In the twenty-first century, technological change affects everyone. With the rapid change in the way consumers shop, make payments, and live their lives, their behavior patterns also change. To capture that change and profit from it, fraudsters have to closely follow the trends and adapt their behavior.
Fraud in the digital age is almost entirely based on social engineering and exploiting consumers’ lack of basic awareness of cyber threats and failure to apply basic “digital hygiene” principles to everything they do online. Gone are the days when fraudsters mainly tried to counterfeit or hijack the card or device consumers were using. This paradigm shift in fraudsters’ behavior warrants the change in fraud prevention strategies companies employ.
Then there is growing clutter in the channels consumers are using to engage with your organization’s offerings – payment card is not the only channel consumers are using anymore. There are cards, there are HCE tokens, and there are mobile wallets, digital banks, and wearables .. Consumers also travel around now more than at any time in history before.
With all of these changes, your organization absolutely needs a fraud prevention system that would not only be light and efficient resource-wise but also will effectively detect and prevent fraudulent activity in this cluttered consumer channel mix in real-time.
StrongHold Risk Management is a behavioral analytics system, whose genesis stems back all the way to 2002 when D8 Corporation began its journey in the payment cards industry.
StrongHold Risk Management creates a behavioral model of each consumer, based on the preconfigured parameters (such as amounts spent, geolocation, etc.), and then analyzes currently observed activity in real-time against usual consumer behavior in the past.
Whenever StrongHold Risk Management detects any deviation from usual consumer behavior, it can produce an alert or be empowered to take action. For example, if a login attempt from the previously unused device or previously unused location is attempted, StrongHold Risk Management can automatically block that login attempt or request a confirmation from the consumer (much like Google and Facebook do), all automatically without any human intervention.
This allows detection of even the most ridiculously complicated patterns in customer activity, that would have been impossible to track manually.
StrongHold Risk Management can be integrated with and process events from multiple data sources simultaneously. By combining various streams of data about consumer activity (from payment card systems, digital wallets, mobile banking, ATMs, etc.), StrongHold Risk Management can help detect complex behavior patterns in consumer activity.
StrongHold Risk Management responds to the observed activity and takes a predefined action in real-time, leaving fraudsters no chance to get their hands on the money. With money never leaving consumers’ accounts, your organization can expect a dramatic decrease in chargebacks and complaints.
StrongHold Risk Management offers a variety of APIs to integrate both with the modern, web-based systems and legacy systems as well. Thus StrongHold Risk Management will nicely fit into any infrastructure, regardless of how fragmented or complicated it is.
In a fast-changing world, the configuration of the system also must rapidly adapt to the changing requirements. StrongHold Risk Management offers maximum flexibility so that most system configurations can be made by your employees on their own, without D8 involvement.
We are diligently testing and improving the system to ensure the most efficient use of hardware resources. At the moment, we have reached a point where StrongHold Risk Management is able to operate at very high loads with just 4 CPU cores.
We cater to the broad spectrum of organizations, from large and established banks to small and nimble startups. Regardless of how well-established is your organization, you can take advantage of StrongHold Risk Management – just start with SaaS installation and as your business grows, you can always switch to an in-house license later. System migration from SaaS to in-house is seamless, thanks to configuration management features that allow you to migrate system configurations from one installation to another with only a few clicks.
We’d be happy to provide you with more information and organize a demo session for you. Just drop us a line below with a quick description of your business case and let’s chat!
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