Using Machine Learning to Reduce CostsCybercriminals are finding new and sophisticated ways to commit payments fraud and these instances are on the rise. In fact, the level of payments fraud in 2017 was the highest on record at 78 percent, rising at a greater pace than in 2016. To successfully thwart these attempts, it is important to start prevention at the point of disbursement with automated verification and fraud detection at all points in the clearing process.
This white paper provides key considerations for your fraud detection program, including:
- Incorporating analytics to make better fraud decisions;
- Key tools to detect fraud;
- Finding the right combination for your institution; and
- Decreasing fraud losses at a large institution.
ARGO’s research has found that traditional, rules-based fraud detection is limiting because rules overlap, and systems only act on situations defined in advance. With the help of predictive algorithms, financial institutions can streamline processes, make informed decisions about fraud and better protect their customers.
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