With most organizations recovering less than 25% of all monetary losses due to fraud1, it has become even more important to catch the fraudster before the fraud. Unfortunately, criminals have also become more sophisticated in their methods, creating two significant challenges for organizations. First, the window of time to detect and prevent an individual fraud case is closing, and second, the race to address more sophisticated threats is getting harder to win.
Adding to this complexity, consumers expect a positive and frictionless experience. They don't react well to jumping through additional hoops that poorly informed fraud prevention measures might impose. So, alongside the ultimate goal of preventing losses, there is a critical requirement to reduce false positives that result in genuine customer experiences being interrupted.
The path to solving these challenges includes having the right data in the right places at the right time. The right data will fuel fraud decision logic and accurate AI that detects more fraud while reducing false positives. The right places are existing fraud decisioning, case management, analytics, and reporting systems (and let's be honest, if you are a large retail bank, you will likely have more than one!) Finally, the right time means that within a few milliseconds, to catch the fraudster before the fraud, or within seconds to investigate cases and emerging threats.
Behavioral data is becoming increasingly critical with more and more fraud utilizing digital devices (think mule account opening, remote account takeover (RAT), or authorized push payment fraud). As a result, fraud management teams need to see the details of each transaction -- and the behaviors displayed by the end-user around that transaction -- to identify whether it looks suspicious or genuine. This scenario is where the Celebrus Fraud Data Platform (FDP) comes in, providing the best data in the industry today, including first-party, individual profiles, across multiple devices and channels over time.
The Celebrus FDP captures and uses data to power real-time continuous behavioral biometrics and insights everywhere across your digital channels, including Personal Identifiable Information (PII) for legitimate interest where required. In-the-moment data enhances your fraud management systems taking fraud detection to a new level. In simple terms, organizations will catch more fraudsters, see them earlier, and keep their customers happy.
Backed by the world's only first-party Identity Graph, with profiles powered by behavioral biometrics and a complete data model to assist with identifying evolving threats, the Celebrus FDP addresses these challenges and industry gaps.