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08/13/2024
Collaborative Defense: The Role of ‘Intelligent Friction’ and AI in Fraud Prevention
PYMNTS
Every now and then, an executive in the payments business comes up with a catchphrase that captures a complex concept, and you know it’s going to resonate.
A good example lies in describing the tension between tight security protocols and practices and a positive customer experience. The catchphrase that nails it is “intelligent friction.”
Attribute that one to Graeme Bullock, EMEA sales leader at financial verification company Entersekt. He turned the phrase during a conversation with PYMNTS and a panel that included Nordic payment processor Nexi Group and J.P. Morgan, focusing on the tension mentioned earlier.
Bullock introduced the concept of “intelligent friction,” which emphasizes applying security measures based on the level of risk associated with a transaction rather than a one-size-fits-all approach. This approach ensures that security measures are dynamic and context-specific, reducing unnecessary interruptions for legitimate transactions while effectively targeting potentially fraudulent activities.
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