Articles
2008 Predictions — Payment Processing
January 23, 2008
•White Paper: 2008 Predictions — Payment Processing
Used with permission from Transaction Directory. For more information, visit www.transactiondirectory.com.
In 2007 the banking public learned the huge scale of mass compromise of their card, bank account and personal details. They know for sure that it will lead to account takeovers and theft, increasingly from core customer accounts via online transaction systems.
In 2008, risk management professionals will seek out agile new solutions that can help them trap fraud that takes place faster, for larger amounts and in new locations. Costly card fraud neural networks won't work because card industry models and datasets bear no relation to online banking fraud threats. Fraud strategists will demand adaptive models that score more transaction types - like SEPA cross-border Credit Transfers - using different risk criteria.
New statistical models will be created in days not month and updated in live production on a daily or even hourly basis as the fraud happens, instead of every 12-18 months. Real time detection will become the standard so that fraud attacks can be blocked inflight 24 by 365 – because fraud never sleeps.
Click Here To Download:•White Paper: 2008 Predictions — Payment Processing
