combining ML with a BRE to minimize fraud losses while reducing false positives.
The Threat of Transaction Fraud and Its Impact
The risk of transaction fraud is more prevalent and sophisticated than ever before, causing significant financial losses and reputational damage with credit card losses predicted to hit $17 billion annually by 2030. Chief credit risk officers must develop better tactics to minimize fraud losses as payment fraud costs them 10% of their revenue whereas business users struggle to comply with regulations that take three to six months to update, leading to poor customer service and operational risk. This and more while fraudsters continue to exploit weaknesses and new tactics emerge regularly, leading to higher costs, lower trust, and legal risks.
Mitigating the Risks of Fraud in Transactions
RovingEye, a Capgemini solution powered by Waylay, uses a combination of human and artificial intelligence to reduce operational costs associated with fraud while enhancing customer experience, making it easier to transition from a rule-based approach to a combination of artificial intelligence and business and compliance rules. It has a modular approach toward fraud management, allowing legacy modernization programs to evolve gradually. Built for real payment production workloads, RovingEye can process up to 20 million transactions per day in batches or in real time, with a response time of less than 1ms per transaction.
RovingEye is a cloud-native fraud monitoring solution which offers many advantages over traditional on-premise solutions, making it an attractive option for organizations looking to improve their fraud detection capabilities, including:
RovingEye is equipped with advanced analytics, real-time monitoring and scalable architecture with key features centering around agility, accuracy and enrichment for business users, engineer users, and tech/end-users.
An AI-based hyperautomation fraud detection solution is cloud neutral and combines machine
learning with a business rules engine to minimize fraud losses while reducing false positives.
Schedule a Demo
See firsthand how RovingEye is the ideal solution for organizations looking to improve fraud detection and prevention capabilities, reduce operational costs, and improve customer confidence. Reach out to us here for an expert consultation: expert@waylay.io
Learn why by adopting a multifaceted approach—one including ML, AI, and a BRE with robust security measures—enterprises in the financial industry are able to build an even stronger protection and stronger trust with customers while also protecting themselves from significant financial losses and reputational damage.
With the extensive use of e-commerce, credit card fraud has become a major issue that every bank, payment processing platform or web-shop site is facing. Big loss in business is not only related to fraudulent transactions, but also in denying legit transactions, which are deemed to be fraudulent leading to loss in revenues, high levels of customer traveling and more.
Today, the competition in the financial services landscape is growing rapidly with entry from the non-banks. Small fintech companies are nibbling away at large financial institutions’ market share for their products and services. The major value proposition from fintech is top of the line end-to-end customer experience.
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