14th January, 2019
Better understanding of customer data combined with advancements in machine learning can help businesses remain agile in the face of ever-evolving cyber threats.
From the rapid speed of digitisation of businesses, right through to always-on smart devices, there’s an exploding volume and variety of data available for businesses to use for assessing customer behaviour.
No, not at all. When analysed intelligently, business data can be used to fuel business growth and prevent unnecessary costs.
Big data can help the retail industry offer personalised shopping experiences to tech-savvy shoppers. Merchants offering multiple payment options such VISA, Mastercard, EFTPOS, UnionPay can correlate patterns of the available data to spot anomalous behaviours and prevent fraud. The possibilities are endless.
Unfortunately, making the most from data analysis is easier said than done. This is because big data is siloed, spread across many departments and functions, and unstructured.
Because data-driven, digital businesses possess enormous amounts of data, including personally identifiable customer information, they are much more vulnerable to cyber threats. Data breaches can expose personal customer credentials for subsequent fraud and money laundering. This makes data security a daunting task as the same security, policy and incident management, and business continuity must be deployed across all touchpoints.
READ: Stop most cyber attacks by addressing human error
Businesses that can harness data to gain insights and remain agile in response to fast-evolving cyber threats, will succeed in our data-driven world. Advanced machine learning can help businesses gain real-time actionable insights through the correlation of patterns and deep-dive investigations to proactively fight against fraud.
So in order to cleanse, enrich, and harness data to gain actionable insights, businesses need solutions that are robust and technology-driven. But finding the right mix of tools and technologies that can unlock value from data remains a challenge.
MYOB PayBy, through machine learning, enables businesses to adapt and detect fraudulent transactions in real time. With the latest features that set it apart from other fraud management systems, this omnichannel fraud prevention platform is becoming a must-have tool in helping businesses recognise and prevent cyber crime.
With built-in capabilities to capture cursor movements, mouse clicks, and time on a merchant’s website, it can also score and make decisions on transactions before and after authorization occurs.
Using big data analytics with augmented machine learning capabilities, the platform can ingest varied data types – structured and unstructured – to precisely analyse and unearth subtle, seemingly unrelated patterns that are beyond human perception. Strong visualisation on top of the fraud-centric data lake helps identify, conceptualise, validate, and operationalise quicker than ever.
So if you want to improve your business’s defences against cyber criminals, take steps to educate yourself on the subject of data analysis and begin considering what tools you’ll need to make certain you’re protected.
Schedule a demo with MYOB PayBy to learn how you can use the platform that is designed to help you gain a competitive edge in today’s data driven, digital economic landscape. For more information, visit the MYOB PayBy website.