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Machine Learning and Artificial Intelligence to Keep Track of Internal and External Abuse
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With increasing consumer preference for non-cash payments, banks, merchants, and retailers must ensure that they have the ability to support the emerging digital payments mechanisms in a secure manner. The acceleration of stolen identity data has further strengthened the need for enterprise fraud management (EFM) solutions that enable retailers and merchants to generate holistic visibility into all customer touchpoints. By focusing on the individual behind the transaction and ascertaining whether the observed behavior is indicative of a genuine transaction, next-generation EFM solutions enable optimum fraud prevention at scale for e-commerce. A multilayered fraud protection approach, focused on securing online, mobile, IVR, and contact center transactions and covering all payments types, is essential to address the fraud and authentication management requirement of businesses. Fraud data analytics must be comprehensive and consider relevant financial and non-financial data to ensure accurate detection. For example, the analytics functions in legacy fraud protection solutions have included only the originated transactions for customers in the bank. However, it may be pertinent to also consider the incoming transactions in order to generate a complete picture of the risks associated with customer accounts. Similarly, even if money has not been moved out of accounts, a change of online log-in passwords or phone numbers associated with the account could be related to account takeover attempts and may be a cause for concern. FSOs must prefer EFM solutions that aggregate all such information from across the organization, with the capabilities to analyze it, act on it, and present it in a single dashboard to both operations and executives.The emergence of Guaranteed Fraud Protection (GFP) is one of the most significant trends in the EFP market. GFP providers use data, machine learning, and a liability shift to provide an end-to-end fraud protection service to their customers, with technically no need for any remaining internal resources (other than for control purposes). Even though larger retailers would like to use GFP services, it is unreasonable to expect them to replace existing EFM platforms and shift to GFP solutions immediately. In such cases, an implementation strategy offering specific services as part of a phased rollout is a prudent approach. To successfully offer GFP capabilities to large enterprises, GFP solution providers must support unique use cases to augment legacy fraud prevention solutions, while initiating a transitional journey toward the full suite of GFP services. This Frost & Sullivan insight presents an overview on the EFM market in the United States. It highlights the key industry trends in the retail and financial services EFM market and highlights the key essentials for successful EFM operations.
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