AI is constantly advancing, but the best results are still achieved by combining machine learning with human expertise.
This year’s Fraud and Payments Report found that around 60% of merchants want to reduce manual order reviews.1 While fraud prevention originally depended almost entirely on humans, the advanced machine learning of Decision Manager puts customer experience at the forefront and allows risk analysts to work in the most critical aspects of fraud strategy instead.
As fraud risk grows and evolves, fraud management needs to be ever-more accurate, agile, and responsive. For some businesses, the best solution could be one that gets the most out of both machine learning with artificial intelligence (AI) and human risk analysis. And Decision Manager provides a powerful framework for this formidable team to work together.
Turning data into action with intelligent automation
The beauty of machine learning is that the more quality data you feed it, the better it becomes. Together with AI it forms the always-on, never-tiring unit of the fraud management team.
Decision Manager uses AI from more than 68 billion annual global transactions processed by Visa and Cybersource that undergo 260+ validation tests to generate more accurate scores. Thanks to machine learning fraud detection, it can help review more cases, make faster and more accurate decisions, quickly identify returning customers, and even turn past transaction data into new insights.
Now add the human factor
While machines are brilliant at quickly analyzing enormous amounts of data, humans understand the context within which businesses operate. And, whether global or regional, context, like fraud, can change quickly.
The recent pandemic created an unprecedented global business environment, leaving almost no industry untouched. Many airlines, for example, had to adjust their fraud detection models to accommodate unusual behavior.
A sudden surge of high-cost, one-way ticket sales was flagged by AI as so unusual that it must be fraudulent. However, human risk analysts realized that travelers were frantically trying to escape lockdowns and get home fast, regardless of price. Human intervention identified the contextual change and helped machines adjust to it.
The simplicity of Decision Manager allows businesses to monitor and make contextual changes in real time. For additional insights and monitoring across their business, industry, or region, our global Managed Risk Services team has decades of fraud management knowledge and experience. They can help businesses configure and fine tune Decision Manager by adapting its strategies to reflect global or regional contextual change.
Fraud management is a team effort
In the last few years, machine learning has made fraud management faster and more accurate. But for some businesses, it’s the insights provided by human risk analysis that create the right context for it to be even more successful. Whatever the requirements, Decision Manager can be the strong foundation for any business’s long-term fraud risk strategy, able to evolve and adapt with business growth as well as within business context.
