Consultant Fraud Risk Management at a financial services firm with 501-1,000 employees
Consultant
2017-04-24T05:59:00Z
Apr 24, 2017
Card holders have to step up for authentication. The fraud rates dropped for card not present fraud. We see that the non-3D Secure fraud is rising as well as account takeovers. That's why I think it's very good to have such a product in place. When selecting a vendor, I want them to be straightforward, do a lot of innovation, and be a step upfront of the issues as needed. I think those are the most key and important things that we expect.
What is Fraud Detection and Prevention? It wasn’t that long ago that fraud detection and prevention involved reviewing a fair bit of historical data analysis. Data scientists would be poring over tons of credit card records in order to spot fraudulent (or with luck, potentially fraudulent) activity.
Fast forward to today and we see fraud detection systems depend on catching and stopping fraud the second it’s spotted or even before it actually occurs. Automated solutions for fraud...
Card holders have to step up for authentication. The fraud rates dropped for card not present fraud. We see that the non-3D Secure fraud is rising as well as account takeovers. That's why I think it's very good to have such a product in place. When selecting a vendor, I want them to be straightforward, do a lot of innovation, and be a step upfront of the issues as needed. I think those are the most key and important things that we expect.