EMV has done wonders to stop card present fraud at the physical point of sale. The bad guys have moved off the premises and onto the web, which means separating the good transactions from the ill-intentioned ones has gotten a whole lot harder.
Featurespace's Matt Mills says in the latest Data Drivers episode that real-time machine learning can take guesswork out of the equation - important when global card fraud losses are now estimated at $31 Billion by 2020 and $12.2 Billion of online fraud currently comes from call centers.
“The hardest thing [for fraudsters] to simulate online is behavior, because there is no uniformity in how it is stored," says Matt. Financial institutions need to take a holistic view of the customer, leveraging the latest Adaptive Behavioral Analytics technology which, by analyzing customer behavior in milliseconds, can make a big impact in the fight against fraud.