CIOs say that when enterprises try to decrease their losses due to fraud attacks, they need to consider the integration of fraud detection solutions in the day-to-day operational flow of the enterprise
Security leaders believe that for effective mitigation of fraudsters, enterprises need to have fraud solutions that are practical and can be easily integrated with fraud and security operations.
There exist various fraud prevention and detection measures in the market. Each differs from the other in a unique manner. Effective integration of the solutions into the workflow has been given less than the required consideration during the evaluation and procurement procedure.
Security leaders highlight that fraud detection and prevention methods should blend seamlessly with the existing operational workflows.
Recommendation:
regardless of the type of data modeling, machine learning, AI, or analysis in the background, effective and good fraud detection and prevention measure requires to serve a concise and defined recommendation. They believe that the best tech is laid waste if the organization cannot easily use a recommendation.
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Reason:
CIOs say that enterprises will not be keen on leveraging technologies that tend to function as a black box. If the enterprise should consume a recommendation, the solution should be articulated straightforwardly. An accurate understanding of the complexities relevant to the intellectual property is not needed; however, they should be provided with an easily understandable logical description of why the recommendation was made in the first place.
Review:
As clear evidence to a recommendation, organizations need to analyze the data and scenarios pertinent to the recommendations. An effective and productive fraud detection and prevention solution will provide clients with easily accessible data, logical summaries, and analysis of the advantages that the organization will get from the solution.
CIOs clarify that enterprises differentiate between different offerings in the industry, based on the features and cost. When solutions are being considered for integration with everyday workflow, certain factors need due inspection.
Deployment ease:
Security leaders acknowledge that many fraud detection and prevention solutions available in the market are complicated to deploy. Any solutions that need complex and lengthy implementation will not meet the requirements of an organization that plans to integrate it into their operational workflow seamlessly.
Ease of Consumption:
Enterprises should have easy access to the data. It shouldn’t need months of intensive professional services support to integrate the output with operational workflow.
Higher fidelity:
An effective fraud solution should make only good recommendations. CISOs reiterate that the organization should be able to have high confidence in the fidelity and quality of data that they glean from the fraud solution. The false-negative rate must be at the lowest level possible; a fraud solution is worthless if it has missed a fraud that has already occurred.
Low noise:
In addition to high fidelity, CIOs also prefer a solution that produces low noise. This is needed to prevent pollution of the workflow with a high volume of in actionable noise. Too much noise will distract the security and fraud teams, thus wasting resources like resources, time, and effort, which could have been effectively invested in some other area.
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Return on investment:
Security leaders say that the best method to understand the efficacy of a fraud solution is calculating its ROI. The value of prevented fraud losses should be a significant multiple of the invested value of the solution. Any value less than that will not live up to the requirements or expectations.
