As consumers’ shopping preferences continue to shift toward online and mobile and apps for daily banking activities, financial fraud has become increasingly complex and recurrent across all banking channels. The wide range of access points for financial information -- including smartphones, tablets, office, and home computers -- gives fraudsters an array of options to plan and execute their attack. To keep up with this rapidly growing threat, banks must evolve from the traditional, siloed method of fraud detection to a proactive machine learning approach.
This will help banks move away from the ineffective and inefficient manual processes still widely in place today. Many institutions perform manual reviews of transactions, an approach that is laborious, not scalable, and significantly more error-prone than an automated strategy. For electronic payments fraud prevention strategies to be successful, the processes must be tightly integrated with transaction processing systems. Automated systems can provide a more comprehensive view of customer behavior by leveraging machine learning solutions to detect suspicious payments activity while minimizing the false positives.
Features Analytics' eyeDES® streamline machine learning™ platform for fraud detection is designed to take advantage of the heterogeneous nature of the data available in the banking industry as well as of the high performance hardware associated with such lines of business. Through the development and deployment of our eyeDES® package of models, banks can benefit, at real-time transaction authorization, clearing or settlement, from using tailored models across lines of business, product types, and geographies or based on other criteria, with the granularity of the segmentation and customization being decided by the client itself.
Moreover, even for our most complex machine learning-based solutions, performance-critical aspects both in terms of processing speed as well as quality of the risk services are of utmost priority for us. Through the eyeDES® fraud detection streamlined platform, performance and quality related requirements become achievable.
In today's challenging fraud landscape, we are proud to bring to you eyeDES® streamline machine learning platform as what we firmly believe to be a new standard in modern fraud detection solutions in terms of pattern learning quality, processing speed and stability, scalability and interoperability with the outside world.