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The True Cost of Fraud Goes Well Beyond Dollars Lost
- Payments companies have partnered with or acquired companies to help them deal with fraudsters. AI shows promise as a fraud detector and defender, but criminals are using it to facilitate financial and identity theft. Fraud in financial services carries implications beyond immediate financial losses, impacting consumer confidence and reputation. Discover aims to identify vulnerabilities early and address them before they escalate. Fraud prevention is not only a technical issue but also a reputational one concerning consumer trust. Tokenization has emerged as a fraud defence, requiring no added steps in the payment process, supporting Discover's fraud mitigation efforts and its commitment to ease of use. Tokenization minimizes risks for customers and businesses. Discover sees brand reputation and consumer confidence as key assets that require continuous protection. Advanced analytics and machine learning are essential to detect and assess unusual patterns, helping Discover stay agile against emerging threats. Data insights provide Discover with a clearer picture of merchant practices, helping the company identify potential risks and intervene when needed. Discover aims to promote transaction security and uphold compliance, balancing operational security with customer and merchant expectations.
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