What to look for in an enterprise fraud management vendor
March 08, 2021
3 minute read
Forrester’s latest Enterprise Fraud Management, Q1 2021 Report provides key insights on what to look for in a provider based on size and functionality.
We believe our global market presence and advanced, flexible fraud detection capabilities earned us a spot on their list.
Key takeaways from Forrester's latest report when evaluating an Enterprise Fraud Management(EFM) provider1:
- Improve fraud detection and response with EFM solutions: In the face of increasing fraud rates resulting from more online transactions because of COVID-19, firms not only have to keep fraud and investigation costs down but also attract and retain customers. An effective EFM solution accurately pinpoints and stops fraudulent activity while minimizing friction for legitimate customers’ transactions.
- Select vendors based on size and functionality: EFM solutions represent a range of different types of suppliers, all of which are focused on monitoring the core transactions of your company. Banking institutions (retail and corporate) require banking transaction fraud management, insurers demand a deep understanding of insurance fraud, and ecommerce providers need cyber (generic online) and card payment fraud management.
- Prioritize risk model explainability: And extensibility EFM solutions are under increasing pressure from regulators and auditors to provide consistently improving fraud detection, with lower false positive rates and models’ ability to explain risk scores. To this end, invite vendors to RFPs that offer explainable and productized fraud models you can extend and improve.
When a major event like COVID shifted purchasing trends, our fraud management solution quickly identified and adapted new transaction patterns to detect new fraud threats while supporting new payment methods. Our data scientist team has a combined 100+ years working in payment fraud modelling and AI and dedicated to building models against the backdrop of recessions, dramatic migrations to CNP, new verticals and unprecedented fraud attacks.
We use 260+ checks to calculate the risk of an order, continuously analyzes new data from billions of transactions worldwide, and then autonomously update models to reflect the latest trends. It puts your customers and business at the center by reducing costly false positives, lowering operational costs associated with manual reviews and minimizing customer friction to increase the acceptance of more good order.
Go ahead, ask us the tough questions, and determine if we are the right provider for your payment fraud management needs.
1 Forrester Research: NowTech: Enterprise Fraud Management, Q1 2021.