Fraud is something that occurs every day across a variety of industries, causing trillions in losses each year. Hardest hit are the financial services and banking industries. In a recent article, Welp Magazine shared its top 13 picks for the best fraud detection startups. INETCO was extremely happy to be featured as a part of this list – selected for its innovative product and exceptional growth strategy.
Legacy fraud management platforms have limitations when it comes to keeping up with the volume, variety and velocity of today’s digital payment ecosystems. Many of these platforms were not built to monitor or correlate transactions across different payment channels.
Digital wallet, credit card or debit card transactions can happen through a variety of places including mobile devices, the web, POS terminals, ATMs or via face-to-face branch interactions. This means a fraudster can create fraudulent accounts and transactions in one system that will not be correlated with behaviors or activities in other systems because the fraud platform is unable to link data that resides in incompatible file systems and formats. Malicious activities go undetected, or notification of suspicious activity happens after the fraud attack has already taken place.
Another major shortcoming of legacy fraud management platforms is that they are not designed to perform real-time monitoring of a digital infrastructure that contains many third party applications, networks and host authorization points along the end-to-end payment journey. Simply put, there are more blind transition points and risky transaction links where fraud attacks can occur without detection.
One more noted shortfall is the inability of legacy fraud management platforms to update individual customer, card and device risk scoring models in real-time – the moment a transaction event occurs. This results in inaccurate risk scoring and an increase in false positive due to major shifts in customer banking and buying behaviors.
At INETCO, we realize payment security will only be as good and fast as your data. This is why we are obsessed with making sure you never miss the right details. We challenge legacy fraud management approaches because they need to change. Our goal is to help you think faster and go deeper into performance and fraud issues that impact revenue and customer experience. We do this through a simplified technology approach that offers exactly what you need to accelerate digital transformation:
- Better speed
- Better data
- Better visualization and business logic
INETCO Insight allows you to focus on “in flow” payments data to detect suspicious or anomalous transactions – anywhere along the end-to-end payment journey – in milliseconds. This solution is known for its multi-protocol decoding and correlation capabilities, which provide a whole new depth of transaction intelligence. This data is used to feed a powerful rules based alerts engine, adaptive machine learning models and on-demand fraud analytics to help you detect anomalous activities, new fraud patterns and outlying behaviors in real-time. This means you can make a judgement on the legitimacy of payment transactions in a faster, more accurate way. If you would like to read the full article from Welp Magazine, you can access it here: https://welpmagazine.com/13-best-fraud-detection-startups-based-out-of-canada/
If you would like to contact INETCO and learn more about INETCO Insight for payment fraud detection and prevention, contact us. And once more – A huge congratulations to the whole INETCO team!