While this undoubtedly holds huge potential for advanced fraud analytics – AI (Artificial Intelligence) is not the holy grail that some believe it is, and machine learning still requires the human touch. Supervised machine learning requires the human fraud analysts who can read the signals and constantly tweak fraud strategy. A more customised modelling process might mean higher costs but can enable merchants to achieve higher fraud detection rates at lower false positive rates.
AI is not the holy grail that some believe it is, and machine learning still requires the human touch. Supervised machine learning requires the human fraud analysts who can read the signals and constantly tweak fraud strategy. A more customised modelling process might mean higher costs but can enable merchants to achieve higher fraud detection at lower false positive rates.
P100 NEWSWIRE / INTERACTIVE / MARKET DATA
OPERATING GLOBALLY, THINKING (PAYMENTS AND FRAUD) LOCALLY In a fully digital world, traditional geographical boundaries tend to disappear, even if in the background there are still different regulatory environments and rules at play. But scaling up and being able to serve customers globally opens the door to rapid growth.
Tis means enabling the right alternative payments for each country or market, without overwhelming the consumer with choice. And enacting the fraud strategy in line with local payment needs and expectations. Further building upon the advanced analytics and machine learning capabilities outlined above, operators need the flexibility to adapt these tools to individual market needs. We have found that cross-border transactions are 12x risker in gaming than other verticals, and devices attempting to mask their IP address 3x more likely to be fraudulent. Scaling up a business and operating globally offers a huge growth opportunity, but as you can see it’s not without its dangers.
CUSTOMER EXPERIENCE IS KING… BUT CAN’T CRIPPLE THE BUSINESS For online gaming, as for a growing number of digital entertainment types, the customer experience essentially is the product. Tere is no tangible, physical good, so when the experience has passed all that remains is the memory of the experience – and this is what will bring the
customer back or compel them to consider a competitor.
Payments play a central role in enabling an immersive experience – something that will only become more pronounced with the rise of virtual and augmented reality gaming experiences – but need to be delivered in a way that is also sustainable for the business. Operational costs need to be managed through smart investment in payments tools and technology, so that customer experience can be enhanced in the future without the continual drain on resources that comes with large scale technical redevelopment.
Sustainable operations also require the right balance between experience and security. Fraud prevention strategies need to balance the desire for seamless gameplay with the need to protect from the ever-present threat of fraudulent activity.
Disruption isn’t slowing down either, so fraud threats will continue to evolve. We’re already starting to see the impact that Augmented/Virtual Reality (AR/VR) could have, and over time we’ll see the gaming experience become increasingly immersive, and available across multiple end- points. It will be interesting to see how voice-enabled virtual assistants become part of these immersive experiences, and related to this, how new forms of authentication may be used for payments within new types of gaming experiences.
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