Fraudsters act fast, and companies must at least keep pace (and preferably be a step ahead).
To spot the latest fraud attacks, many large institutions employ statisticians and modellers to monitor and develop rules based on different combinations of variables. These complex fraud risk models require a lot of time and investment to set up and maintain and, therefore, a significant business case is needed to gain approval to proceed. Once approved, it takes time – often months – to analyse, build and deploy the models. It’s only at that point that companies can respond to the threat, but by then it’s likely that fraudsters have done damage.
Fraud adapts quickly, and when you’re too slow to respond to threats, it can come at great expense to your business and customers. Your systems and business processes become a source of vulnerability — which is why more companies are turning to service-based models that provide greater agility and faster response to emerging threats.
Service-based fraud models give you the benefit of highly skilled expert analysis, analysis that is regularly updated to respond to fraud trends or incidents seen across the industry at any given time, often protecting you before the fraud happens.
These service-based fraud models also adapt and scale to support your business, no matter how fast your volume grows or which products, channels or geographies you pursue.
Understand all Global Fraud Trends, in our Global Fraud Report.