Despite their efficiency, relying upon human beings for manually checking your transactions for fraudulent activity might help you up to an extent. However, beyond a certain volume, it will become challenging for your fraud management team to perform at their best. Thus, you will need to invest in robotic process automation systems, which are convenient computer programs that will analyze several thousands of transactions in a few minutes and offer insights that will help your team make the right decisions. Just like how you cannot have hardware without software, robotic process automation needs to be complemented with strong artificial intelligence programs.
A good artificial intelligence program must help your fraud management program in the following ways –
- Is capable of absorbing/learning a large amount of transactional data
- Forms insights, connections and patterns based on the given data
- Analyzes user activity and notifies you in case there is potential fraud
- Analyzes features such as writing style, voice, and appearance to analyze the legitimacy of the users
- Actively learns from errors and reaches high levels of efficiency within a short period of time
Both these emerging technologies are in high demand, and require significant fixed investments. In addition, you will need to employ and maintain the right talent to be able to maintain these systems, which is also a high recurring cost.
Outsourcing - the easier and efficient way
Investments in a robust fraud management system with a top talent team to support it are high, in addition to being long term and subject to risk.
If your company is comfortable with making these large investments, this article will be a good starting point for you. If not, you can connect with us and we will be able to help prevent fraud in your business transactions.
Here are 4 reasons why Wipro will be able to help you -
- We have over 10 years of experience in payment fraud management for several high value clients. Our experience spans across different types of payment fraud and we have built standardized mechanisms to prevent them.
- We use a very flexible operating model that caters to any amount of transaction volumes. We also regularly conduct research projects of our internal operations. One of these projects have helped us prevent over $15 million worth of losses for a high value client.
- We regularly evaluate several millions of transactions per month and have historically evaluated over a billion transactions. We monitor key payment fraud statistics using state-of-the-art tools and publish them to our clients on a regular basis.
- We have made significant investments in robotic process automation and artificial intelligence. We also meticulously learn about the current state of payment fraud and evolve in accordance with the severity of the threat.
So why not entrust your payment fraud prevention and management program to Wipro so that you can focus on your core activities and make your customers happy?
We recommend you to start from part 1 or part 2 (for a firm understanding of this article).
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