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.