What tools do you need to effectively fight fraud? – Featurespace

August 31, 2017

What tools do you need to effectively fight fraud?

With the 3.9 release of our award-winning ARIC™ platform hot off the shelf, now is a good time to look at how the right technology can help fraud agents in their daily battle against fraudulent attacks. 

With fraud losses increasing year by year, we continually hear from fraud prevention teams that they are looking for a reliable solution that prevents fraud in real-time while using models with little to no maintenance or retraining requirements. Built on advanced machine learning technology, the ARIC Fraud Hub is a holistic solution to today’s risk management challenges – read on to find out about the main features of the latest 3.9 release. 

Bringing your data together

As well as improvements to the platform’s stability and robustness, the ARIC 3.9 release also offers you and your fraud operations team advanced search functionality. This enables you to search across all historic events seen by ARIC for specific entity and event information, delivering more insight into all your data.

 

Fig. 1: The new advanced search functionality allows you to search for entity information, such as a specific IP address, across all your data.

Fig. 2: You can filter the search results, for example by date range or event type, to identify patterns and find exactly what you are looking for.

Along with the advanced search functionality, a “true customer view” enables your fraud operations agents to see all the information about an individual customer in one place, helping your team investigate alerts more effectively, across all data sources.

Easy to use, easy to control 

ARIC’s modern interface has been designed using customer feedback to be intuitive to use by fraud teams. The latest additions and improvements in ARIC 3.9 include:

>  Improved quick and efficient alert management and reporting dashboards:

  • New bulk close functionality to quickly close or delete batches of alerts
  • Improved real-time reports to check the fraud system’s performance
  • A new centralised web-based configuration to enable your System Administrators to migrate components away from single-server configuration files, without relying on support team involvement

>  Run your data science models in a live production environment – Open Model Manager: a concern that many fraud operations professionals share is that fraud prevention systems are often deployed as a “black box”, without giving organisations control over what happens inside that box.

We have resolved this with the introduction of the Open Model Manager, a tool that allows you to run your own data science models in a live production environment, alongside ARIC’s advanced fraud models.

  • The Open Model Manager supports any algorithm built by your data science team, making it both flexible and future-proof
  • Your models are imported into ARIC’s live production environment, so there is no need to worry about persistence or disaster recovery
  • When uploading your own data science models, you will receive high-quality support from the Featurespace team to run your own analytics alongside ARIC’s advanced fraud models
  • Once implemented, your models work in real-time alongside ARIC’s models, no matter which type of analytics you wish to add
  • The Open Model Manager enables best practice through version control, four-eyes authentication and roll back in a central system, ensuring that all changes can be made in compliance with model governance frameworks

With fraud continuing to rise, and fraudsters’ attack strategies constantly evolving, it is crucial to invest in a solution that offers you the facilities to run your own analytics, as well as having a set of advanced machine learning models at your fingertips. ARIC 3.9 and its many features work with your existing fraud agent and data science teams to further improve your fraud management efforts.

With the right fraud prevention tools, you and your team can focus your energy and time on the most important fraud cases, making sure your customers – and your business – are safe, protected and secure.

Want to find out more?

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