The role of machine learning in perfecting fraud management strategies

Now that we've entered the largest retain season of the year, it is the perfect time to turn attention to cyber security defenses and fraud protection. Alarmingly, 96% of all ecommerce businesses have reported some form of fraud attack at their organization, with account takeover landing in the top three, according to Merchant Risk Council's 2019 Global Fraud Survey Results. Retailers need to prioritize proactive fraud management more than ever as the threat of fraudulent online activity continues to rise, especially as more consumers store payment, billing and shipping information with retailers directly. In order to catch fraudsters quickly and efficiently, retailers must consider the use of technology and machine learning – where it works, where it doesn't and where it's costing retailers. From new automated technologies to manual review processes, ensuring that these methods apply across all channels is vital, here's what retailers need to know in order to stay ahead of the fraud game.