Closing The Gap Between Security And Customer Convenience

Every single day millions of consumers are making online payments to purchase goods on the web or manage their online banking accounts. The growth of e-Commerce and online banking has transformed money spending from traditional cash payments to digital information traveling around the web at the speed of light. New eCommerce technologies have broadened our markets and have made it more convenient for consumers to pay online for products and services with just a few clicks.

Unfortunately, all these new great possibilities with internet banking and online shopping are not just good news for consumers, merchants and financial service providers but also for fraudsters.
Cyber attacks are daily occurrences nowadays. Company websites are being hacked. Card details are being stolen and personal ID’s have been taken-over. Criminals are exploiting numerous advanced techniques to infiltrate your banking services and compromising your financial information.
When you are a risk manager working for a bank, you want to safeguard your online payments from fraud. However, you also want to keep the services convenient enough to grow your business. Especially in emerging areas like mobile-commerce, convenient payment solutions will become vital to succeed. It has become a daunting task for every risk manager in being able to keep the right balance between security and convenience.
Or not?
To close the gap between security and a better payment experience, there needs to be a customer-centric fraud prevention approach. It is best to adopt a holistic view on risk assessment based on the individual profile of your customer.
Fraudsters might be able to exploit vulnerabilities in the payment verification process, but it’s very unlikely that they are able to impersonate the customer’s footprint and their usual behavior. Ideally, you want to have solution that creates a multi-dimensional profile of your customers, including their payment transactions and that of their merchants. It is important to have a behavioral profile that can be used to assess the risk level of every individual transaction in just milliseconds.
Sounds impossible?
Let me introduce RiskShield, a real-time and multi-channel fraud detection and prevention solution from INFORM. RiskShield is an innovative detection solution that uses smart and number-crunching technology to assess all the risks for every single payment activity of your customer.
By combining transaction information with historic data and the characteristics of your customer channels, RiskShield has the ability to monitor every data feed and can learn from the behavior of online customers. Whenever something unusual is detected, RiskShield will alert you and take the appropriate action and block the payment, avoid charge-backs and stop the delivery of purchased goods.
And here’s how it works
Next step is to use these dynamic behavior patterns and combine this information with the live transaction feed. RiskShield is using several advanced analytics, machine learning and intelligent algorithms to determine the risk level of each payment in only milliseconds!

RiskShield is a virtual fraud analyst and works different than any other anti-fraud solution in the market. This is because RiskShield has an intuitive self-learning decision engine, which is using “human thinking” technology to discover new patterns and detect fraudulent transactions. And more importantly, RiskShield is not like a black box. Decisions that are made by the fraud detection engine are fully transparent and easily for the risk manager to understand.
And best of all, you can create your own smart detection rules, and quickly adapt these to respond to new fraud typologies without any IT involvement or coding.
Smart solution, right?
RiskShield protects the assets of your organization. Everyone benefits from this, you, your customers and your merchants. The only one who doesn’t benefit is the fraudster. You want to learn more on how we do this? Download our case study on the RiskShield website or call us for a demo.

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About the author

  • Stanley Harmsen van der Vliet

    Stanley Harmsen van der Vliet is product marketing manager for RiskShield, a multichannel fraud prevention solution from INFORM GmbH. Stanley is specialized in banking, compliance and anti-fraud solutions and has been working in this market for more than 20 years.

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