GoKawiilEffective fraud prevention programs call for monitoring across every customer touchpoint from account creation to checkout, login to customer service interactions. Once established, this practice provides ground-level insights on user engagement on an interaction-by-interaction basis.
While this is a necessary layer of visibility, appropriate collation of various data sets provides the context for the identification of advanced fraud methods and early detection of emerging trends.
Below, we provide one fraud case with examples of relevant data visibility across 4 levels necessary for establishing a competitive fraud program in this constantly evolving world.
Transaction Level: The individual interactions of users monitored and decisioned in siloes.
Commonly, a fraud program will begin with pressure from chargebacks inciting action for monitoring transaction performance at the checkout page.
Fraudsters are persistent. When one door closes, they move to the window, the garage, and so on; Payment fraud attacks shift into Account Takeovers, deposits into transfers, Account Takeovers upstream to identity theft / synthetic ID Fraud and Mule Accounts.
The shift happens in seconds and impacts our organizations in many ways.
In response, practitioners deploy checks at each touchpoint. This is effective for many isolated fraud incidents but can result in increased false positives and false negatives.
Account Level: The performance of the account over time.
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