Travel suppliers and intermediaries are attempting to revitalize their respective businesses, offering discounts and coupons to boost consumption. This means every transaction counts and a risk-averse mindset – i. e. rejecting a transaction than to risk passing a fraudulent one – won’t work, wries Ai's Ritesh Gupta
25th June, 2020
A major lesson from the Covid19 pandemic when comes to balancing UX and security is to make the most of available data.
Do away with a mindset that is commonly associated with rule-based systems, which is built with hard rules or buying limit.
“Every transaction counts and fraud rules can’t be too tight,” Microsoft’s Sondra Feinburg told Ai’s Ritesh Gupta in a recent interview.
Some key points:
Data makes difference. As Braintree asserts, more relevant data facilitates more automated learning that can be applied to risk decision-making.
Focus on separating a “good customer from a bad customer”. Too much authentication in shopping can upset the shopper. Strike the right balance between payment fraud protection and approval rates.
Evaluate a multidisciplinary approach that combines big data, predictive analytics and real-time machine learning.
Ongoing monitoring is essential – Machine learning models need to be trained, tested and re-trained as fraud trends evolve, points out ACI.
More customers are preferring contactless payments. Work on authentication strategy for a mobile experience.
Only dealing with rules have a limited scope, as they are reactive and tend to be about fraud to happen basically. Have a layer of adaptive AI in order to learn the patterns.
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