To keep pace with constantly evolving threats of fraud and increasing regulatory pressures, the right fraud solution must fit your organization’s unique risk profile and effectively identify suspicious cases for investigation. WatchDOG® Fraud monitors transaction behavior to detect fraudulent patterns across all channels and payment methods.
Financial crimes are becoming increasingly complex, especially with the rise of tactics like synthetic identity fraud. Rules-only systems are unable to keep up with new methods of fraud, often burdening organizations with an influx of false positives.
As a modern monitoring solution, WatchDOG Fraud combines out of the box rules with artificial intelligence (AI) and machine learning to detect fraud in real time, identifying suspicious activity while continuously learning and adapting to investigators’ decisions to perform more efficiently.
Fraud detection is the process of monitoring transactions or payments to identify and prevent unauthorized financial activity. A common method of fraud detection involves understanding behaviors and identifying anomalous activities. Monitoring for fraud should be performed across all channels to detect suspicious patterns and can include using transaction data that can be augmented by non-monetary data such as IP addresses, device ID and more. As fraud methods evolve, organizations should deploy a modern solution that can adapt and detect new tactics.
WatchDOG Fraud combines new technology with existing rules to modernize and streamline fraud detection and prevention, creating a balanced approach that reduces organizational risk by alerting of suspicious transactions.
Using AI and machine learning, WatchDOG Fraud analyzes behavior patterns to generate alerts when customer behavior deviates from expected patterns. This modern solution minimizes the burden of false positives by adapting to reasoning from closed cases and optimizing rules that reduce the overall number of alerts and cases to investigate.
WatchDOG Fraud Features
Digital payment channels allow for new points of compromise that require 24/7 monitoring and are especially vulnerable to fraud. WatchDOG Fraud’s AI and machine learning models learn customer transaction patterns and methods to accurately alert on suspicious activity in real time.
Additional WatchDOG Fraud features include:
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