Criminals utilize new technology and new schemes to commit payment fraud. Therefore, banks and card issuers must be even more sophisticated and use the latest analytic innovations to fight fraud.
-“Lenders are in an AI arms race with criminals, who are using technology advances to commit more fraud,” said Dr. Scott Zoldi, FICO’s chief analytics officer.
The Nordic markets are advanced in their use of e-commerce to create a cashless society according to Deloitte’s Nordic Mobile Payment Report 2019, which predict that one of the Nordic Countries will be cashless in 2025. Entercard has taken the lead in its use of the latest analytic innovations from FICO, which is the world leader in payments fraud protection.
-“Partnerships like the one we have with Entercard are the best line of defence. Yesterday’s analytics will fall behind — Entercard uses the latest advances in AI-powered fraud detection to stop crime and protect its customers,” said Zoldi.
Since 2013, Entercard has taken the lead in its use of the latest analytic innovations from FICO. Thanks to new security solutions Entercard expose more than 8 out of 10 fraud attempts, even before the customer has discovered the fraud. Furthermore, more than 70 per cent of our customers reply to Entercard’s messages asking them to confirm whether the transaction is genuine/fraud.
Entercard was the first business in Scandinavia to deploy:
- Adaptive analytics — advanced machine learning algorithms that learn on the fly based on the resolution of suspected fraud transactions.
- Global profiling — real-time behavioural profiles of consumers, accounts, merchants and devices such as ATMs, updated with each transaction
- Behaviour Sorted Lists — tracking of recurring behavioural distinct payment features such as preferred beneficiary countries or beneficiary accounts for a given account or customer and establishing their favourites to better identify unusual payment behaviour.