The fight against fraude

Electronic fraud is a growing risk for a great number of enterprises. A well-known example is the falsification of credit cards. Unfortunately banks are not the only companies affected by this paroxysm. Commercial cell phone sites, medical declarations, insurance payment and network intrusion, electronic fraude concerns more and more sectors of activity.

The arrival of these new cyber-frauders is to a great extent linked to the development of information systems by companies and the progressive replacement of paper transactions by electronic transactions (check, credit card). The computer systems are not sheltered from breaches and the fraudulent have the time and imagination to keep up.

Recent cases of fraud allow two observations :
1. The swindlers are becoming professional. This is no longer just about isolated individuals but more and more it is structured groups with means at their disposal.
2. The scams are no longer just large occasional attacks but there are also numerous transactions of small amounts lost in the shuffle and more difficult to get back..

Tools proposed to fight against this new fraud must therefore be more and more sophisticated and offer a high level of dynamism.

The ratio of false positive

Electronic fraud is difficult to detect and requires adequate tools. Fraud is a generally diluted phonomenon. Detecting fraudulent transactions is like looking for a needle in a haystack.

For this, a tool of fight against fraught must have the capacity to process large quantities of data rapidly and easily. Then it must identify fraudulent transactions with a weak ratio of error (false positive). Indeed, picture what a disaster it would be to see a good customer as a swindler. Finally criminals have a recognised capacity to rapidly modify their questionable behavior. The fraud control solution must offer all the flexibility of use indispensible to maintain its dynamism.

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: :   the fight against fraud
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A pragmatic methodology

The efficiency of a solution to fight fraud depends on the methodology proposed to put it to work.

For every establishment fighting against fraud, the stakes are high. It comes down to effectively dimishing risk without limiting the market, its level of service or penalising its good customers.

Thanks to our experience, we have developed a proven methodology that allows to structure an effective fraud control approach.

This is an iterative methodology that breaks down into four steps that allow rapid acquisition of the first measurable results.

This methodology implemented in ISoft's Fraud Manager allows its automation in the utilisation process.