Payment Fraud and Risk Excellence

The Payment Fraud and Risk Excellence category is open to organisations that provide solutions and services focused on financial crime prevention and/or risk management. Such solutions and services should help prevent financial crime, payment fraud, financial losses, fines, and reputational damage. This includes, but is not limited to; anti-money laundering, payment fraud prevention, data security, strong customer authentication, and identity verification services.

For risk management, entries should demonstrate how the organisation has developed and implemented a risk management strategy that has led to improved business performance, reduced risk exposure, and enhanced resilience to future risks.

The award will be given to an organisation that has effectively prevented financial crime or fraud, made life harder for criminals, and reduced the amount of losses from attacks.

The solution can focus on single or multiple aspects of financial crime prevention/risk management and a wide variety of fraud types. It will recognise how the financial crime and risk prevention solution has protected both the FI/PSP business and, where appropriate, their end customers. Evidence of how the solution has helped businesses comply with regulations should be included where applicable.

Entries must demonstrate the improvements that have been achieved due to the solution implementation. The solution may be running in any Asia Pacific countries, but it must be in full production.

Entry eligibility  

  • The solution must have been operationalised in one or several Asia Pacific markets. 

To make a submission please provide the following information:

Nominee or nominator

  • Entry name
  • Name of nominating organisation 
  • Name(s) of nominated organisation(s) 
  • The nature of the business relationship between you as the nominator and the nominee company’s solution description 

 Submission format

Your entry is done digitally via APAC Payments Excellence Awards Website, by submitting a written description of your value proposition/solution/initiative using selected category criteria.

Each criteria in your submission will be evaluated and scored by judges in your Category Judge Panel. Each criteria have a 300-word limit. Provide as much information as you can and quote the source of that information, to describe the solution, success measures and what was achieved. Note that no attachments are allowed, and website links will not be seen as part of a submission.

Payment Fraud and Risk Excellence Judge Criteria

Describe your Payment Fraud and Risk Excellence initiative/solution under each criteria section.

  1. Solution Description

Describe your solution and its key features. Can you provide a clear and complete description of the problem your solution is addressing? What technology or approach has been used to address the problem? What unique features or benefits does your solution offer? Include your problem statement, goals set, target audience and the geographic location of the solution.

  1. Value Delivery

How has your solution delivered value to your customers and end users? Can you provide examples of how it has increased security or reduced financial losses? What is your solution’s value proposition? What sets your solution apart from other financial inclusion models currently in use?

  1. Impact and Result

How has your solution impacted financial crime prevention, fraud reduction, risk management, and/or compliance? What data-driven examples can you provide of the results achieved through your solution’s implementation, such as, but not limited to reductions in fraud rates, financial losses, fines, or reputational damage?

  1. Future Prognosis

How will your solution continue delivering value in the future? Can your solution scale to meet future needs? How adaptable is your solution to new risks or challenges? Can you discuss any improvements you plan to make to your solution in the future?

Evidence of success – metrics 

Please provide as much information as you can and quote the source of that information. Such information might include the following, but this is not an exhaustive list and, in each case, the judges will be looking for evidence that supports your claims about the key benefits of the initiative/solution/process: 

  • User count: Number of users who have utilised the solution since launching until February 2024.
  • Volume metrics: Relevant metrics such as payments, fraud preventions, or transactions since launch until February 2024.
  • Growth and transformation: Historical growth in usage, as well as extrapolated projections for future growth, and evidence/data of how the solution use has prevented fraud and limited risk exposure.

Please note that data is treated confidentially and not disclosed outside the immediate Category Judging Panel and the APAC Payments Excellence Award team.