI monitoring and risk management.”
Tianyi Zhang, GM of Risk Management at Ant International, highlighted the challenge. “AI enhances fraud detection but also creates new risks. Through collaboration, we can stay ahead of threats and secure digital payments worldwide.”
Explore Finance Tech News for the latest innovations in financial technologies and expert insights shaping the future of digital finance!
News Source: Businesswire.com
