Millions of people have changed their everyday behavior especially the way they work, shop and communicate.
These factors continue to turbo-charge payment fraud:
- The shift to remote work with lighter security and policy enforcement
- Increase in digital banking channels
- Higher transaction limits
- Huge uptick in opportunistic fraud attacks from scammers
The Association of Certified Fraud Examiners,
Fraud in the Wake of COVID-19, December 2020
72%
of organizations surveyed saw payment fraud rise in the final months of 2020
90%
expect a sharper increase in 2021
Top 3 payment fraud challenges for banks
Payment fraud is constantly evolving, creating new vulnerabilities for banks. Staying a step ahead of moving targets is essential to intervening before losses occur. It’s been tough for banks to get there because:
Legacy fraud detection technologies are unfit for purpose, often relying on reactive rules built only for known problems, not emerging threats.
High volumes of false positives block genuine customer payments and create a need for unsustainable, high-cost staffing models.
Sophisticated cyber threat actors seek to compromise the cross-border payment infrastructure of the bank itself.
How AI and machine learning are making all the difference
Newer technologies are ending the reliance on pre-set rules to detect payment fraud. With AI and machine learning, each payment message can be analyzed instantly in the context of the customer’s past behavior before posting. It’s a proactive approach that achieves results.
What’s more, pre-integrated cloud-based solutions are available that are fast to implement and quick to deliver value.
77%
Reduction in Operational Costs
83%
Reduction in False Positives
93%
Less time spent on each fraud investigation
Leverage AI and ML to stop payment fraud before it occurs
Tell us about yourself
We intend to protect the confidentiality of your details to the fullest possible extent thus all information that you provide will be treated as strictly confidential.
This AI-powered solution is pre-integrated with your Fusion Total Messaging platform, pre-tuned for compliance with SWIFT CSP v.2022, and ready to deliver value. More than 80 banks rely on NetGuardians' 3D artificial intelligence (3D AI) solution to prevent fraudulent payments in real time. Banks using the solution have achieved reductions of up to 83% in false positives, spent up to 93% less time investigating fraud, and have detected new fraud cases. NetGuardians is listed as a representative vendor in Gartner’s 2020 Market Guide for Online Fraud Detection and category leader Chartis’ 2021 Enterprise Fraud Report.
