As digital payments continue to rise, so does the risk of fraud
In 2020, digital payments were responsible for 41% of all fraudulent transactions. Synthetic identity fraud is becoming more common, costing organizations an estimated $800 million in 2020 alone. Suspected digital fraud attempts have increased by 80% since 2019. Organizations need dynamic fraud detection systems to keep up with evolving tactics and costs.
But building in-house fraud detection models is fraught with challenges
- Limited expertise
- Constantly evolving fraud patterns
- The need for real-time detection
- Handling of large and diverse batch, real-time, and streaming data sets
- Cost and resource constraints
- Security and compliance issues
- Seamless integration with existing systems
Combat fraud and reduce risk with Tecton
- Customize your feature data to tackle various fraud types and stay ahead of emerging trends.
- Use powerful out-of-the-box or custom data aggregations to create, test, and deploy ML features to detect fraud in real time.
- Address the demands of advanced fraud detection systems and minimize costs with a robust, scalable, and cost-effective platform that seamlessly integrates with existing workflows and systems.
