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
Headquartered in the U.S. and U.K. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in fraud prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries.
The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. The increased accuracy of understanding behavior strikes the balance between improving fraud and risk detection and operational efficiencies, while also reducing the number of genuine transactions that would be incorrectly declined by as much as 70 percent.
Michael Touchton, Featurespace
U.S. Marketing Manager
+1 (423) 364-5491