Antifraud system is a set of measures that allow you to assess banking or Internet transactions for the degree of fraud probability. To do this, the system tries on certain requirements for each transaction - and if it does not correspond to them, then it considers it more carefully and signals it.
Built-in triggers report the detection of unusual behavior and assess possible risks in the transaction, and then apply measures to complete or refuse the transaction. In situations where the anti-ford system is not able to independently determine the final decision, then this case is passed on to bank employees, who are called fraud analysts.
Today, anti-fraud systems consider many parameters for calculating suspicious transactions, such as:
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amount of payment
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IP-address of the device through which the payment is made
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bank card token
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user's digital fingerprint
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history of transactions and transfers on a bank card
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history of declined payments in the past
Rules and filters and machine learning technologies are applied to detect and prevent fraudulent activity.
Filters used by the anti-fraud system:
The number of filters depends on the degree of responsibility and the complexity of the company's field of activity.
Antifraud performs four main tasks: monitoring, detection, decision-making, intelligent learning. Key technologies and capabilities used to address these challenges:
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Gap testing. Reveals the volume of components in serial data. Detects redundant or missing data.
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Calculation of statistical parameters. An essential tool for detecting abnormalities and identifying suspicious transactions.
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Text analytics. Divides information into categories, searches for it and recognizes the data.
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Machine learning. Builds on previous data and generates transaction templates.
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Network analytics. Detects patterns in transactions, conducts analysis to process future transactions faster.
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Selfeducation. Allows you to detect fraud in cases that the system has not encountered before.
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Confirmation of entry date. Analyzes the date and time of the transaction for suspicion.
Anti-fraud systems usually use payment systems such as MasterCard, Visa, banks, and online stores. Today, anti-fraud technologies can be found in other areas, for example, platforms for video games. This is done to protect in-game transactions.
Today, anti-fraud systems are a necessary tool in almost all IT areas related to online commerce. Despite the almost unlimited potential in the development of this technology, the presence of an anti-fraud analyst on the staff is still required. The system will not always be able to identify a fraudster without human assistance.