Instant payments: do they represent a secure transaction?

In a world where speed and dynamism are part of everyday life, the culture of “I want it now” Lobby all industries; particularly in banking where consumers want their online purchases be delivered immediatelywhile businesses want your payments go into your accounts before shipment.

The industry seeks provide your customers with a user experience fluid, innovative and with the least amount of friction possible, everything in line with the current digitized culture of “I want it now”, but with full knowledge that have a responsibility to protect funds of the users.

This balance is not easy to achieve, so the implementation of an instant payment process and a fraud prevention formula It must be a scam detection solution in real times.

How can the risk be reduced?

The risk in an environment of instant payments limits can be improved and extreme authentication implemented for higher risk transactions (RBAs).

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It is increasingly common for banks move away from batch payment processing and toward high handling of individual transactionswhich increases the importance and need to have a fraud detection system that can stabilize up to date, grow and adapt according to demand.

Thus, a fraud solution must be able to analyze in real time a large number of transactions in the shortest possible time and quickly adapted to new types of deception to guarantee integrity against attacks and immediacy in risk monitoring.

RiskShiled technology: what it is and how it can help prevent fraud

INFORM, a company of German origin, developed smart solutions that optimizes fraud detection for a better user experience. this way he was born risk shield.

“RiskShield’s unique detection technology has primary application areas in monitoring instant payments. This thanks to its powerful detection engine that is capable of processing miles of transactions per second offering our clients the ability to reduce fraud, identify new patterns, and control their risk exposure,” he says. fabian pinaINFORM consultant.

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This much-needed flexibility in this environment is achieved thanks to techniques such as fuzzy logic and dynamic profiles, creating a flexible and agile rules engine. Other techniques used to combat fraud include machine learning, pattern recognition, customer profiling, link analysis, network visualization, and importing watch listswhich provided banks and other financial institutions with a more comprehensive fraud detection engine powerful, flexible and responsive available.

“In order to have superior results it is not enough to have knowledge-based rules or learning models machine that requires a large amount of information to learn. The Hybrid Artificial Intelligence approach, which combines both techniques in real time, produces much better results”, he explains. Federico dos ReyesCEO of INFORM for the Latin American markets.

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