BANKEN
Fraud is prevalent in every aspect of our lives, especially when it comes to when we pay for things. It is a consistent battle for technology to keep advancing, but recently we have seen enormous strides in fraud prevention.
| Dave Excell Founder, Featurespace |
Bruce Diesel Global Head of Product Vynamic® Payments, Diebold Nixdorf |
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| Despite stronger controls and new regulations, scams are rising. How can FIs detect and prevent fraud when consumers are transacting on their own? | Using data across frameworks to detect unusual behavior helps FIs alert customers in real time and build targeted strategies by labeling confirmed scams for better fraud prevention. | As fraud detection advances, low-tech scams still thrive. Educating consumers without fear and alerting them to behavior changes helps, but false positives can hurt trust and confidence. |
| How can FIs use their fraud strategy as a key differentiator? | High performing analytics allow issuers, acquirers, and networks to optimize their own risk profile confidence. Best-in-class detection enables them to productize their investments and package them into value-added services. | Visibility of fraud management leads to improved trust. FI’s fraud strategy needs to strike that balance between being more visible while being less intrusive. By integrating leading-edge fraud tools so that they operate seamlessly within the payments’ ecosystem is easy to maintain and frictionless. |
