By drawing on the knowledge of a company’s best performing subject matter experts, as well as data from a history of fraud cases, clients are able to model a Rainbird-powered fraud engine representing the company’s best-practice procedures, capable of handling multiple concurrent transactions simultaneously and consistently. It’s the only way to effectively handle the volume and frequency of potentially fraudulent transactions hitting a business.
To align with the demands of the modern consumer, financial institutions need to ensure a minimum amount of transaction friction if they are serious about retaining business. Studies show that nearly 40% of cardholders abandon cards after false declines, and a quarter of those people move their cards to the back of their wallets. Transaction friction costs payment providers their customers.
Almost invariably, the achilles heel of financial institutions is the contact centre. As technology solutions advance, so too does criminal activity. To create a watertight security and fraud prevention framework within the contact centre environment, it’s vital to keep abreast of a security landscape in which fraudulent activity and new technologies develop alongside one another.
Replacing outdated legacy systems with automated digital technologies is an essential requirement. The Rainbird modelling process gives you the ability to build enterprise-scale fraud detection and identification systems that are based on your own expert knowledge of your business and the threats you face.
Changing the frontline of fraud
Intelligent fraud detection
How a tailored approach can fight fraud at scale