As published in Card Not Present, by Rich Stuppy – 12/12/2019
Artificial Intelligence (AI) is essential in today’s successful payments fraud prevention strategies. Cybercrime and fraud threats are evolving and presenting in unexpected ways to merchants who accept digital payments. An advanced solution is needed to stay ahead of fraud and reduce revenue losses to fraudulent transactions, while maintaining a smooth customer experience.
Merchants that make digital sales are often vulnerable to fraud that impacts their payments ecosystems. Fraud is becoming more complex and relies on machine learning to execute fraudulent activities that bypass outdated security solutions. Fraud detection systems that employ rules-based detection and basic supervised machine learning are not advanced enough to meet current fraud attempts. That’s where a proven AI solution can save the day.