One View allows card transactions and non-card payments to be intelligently monitored under a single, network-agnostic interface and rules engine to enhance fraud detection, according to a Wednesday (Oct. 8) press release.
“For the first time, FinTechs, banks and other organizations involved in payments processing can benefit from streamlined processes which enable them to fully utilize payment data to boost fraud detection and make the world a safer place to transact,” Jason Blackhurst, global head of Featurespace and Acceptance Risk Solutions at Visa, said in the release. “Clients choosing the new solution also benefit from Thredd’s differentiated expertise and in-house services in integrating and optimizing the solution.”
One View removes the need for fraud analysts to log into separate systems for cards and payments, providing them with a unified interface that streamlines their workflows. The tool is an “API-first, plug-and-play solution” that allows clients to go live and see value without upfront training, according to the release.
“In addition, the solution can be deployed to replace legacy fraud solutions or as an augmentation layer across both cards and payments, balancing fraud detection with customer experience, helping to minimize false positives and improve detection rates,” the release said.
Visa DPS GM, Risk Products and Solutions Dustin White and Featurespace Chief Operating Officer Tim Vanderham discussed in a July interview with PYMNTS how payments leaders are employing behavioral analytics and collaborative innovation to combat fraud.
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“It’s not about just stopping fraud that happened yesterday,” White said. “The real question is: ‘Are you prepared to stop the fraud that’s coming tomorrow?’”
Fraud detection has long depended on rule-based systems that flag “bad” activity after it occurs. These systems have historically been useful, but they cannot compete with the generative AI-powered tactics now used by cybercriminals such as social engineering, synthetic identity theft and deepfake scams, they said. The goal now is to prevent fraud before a transaction is even attempted.
“We’re not just looking at transactions,” Vanderham said. “We’re looking at logins, payee data and behavioral metadata. The fraud event is often the final act in a longer play.”
