Fraud Decisioning Pulls Ahead In A Tight Race
Summary
The latest iterations of third-party solutions are potent hybrids of machine learning and artificial intelligence (AI) — paired with actual humans — to make the tougher calls. FinTechs and merchants have formed a posse of sorts, with validation solutions provider Service Objects recommending using application programming interfaces (APIs) to verify emails, while retailers such as Costco, Morrisons and Tesco tell customers not to fall for social media notifications asking for personally identifiable information. Meanwhile in China, the Alibaba Anti-Counterfeiting Alliance (AACA) used AI to scan for fake accounts, which in turn led Chinese authorities to shut down a reported 500 knockoff shops. The common denominator in these far-flung cases is AI and machine learning engineered for rapid decisioning on millions of possible fraud attacks while simultaneously providing a delightfully seamless experience for your customers. Data-First to the Last Data-first approaches are winning right now, where smart AI scans impossibly large datasets making split-second decisions, while organizing and visualizing the rest for human analysts to ingest — an incredibly important stage that is now getting the attention it deserves.
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