By Gartner Report: Licensed for Distribution
Online fraud detection continues to grow in complexity with many solutions measuring dynamic behavioral characteristics. Security and risk management leaders responsible for fraud prevention should focus on creating a trusted ecosystem, and seek orchestrated solutions to improve customer experience.
The online fraud detection (OFD) market shows continued signs of M&A activity with the attention of many investment firms becoming focused on this space. As a result, many solution providers are the target of acquisition by financial services, payment providers or large software companies.
Machine learning continues to drive innovation in the space. However, buyers responsible for the specification and purchase of OFD solutions report increasing weariness with the jargon deployed by many vendors, leading to confusion over technical features rather than a focus on business benefits.
In many organizations, fraud teams are being challenged to grow beyond transaction governance and compliance, through the need to accommodate new channels such as social media, and to combat unreliable, unverified information found on those channels.
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