FRAUDAY Newsletter
September 13th, 2024
Check out our new AI Rule Builder!
ISSUE #17 | September 13th, 2024
This community has grown to over 800 fraud & risk professionals, and we are thankful for each and every one of you.
We’ll keep the monthly tips, product updates, and industry insights coming your way. All we ask is if you find this newsletter helpful, please forward it to a colleague or friend. Thank you!
Introducing AI Rule Builder
Effectiv continues to push the boundaries of innovation with the release of AI Rule Builder. This feature simplifies how users create rules within our platform by allowing them to describe the rule in plain language. Instead of navigating complex dropdowns, users can now type what they want their rule to accomplish, and AI Rule Builder will automatically generate the necessary logic.
This intuitive approach reduces the time and complexity involved in rule-building, empowering users at any technical level to create accurate and efficient rules quickly. Whether you’re monitoring transactions, performing KYC checks, or flagging high-risk login events, AI Rule Builder is your go-to solution for intelligent decision-making.
Data Service Integrations
🪪 Prove Pre-Fill©
Onboard and verify customers up to 79% faster while reducing user friction and fraud by pre-populating application forms with verified identity information. The highly accurate Prove Identity Network® is used to check identities against all major global sanctions and PEP screens.
👤 NeuroID Account Opening
NeuroID’s Account Opening solution, enhanced with device and network intelligence, detects invisible markers left by users’ data entry behavior, device, and network so you can stop more fraud sooner. Get full confidence in your top-of-funnel fraud decisioning, so you can expand your risk appetite without actually increasing risk.
🏢 Experian Small Business Financial Exchange™
SBFE Data from the Small Business Financial Exchange provides more than 19 years of small-business tradeline data that can be combined with Experian’s extensive commercial, consumer, and alternative data assets to more accurately and efficiently assess small business risk.
✅ Global Business Identity Verification
Markaaz’s business verification services leverage global data and advanced algorithms to verify hard-to-identify businesses, enhancing onboarding, risk management, and compliance processes by providing real-time firmographic and financial data.
Social Post Highlight
While cheaper, subpar fraud prevention solutions might save costs upfront, what message does that send to customers and stakeholders? Remember, whichever fraud prevention solution you choose is a statement of your commitment to customer trust and safety.
👇Find us on one of these platforms👇
In The News
💰 Revolut Sees Jump in Scam Complaints as APP Fraud Grows
Revolut has seen a rise in complaints related to authorized push payment (APP) scams, where fraudsters trick users into transferring funds. Despite increasing anti-fraud measures, including joining Cifas and boosting security efforts, the company faces criticism for its handling of reimbursement requests from victims.
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📱Refund Fraud Schemes Proliferate on Apps Like Telegram
Refund fraud schemes are proliferating on platforms like Telegram, where scammers share methods to exploit retailers’ return policies. Fraudsters return fake or empty packages and offer refunding services, causing significant financial losses for businesses.
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💳 Card Not Present Fraud: What Every Fintech Needs to Know
Card-Not-Present (CNP) fraud, driven by the increase in online transactions, poses significant financial and reputational risks for fintechs. Prevention strategies such as using advanced fraud detection, encryption, and educating customers to minimize fraud exposure and enhance transaction security are increasingly important.
Read ↗️
Joke of the Month
I asked the bank’s automated KYC system on a date.
It said, “Let’s take things slow—I need to verify who you really are first.”
