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Complete Story
02/12/2020
Why The Cyberfraud Fight Needs A Trusted Identity Reset
PYMNTS.com
The future of eCommerce, and fraud prevention, is flipping the script from just stopping bad transactions to enabling personalized customer experiences. Consumers have less tolerance than ever for unnecessary friction — instead, each interaction and step along the customer journey must be considered through a lens of trust: Is there low trust, and should the transaction be stopped? Or is there a high level of trust that deserves a VIP experience?
Meanwhile, fraud is constantly evolving and becoming more sophisticated, occurring before and beyond the point of payment. We no longer live in a world where crooks swipe cards and see how many charges they can make before the rightful owners pull the plug.
Today, Kount Executive Gary Sevounts told PYMNTS in a recent conversation, fraud technologies and tactical proficiencies have greatly improved, while target pools have greatly expanded.
“The fraud community is more and more using machine learning to access data, and moving away from attacking payments directly and into account takeover, synthetic identities and other means,” Sevounts said. “That is why legacy fraud prevention tools are becoming less and less efficient and effective.”
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