Fraud Transaction Monitoring

Fraud Transaction Monitoring

Monitor all payment transaction types in real time and take action before loss occurs.

Solution Overview

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.

Solution Ecosystems

account_balance Retail Banking

arrow_forward

payment Card Payments

arrow_forward

Resources

ondemand_video

Fraud and Financial Crime Convergence

Both fraudsters and money launderers are constantly changing their approaches to financial crimes schemes – when their schemes are blocked, they quickly adapt with new strategies to circumvent controls. Financial institutions are investing...
insert_drive_file

Integrated fraud management and AML compliance

Fraudsters and money launderers constantly adapt their approach — when their crimes are stopped, they switch their focus to other products or channels and invent new ways to circumvent your controls. Caught in an arms race with the crimina...
insert_drive_file

Adapting Fraud Strategy to the Real-Time Rails

In 2019, Canada will be rolling out the Real-Time Rails (RTR). Part of a multi-year project to modernize Canadian payments, the RTR will be a major change in how payments in Canada work. Other countries, such as the UK and Singapore, have ...
content_copy

Best Practices for Operationalizing Complex Analytic Models at Scale

The adoption of predictive and prescriptive analytics across multiple industries is accelerating rapidly, fueled by the competitive need to drive business agility. The rationale for adoption is clear enough: Companies are sitting on mounta...