Best Fraud Prevention Tools

Описание: During our second session of Fraud Office Hours, an attendee asked, "What are the best fraud prevention tools?"

Watch this video clip to see how Unit21's Head of Fraud Risk, Alex Faivusovich, responded.


Read the transcript:

"What do you think are the best fraud prevention tools on the market? So, I would say if you want to have a good fraud tech stack, you should probably start with a very good, strong identity verification vendor, and try to look for vendors that give you more than a black box with a score.

Try to go over the vendor that gives you more insights on why a certain score is being generated, and what are the different risks associated with different elements of the PII. Ideally, also, your identity verification vendor should have very strong capabilities to do that verification. I think now, when we have this new emerging threat of deepfakes, many vendors are actually starting to implement liveness checks for document verification.

There's no longer just a selfie picture.

They will actually require the customer to take short video, and the algorithm that's analyzing those videos and those selfies are getting way, way more sophisticated.

So, during POC or during your search for a vendor, try to find a vendor that have strong capabilities around there. The next thing is obviously the transaction monitoring piece. And here, I believe when you look for a transaction monitoring tool, flexibility is really the answer to a good tool of what you can actually achieve with the rule engine, how flexible the rule engine, in what type of scenarios you can create, how fast you can create those scenarios, and how easy is to validate those scenarios.

And basically, try to find a tool that really empowers both, your fraud analytics team, but also your fraud operation team. So, if you find a new fraud problem, how easy it for you to think about a rule that can address that fraud problem, how easy for you to test that scenario, and how easy for you to go live and train the operational team how to address this different rules.

Also from the operational perspective, ideally, you would like to have a transaction monitoring tool that can really aggregate all the different data sources that you have. And this will really help to streamline your operational work and really have the agents working on one system and not hopping between, you know, three or four or five different windows, depends on how many different vendors you have.

So I believe those are the key to choosing a transaction monitoring platform. And besides that, I think also, there are a lot of different vendors today that provide great insights and very, very specific things like, you know, like e-mail or device.

Again, if this is use case for you also try and look for those. But my idea is, you know, having the holistic approach to fraud analytics for operation is very important. So have everything one place, and I think it will be useful down the line." #Unit21 #FinTech #NoCode

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