Payment fraud is a persistent problem in digital channels. Unfortunately, many organizations lack a coherent strategy for detecting and mitigating fraud. Each of the many stakeholders across a variety of teams impacted by fraud can have different, and sometimes opposing, requirements for any fraud detection strategy.
The result is a siloed approach rather than a cohesive, holistic solution. When there’s no common framework, the fraud detection strategy can be ineffective and may not align with organizational goals.
A better approach is to have the security and risk management leaders responsible for identity and access management work together on solving the fraud detection problem. They should seek to accomplish the following goals:
Want to know more about creating an effective payment fraud detection strategy at the organizational level? Request the Gartner Report.