News introduces its new Anomaly Detection feature

Friday 30 April 2021 13:52 CET | News, a payment technology vendor, has introduced a new Anomaly Detection feature. 

The new tool was built to help financial institutions prevent fraud-related losses by identifying suspicious transactions and behaviours in real time.

Anomaly Detection uses the data captured by financial institutions to identify fraudulent transactions and behaviours. By automatically classifying data into normal distribution and outliers, companies can respond to deviations from the norm, potentially saving millions that would have been lost to fraud otherwise.

Anomaly Detection provides binary answers for financial institutions. If a transaction looks suspicious and potentially fraudulent, the system may ask the customer to verify details or go through additional verification steps. Any flagged transaction past or present is accessible to authorised personnel via a dashboard with in-depth information and metrics. Anomaly Detection can be applied to flag technical outages, glitches, and potential opportunities such as a positive change in consumer behaviour by analysing multiple data points.

Anomaly Detection monitors consumer behaviour to reduce the number of verification steps that impede the consumer purchasing journey and reduce false positives. 

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Keywords: financial institutions, transactions , data, product launch
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions