Per Paymnts.com, fraud is a growing problem in the real-time digital payments space.
Accordingly, they argue, fraud detection needs to get faster, too. Financial institutions usually wait until the end of the day, the end of the week, or even the end of the month to examine transactions and pinpoint suspect activity — with a historical “look back” all the way to a consumer’s point of onboarding.
However, that is no longer fast enough to catch, and deter, fraud, they say.
Fraud prevention teams can do their jobs with greater effectiveness and efficiency via “dynamic, peer profiling” through Adaptive Behavioral Analytics, which can “uncover how individuals interact with peers, or groups of peers, which allows FIs to move beyond the traditional approach of segmenting products and consumers.”
This article was written by and originally published on Pymnts.
