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In today’s always-on digital world, people want things to happen quickly — and that includes financial transactions. To stop payment fraud, loss and inconvenience, it is essential to monitor transactions and make decisions in milliseconds. Transaction monitoring can help prevent fraud across payment mechanisms, including:
While stopping fraud is an important objective, it is also vital to ensure that legitimate customers can carry out their transactions with as little inconvenience as possible. Unnecessary delays can have significant implications for financial institutions, including:
Our real-time fraud monitoring solutions work across all payment types and channels. They assess transactions in real time and implement actions against those that appear suspicious. Layering different types of machine learning and advanced analytics, FICO uses artificial intelligence (AI) to help financial institutions:
The roll-out of real-time payment schemes — including The Clearing House Faster Payments in the USA, SEPA CT Inst in the Eurozone, the New Payments Platform in Australia and Real-Time Payment Rail in Canada — means that real-time, irrevocable payments are becoming ubiquitous across the world. The need to assess all types of payment transaction in real time has never been stronger.
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