As consumers continue to spend and interact online, they have growing expectations for security and identity verification. There is an increased need for businesses to protect customers from fraud while still providing a seamless online experience. Despite their plans to increase their fraud prevention budgets, data shows that businesses may not be completely aligned with consumer expectations.
Businesses understand the need to incorporate machine learning into their anti-fraud strategies. The main benefits of incorporating machine learning into fraud management is that it can enable real-time fraud detection, analyze large transactions, and help evolve strategies by learning with time and experience. Machine learning modernizes identification and fraud prevention, allowing businesses to fight new and old forms of fraud as they occur while providing their customers with a seamless, positive experience.