Providing enhanced digital transaction protection via ADVANCE.AI Fraud Wall
08 November 2022
You may already know that ADVANCE.AI's verification solution is used by some of region's leading banks, fintech, e-commerce and digital companies as part of their eKYC onboarding process. What happens after onboarding – what can businesses do to ensure on-going transactions are protected from fraud and risky activities?
Every organisation needs a fraud prevention strategy that covers processes from onboarding to on-going transactions to protect the business, and all users including employees and customers. Because while verification and AML (anti-money laundering) checks can keep out fraudsters and high-risk individuals at the point of onboarding, bad actors can still attack afterwards, and that's where ADVANCE.AI's automated real-time fraud monitoring system Fraud Wall can help.
ADVANCE.AI Fraud Wall is designed with today's digital businesses in mind, taking into consideration the need for speed, omnichannel online presence as well as the flexibility to adjust to changing business requirements and evolving risk management needs. Fraud Wall is applicable for various acquirers, merchants and is currently used by organisations across the region, including banks, payment service providers and acquirers.
ADVANCE.AI Fraud Wall helps merchants and acquirers keep up with regulatory requirements with real-time, unified fraud protection
Various regulatory bodies across the world, including in the fast-growing Southeast Asian region, are also putting guardrails in place to ensure both businesses and consumers are better protected against evolving fraud. As institutions including Bank Negara Malaysia (BNM), Bank of Thailand (BoT) and Bangko Sentral ng Pilipinas (BSP) update regulations surrounding digital activity and digital transactions, BFSIs need to ensure they have the right fraud prevention frameworks to be compliant.
Highly rated on Gartner Peer Insights®, these are some key points many users have shared on our easy-to-implement solution, and perhaps why you should consider Fraud Wall as part of your fraud prevention strategy too:
1.Fraud Wall's automated, real-time patented AI analysis in less than 1 second
Time is of the essence when it comes to digital transactions – in the window of a split second, fraudsters can strike, or with a second's delay, and you could lose a customer. Fraud Wall patented Artificial Intelligence (AI) analysis is not only smart but fast, conducting scoring and risk-based authentication (RBA) in less than a second.
AI allows for new fraud patterns to be detected based on constant calibration of analysing customer data and profiles, because fraud is ever-evolving and so should your fraud protection. Our cloud native architecture is also able scale quickly to process surges in transactions during peak volumes, so you don't have to worry about letting bad actors slip through when there are high transaction volumes such as during a Singles' Day shopping sale or a bank promotion.
ADVANCE.AI understands the omnichannel needs of today's businesses. Being online isn't just about having a website, but a digital presence designed around customer touchpoints that can include e-commerce platforms, kiosks, point-of-sale terminals, ATMs, eMOTO and mobile apps.
While multiple touchpoints enable a better user experience and journey, these touchpoints could be points of vulnerability; it's why Fraud Wall is designed to give you that unified, singular view across all these channels, so you have better control when it comes to fraud monitoring and halt any fraudulent activity before it impacts your business.
3.Fraud Wall constantly calibrates with evolving activity
Risk and fraud used to be managed by algorithms or risk rules, but static rules can easily be outsmarted by fraudsters. Meanwhile, manual reviews by fraud analysts can be labour-intensive and difficult to scale. Fraud Wall's Merchant Risk Intelligence (MRI) engine is built to automate the tasks that are typically done by fraud analysts. Better yet, our MRI engine also includes the analysis of individual transaction risk scores to form a picture of both normal and abnormal activities. Baselines can be recalibrated, and high-risk accounts can be quickly identified too.
As a futureproof solution to give businesses added assurance, ADVANCE.AI's Fraud Wall has also received patent approval for Singapore Patent 11201908270Q – Apparatus and Method for Real-Time Detection of Fraudulent Digital Transactions, a technology developed to detect anomalous transaction behavior in all channels of e-payments.
Fraud Wall is listed on Visa Global Registry of Service Providers
We have successfully maintain our PCI DSS certification for Fraud Wall and and published on the Visa Service Provider List. As a listed provider, you can be assured that Fraud Wall can be your partner in ensuring compliance. For more information on Visa list of service providers, you can refer to this page.
The technology is important given the rise of aggregation of e-identities (Meta, Google, Apple) and anonymisation services such as on-the-fly email alias generation (i.e. Apple’s iCloud+ Hide My Email Service) and VPNs. This allows for the deployment of next generation fraud prevention services without relying on primary account risk scores such as email address and phone number.