Businesses lose billions of dollars per year to online payment fraud. Not only do fraudulent transactions impact revenue but they also compromise user trust and lifetime value. To prevent fraud, financial institutions must balance identifying criminal behavior with minimizing friction for trusted users. They need their fraud detection and prevention systems to consume large volumes of data, analyze and discover patterns, and drive decisions in real time.
Managing Tomorrow’s Fraud
Fraud systems rely on many micro-decisions to make an accurate assessment of potential fraud and to create a risk profile. These decisions are based on knowing the customer through the real-time synthesis of data (social, demographics, purchases, preferences, etc.), monitoring transactions across cyberspace and across every available channel, and analyzing the patterns in real time.