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12/15/2021

Banks And Merchants Tap Behavioral Analytics, Deep Learning to Keep Holiday Fraud in Check

PYMNTS.com

The pandemic transformed how holiday shoppers secured items in 2020, and researchers expect these trends to continue during this year’s holiday season. PYMNTS’ findings show that 87% of United States consumers plan to do at least some of their holiday shopping online, 13% more than the share that did in 2020. Another survey on holiday shopping forecasts that more than 36% of U.S consumers will do their shopping exclusively online. It also projects that most U.S. consumers will increase their holiday spending or keep it at the same level this year.

These are but a few of the key findings in Modern Banking Ecosystem: Security-Driven Digital Transformation, a PYMNTS and Featurespace collaboration. The Playbook analyzes how the holiday-influenced eCommerce spending boom, combined with supply chain issues and product shortages, presents new security and fraud challenges for card-issuing financial institutions (FIs). It also explores the growing imperative of catching fraudsters before they cause lasting financial damage and details the emerging technologies FIs can use to better protect customers from identity theft and online fraud.

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