The coming together of security and anti-fraud teams
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Leveraging the prowess of security and anti-fraud teams

Ai Editorial

25th March, 2023

The coming together of security and anti-fraud teams, collaborating for the benefit of protecting an organization and its customers from unscrupulous acts of fraudsters, hackers and scammers is increasingly becoming a common phenomenon in the retail and other sectors.

Right from understanding vulnerabilities to acting on sources of intelligence to working out actionable tactics, fraud and cyber security teams have to ensure a rapid decision is taken to protect accounts, monitor transactions, protect data and so on.

Talking about the same during a webinar hosted by LSA this week, Target’s Erin Becker and DICK’s Sporting Goods’ Kyle Bruce mentioned that organizations have had to act even faster, considering how companies are ensuring customers are served more efficiently across touchpoints, which means that there are more opportunities for fraudsters. And considering this, the fraud and cybersecurity working together or centralizing such disciplines came on the expected lines.

Working in a disjointed manner isn’t going to help merchants when it comes to stopping fraudsters from being successful. The fraud and security teams have to ensure they make the most of the resources available, especially relying on data and patterns.

Muktar Kelati shared that structuring within an organization for stopping fraudsters or scammers also depends upon factors like size of the organisation, what the company does or their core competency etc.

Organizations are trying to act on multiple sources of data and the list includes device, biometric, buying history etc. and refine them continuously with any new source of data available. Merchants are also leveraging machine learning to aid efforts related to security, fraud management, and compliance.

By Ritesh Gupta, Ai Events

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