What machine learning and rich historical data mean for fraud protection - retailbiz

Fraud is evolving, and many Australian businesses may struggle to keep up with fraudsters who are continuing to find new ways to evade detection and exploit vulnerabilities. In the twelve months to June 2021 alone, the Australian Payments Network found fraud on payment card transactions totalled $490.1 million, an increase of 9.2 per cent from the year before. Further, research from Statista shows that as of 2021, around 1.25 million dollars had been lost in online shopping scams in Australia. For retailers of all sizes, it has never been more important to get ahead and proactively find a solution that helps to stop fraudulent transactions without turning away legitimate customers and limiting opportunities for growth. What your business needs, however, depends on the size of your organisation or the trajectory of growth that you are on.