Fraud detection and prevention – some trends and developments

Fraud detection and prevention – some trends and developments

Identity, security, and trust are fundamental to payments, commerce, and finance, especially in an increasingly digital economy. The Payper’s Web Fraud Prevention and Online Authentication Market Guide was born from the growing acknowledgement that fraud is a major concern for all businesses and consumers that use the internet and mobile channels to interact, engage in online transactions activities, access and manage their finances and online identities.

Divided into three parts, The Paypers’ guide aims to provide necessary insights to enable readers understand the latest developments in fraud management as well as practical examples and best practices in identity verification and online authentication, including topics such as:

  • The use of Artificial Intelligence and machine learning to fight digital banking and ecommerce fraud; from IBM’s Watson to Amazon’s Alexa, AI is stepping into every aspect of our lives. Nevertheless, while data can be a catalyst for improving customer experience, it also creates an exposure to vulnerabilities like new fraud patterns, massive fraud attacks, and data breaches. Moreover, how will the deployment of Artificial Intelligence and machine learning evolve in 2018, is it necessary to have a Code of Ethics for machine learning and AI?
  • Best practices in managing synthetic ID fraud, account takeover, friendly fraud, data breaches and more;
  • Biometric authentication, device fingerprinting, and continuous fraud monitoring are allowing the introduction of new risk based authentication models to streamline the checkout process and reduce basket abandonment; therefore, Biometric authentication technology is considered a game-changer for ecommerce and banking industries;
  • Digital onboarding – identity is the new money; is the current KYC process, as we know it, dead? Do companies need to rethink completely their KYC/ onboarding processes to stay relevant for their customers?
  • As the Identity Access Management (IAM), Identity as a Service (IDaaS) and the Consumer Identity and Access Management (CIAM) market is highly volatile and has more players than ever before, how will this space evolve in 2018?
  • With Regtech currently thriving, many solutions focus on digital onboarding, meeting Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, presenting significant benefits to consumers, businesses and regulators alike. However, despite these shared benefits, the interests of consumers, businesses, and regulators do not always align, as KYC legislation is not harmonized in Europe. How can we better align the interests of consumers, FSPs, and regulators?
  • GDPR and PSD2 – opportunities, obligations, and obstacles for businesses.

The editorials are accompanied by a mapping of the most important players in the fraud management market and a mapping summary, based on extensive research carried out by The Paypers and two explanatory infographics on Fraud Management and Identity Verification providers.

The battle against cyber criminals is real and ongoing. Technologies like tokenization, biometrics, AI, and machine learning are helping to authenticate customers, secure transactions, and mitigate fraud loses. With this in mind, fraud prevention services providers, retailers, PSPs, and policy makers have started to develop advanced fraud prevention solutions and establish a legal framework in order to keep fraudsters at bay and maintain sensitive data secure.

Download a free copy of the Web Fraud Prevention and Online Authentication Market Guide 2017/2018 to get access to an insightful outline of the global digital identity and web fraud ecosystem.

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