Unpredictability in eCommerce Warrants Self-Learning Fraud Models
Steve Goddard, Fraud Matter Expert at Featurespace, writes for Fraud Intelligence about how the pandemic has created an online shopping scramble.
“We’re buying whatever it takes to keep the offspring entertained (and to maintain our own sanity) and as a result, there’s been a huge spike in Card Not Present (CNP) transactions, as well as added pressure on distribution centers and couriers. Whilst a safer method for all concerned, the knock and drop delivery method creates a vacuum in respect to confirmation of goods received.”
Just as consumers must come to terms with this “new normal”, so, too, will the models we use to identify fraud. However, instead of relying on vendors to continually retrain models, we can leverage cutting edge adaptive behavioural analytics that learn for themselves, reducing turnaround time and cost during this unpredictable and financially impactful time.
Read the full article here.
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About Featurespace – www.featurespace.com
Featurespace™ is the world leader in enterprise financial crime prevention for fraud and Anti-Money Laundering. Featurespace invented Adaptive Behavioral Analytics and created the ARIC™ platform, a real-time machine learning software platform that risk scores events in more than 180 countries to prevent fraud and financial crime.
ARIC™ Risk Hub uses advanced, explainable anomaly detection to enable financial institutions to automatically identify risk, catch new fraud attacks and identify suspicious activity in real-time. More than 30 major global financial institutions are using ARIC to protect their business and their customers. Publicly announced customers include HSBC, TSYS, Worldpay, NatWest Group, Contis, Danske Bank, ClearBank and Permanent TSB.
Michael Touchton, Featurespace
U.S. Marketing Manager
+1 (423) 364-5491