Modernizing and enhancing fraud detection, especially with regard to generative AI and network APIs, requires a well-thought-out strategy that follows these basic steps:
- Plan properly – develop a comprehensive roadmap that outlines performance metrics and identifies key risks.
- Identify the right data – train models on diverse and substantial datasets of irregular transactions and use advanced APIs to store customer interaction data and generate new blocking rules.
- Leverage network APIs – access valuable data like location, SIM swap status and fraud scores, which can be crucial in detecting and mitigating fraud.
- Prioritize security – implement security protocols and incident response plans.
- Embrace partnerships – outsource elements of the fraud detection and prevention processes to trusted partners.
- Establish governance – develop governance structures that balance expert oversight and agile decision-making.
