As published in Card Not Present – 12/19/2019
Fraud and cybercrime are advancing daily and twisting into methodologies that make them difficult to anticipate. Yet, many fraud detection systems have not evolved to keep up with new degrees of sophistication that fraud presents. Rules-based-only fraud systems that lack advanced technologies are no longer enough to address the increasing sophistication of fraud and cybercrime. It’s essential to implement next-generation artificial intelligence (AI) for effective fraud detection.
Businesses are increasingly turning to machine learning (ML) and AI to make faster and smarter decisions to automatically approve good transactions and reject fraudulent ones. A powerful fraud prevention system is essential to managing operational expenses, fraud losses, chargebacks, and, most importantly, customer experience.