Fraud Transaction Monitoring

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:

• Credit and debit card payments
• Person-to-person transfers
• Bank account credits and debits — including instant payments
• Mobile wallets and e-payments

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:

• Loss of reputation
• Customer dissatisfaction and customer attrition
• High costs of manual transaction review

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:

• Reduce fraud losses by identifying and stopping more fraudulent transactions
• Optimize customer experience by reducing false positives
• Get legitimate transactions that are interrupted back on track as quickly as possible with automated case management and customer communications
• Reduce losses to emerging fraud types by using machine learning techniques that recognize subtle patterns in data that are difficult or impossible for humans to detect
• Lower operational costs using self-adapting technology that responds to emerging fraud trends with less need for manual intervention

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.