Page 28 - HyperPay Report - FEBRUARY 2024

2/22/24, 1:56 PM PRESSR: Customer experience excellence: How Hyperpay enhances checkout processes — TradingView News
as the Payment Card Industry Data Security Standard (PCI DSS) as

well as using strong encryption protocols. This way, customers are

provided with utmost confidence and trust by offering a safe and

secure payment environment, which encourages them to seamlessly

complete their transactions.

The number of individuals making online purchases is rising

significantly in Saudi Arabia, owing to the greater convenience it

offers as well as the ease of use. Similarly, the number is also

increasing substantially in the UAE, with a World Bank report stating

that around 9.82 million people in the UAE made online purchases in

2023. The report states that this number is expected to reach 11.11

million by 2025. The growing number of individuals making online

purchases offer scammers the opportunity to prey on vulnerable

customers. Around 93 per cent of fraudulent financial activities

happened after the COVID-19 outbreak, according to Arabian

Business, lending credence to the fact that cybercrime activity is

rising quickly. This is anticipated to serve as an impediment to the e-

commerce market expansion.

To identify and prevent fraudulent transactions in real-time,

HyperPay leverages various cutting-edge fraud prevention tools and

technology. These tools include geolocation tracking, behavioural

analysis, and machine learning algorithms as well as safeguard both

customers and merchants by minimising chargebacks and identifying

suspicious activities.

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