Beating Payment Fraud

Payment fraud is a major international industry today in which organized criminal groups employ increasingly sophisticated tools. As payment channels have multiplied, so have the routes open to fraudsters, pushing up banks’ liabilities as they are forced to cover losses suffered by their customers. Open Banking risks exacerbating this trend further.

Traditional anti-fraud practices find it all but impossible to prevent payment fraud efficiently. Most rely on static rules that fail to detect new fraud patterns and trigger large numbers of false positives.

Unlike traditional anti-fraud solutions, NetGuardians’ enterprise risk platform uses dynamic profiling for each bank customer to monitor payment transactions. This approach reduces the number of false positives by 80 percent, discovers new fraud types, and saves 93 percent of the time spent dealing with hits.

It automatically correlates data from across a bank’s IT systems, channels and labels it, while advanced analytics trigger meaningful alerts in single-view dashboards.
It can raise alerts for:

Alerts can be investigated or accepted via our dashboard before the transaction is completed. And because machine learning algorithms constantly assimilate new data, the number of false positives is kept to an absolute minimum, reducing the need for large risk management departments and maximizing the use of resources.

 

Detect fraud before it happens.


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