5th March, 2019
The latest weapon in the fight against fraud is a professional managed service that uses the best of AI and machine learning.
Fraudsters have no signs of slowing down on fraudulent transactions, and as businesses work to protect payment transactions, fraudsters develop more advanced ways to access valuable data.
Whether that’s leveraging weaknesses in operational efficiencies, businesses need to ensure their fraud detection and prevention systems are on the top of their game.
That’s right. Today’s business environment requires that you’re not only prepared for today’s fraud tactics, but also able to anticipate and react to the ongoing evolution of fraud.
So, what should businesses look for when evaluating fraud detection and prevention? The first is a combination of unsupervised and supervised machine learning.
Technology that uses unsupervised machine learning assimilates billions of data points to determine transaction validity, scoring, device identification, geolocation, IP proxies, dynamic monitoring, continuous authentication,
and more – along with supervised machine learning – to simultaneously analyse that same data.
READ: 5 ways retailers can reduce fraud losses
Applying advanced analytics to fraud detection is essential to ensure confidence with every transaction, while addressing the ever-changing tactics of fraudsters and allowing customers to approve more sales, uncover new revenue opportunities and improve profits.
Your latest weapon in the fight against fraud is available as part of modern payment gateway technology. It’s even offered as a professional managed service.
This type of fraud detection and prevention is handled by specialised teams of experts that provide support for data analysis, rules-building, and recommended best practices customised to your business.
And by using them, you’ll be able to get ahead of the latest attack methods and evolving fraud patterns, so your tech deals with the latest types of fraud before you’re even aware of them.
MYOB PayBy can offer businesses that are susceptible to fraud transactions, superior fraud screening techniques such as:
Fraud detection and minimisation using advanced AI techniques from payment card processing.
Capability of real-time interception and rejection of payment transactions prior to submission with banking acquirer.
Assessing risk score and allowing transactions to be processed and flagged for further follow-up.
For more information, visit MYOB PayBy Fraud Management Services.