With increasing digitization and popularity of online transactions, payment fraud has also been on the rise, unfortunately. FTC, the US government agency responsible for protecting consumer rights and enforcing competition rules, estimated financial losses incurred by fraud victims at USD $1.48 billion in 2018. The increasing number of fraud cases worldwide is therefore extremely worrying not only for consumer victims but also for businesses.

Fraud can take many forms, from unauthorized transactions to theft of payment details to issuing of false invoices. As sophisticated criminal methods constantly evolve, traditional fraud management relying mainly on employee vigilance and conventional control mechanisms often fails to offer a sufficiently reliable solution. So how can we best protect ourselves from payment fraud in the coming decade?

Early detection plays a key role in detecting fraudulent behavior or prior suspicious activity. It helps minimize or, ideally, completely prevent damage. Given the high speed of transactions and large volumes of data being processed in payments, it is extremely important to carry out inspection in real time. This is the only way to keep the chances of detecting suspicious behavior as high as possible. Real-time inspection, evaluation and reporting of fraud can be easily automated using selected software solutions.

SAS, which has many years of experience in this area, offers multiple tools that can be used to create a robust and fully automated system with centralized watchlist management and detailed detection rules with real-time activity inspection.

SAS Event Stream Processing is a cloud-based tool for real-time inspection with intelligent, machine-learning based decision-making capabilities that offers easy integration into other systems. No matter how fast or how large the data volumes you need to monitor, or how many sources the data come from, SAS Event Stream Processing provides perfect visibility of all activity.

Another advanced tool for investigating fraudulent and suspicious activity that allows for detailed alert settings and in-depth fraud analysis is SAS Visual Investigator. Detailed investigation is important to uncover deeply hidden behavior patterns. But how to easily interpret the data and research results to other parties and explain them to those who are not familiar with the field?

This is where SAS Visual Analytics can help by converting difficult-to-interpret data into an easy-to-understand visual presentation. In addition to visualizing key metrics, you can easily import data from many different sources, including social media.

If you need a sophisticated solution to create fast decision-making processes based on specified rules, we recommend deploying SAS Intelligent Decisioning. It is a useful tool for managing rules with a wide range of potential use cases that will be appreciated by both IT professionals and business leaders responsible for business decisions.

Whichever way you choose to monitor and tackle fraudulent behavior and suspicious activity, we recommend that you do not rely solely on conventional legacy solutions, but instead implement the latest technologies that provide real-time fraud detection and assessment. This is currently the only way to ensure the highest possible level of security for you and your customers.

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