High Referral Rate
53% of organisations believe that the increased numbers of referrals is their biggest challenge limiting their ability to prevent fraud.
Average resolution time per incident increased sharply from 6 hours in 2022 to 10 hours in 2023.
Machine Learning can reduce referral rates without impacting fraud detection
There is a 74% reduction in referral rate when introducing Machine Learning into Fraud Decisioning.
High Number of False Positives/Negatives
The loss of revenue due to false positives is substantial. According to payment consultancy CMSPI, in 2020, revenue losses from targeted card fraud in Europe were around €2 billion, while losses from false positives were around €23 billion.
By significantly reducing false positives and false declines, Machine Learning technology becomes a revenue generator.
The ML model improves detection accuracy between fraudsters and legitimate customers, with a 60% reduction in false declines.
