Why Pay-by-Bank Is Best for Fraud Prevention

Ditch fraud-prone card payments.
With Wallid’s Pay-by-Bank, every transaction is bank-authenticated, eliminating chargebacks and fake users — instantly.

Ecommerce fraud is expensive — not just in revenue loss, but in lost trust and higher processing fees.
Wallid Pay-by-Bank is designed to stop fraud at the source — by removing the tools fraudsters rely on, like stolen cards and spoofed identities.

Let’s dive into why it’s the most secure way to pay.

What Is Pay-by-Bank for Fraud Prevention?

Pay-by-Bank uses secure open banking APIs to initiate payments directly from a customer’s bank account — authenticated via their banking app with SCA (Strong Customer Authentication).
  • No card numbers to steal

  • Bank-level security

  • Verified identity via biometric login

  • Zero chargeback liability

  • PSD2 and GDPR compliant

Why Pay-by-Bank Beats Traditional Payment Methods
  • No Card, No Problem
    Card fraud relies on stolen numbers and weak verification. Pay-by-Bank removes card details completely — there’s nothing for fraudsters to steal or spoof.
  • Biometric-Backed Identity
    Transactions are verified using fingerprint or facial recognition in your customer’s banking app — making identity theft nearly impossible.
  • No Chargebacks
    Since Pay-by-Bank is a push payment (initiated by the customer), chargebacks don’t apply.
    That means:
    ❌ No friendly fraud
    ❌ No abuse of refund systems
    ✅ Lower operational costs and disputes
  • Real-Time Risk Reduction
    Because the bank verifies identity instantly, you block fake accounts and stolen credentials before they reach checkout.
  • Secure by Default
    Wallid Pay-by-Bank is built on open banking and SCA compliance — no need to worry about PCI DSS or extra fraud screening layers.

Fraud Prevention Comparison

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Conclusion: Why Switch to Pay-by-Bank?
  • If you’re still relying on card payments, you’re exposed to
    ❌ Stolen credentials
    ❌ Chargebacks
    ❌ Compliance headaches
  • Wallid Pay-by-Bank offers
    ✅ Verified, bank-authenticated identity
    ✅ No card data to steal
    ✅ No chargebacks
    ✅ Instant, frictionless checkout
Frequently Asked Questions
Frequently Asked Questions
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