RiskShield BPC Fraud Newsletter Issue 2 2024

RISK Shield

Welcome to issue #2 of RiskShield SmartVista Fraud Management Monthly Newsletter – a concise, expertpacked digest for elevating your fraud prevention game. In this Issue #2 expect the latest product updates, consultancy insights, success stories, and market trends.

Product Update

We are excited to share with you our latest product planned updates on SmartVista Fraud Management solution.

Name: Data Visualisation Release Plan: Available Now

Data Visualisation is a graphical representation of data and information. By using visual elements such as graphs, charts, and maps, data visualisation tools can provide a simplified way to foresee and understand trends and patterns within the data.

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Product Update

We are excited to share with you our latest product planned updates on SmartVista Fraud Management solution.

Name: Data Visualisation Release Plan: Available Now

What is it?

As Henrik Ibsen said, “A picture is worth a thousand words” and in a world where we are surrounded by an intimidating amount of data and information, via newsfeeds, social media, email, chat - the need for simplicity amongst the mass of data, has never been more important. Just like our busy lives and minds search out peace and sanctuary, in the 21st century, through meditation, mindfulness, yoga and other leisure activities - we also seek clarity in data.

Data Visualisation is a graphical representation of data and information. By using visual elements such as graphs, charts, and maps, data visualisation tools can provide a simplified way to foresee and understand trends and patterns within the data. They help us to group and organise data based on categories and themes, making it easier to break down and understand.

What types of Data Visualisation will be available?

Data visualisation is crucial for analytics. As part of the SmartVista Fraud Management (SVFM) product, one of the data analytics features offered, alongside the fraud map – is our dashboard.

Clustering

Build Dashboards

to establish more tightly bound areas within the network, including common entities that may exist between two or more clusters.

This dashboard empowers users with a spectrum of data analytics functionalities. Curated from a comprehensive library, users can tailor-make their dashboards by selecting from an array of widgets covering fraud MCC’s, triggered rule sets, rule metrics, top fraud merchants, and indicators of false/true positives, among others.

Customisation

Clustering

Craft a dashboard uniquely suited to your needs, incorporating the most important and actionable data widgets. Each widget has customizable settings, enabling precise adjustments tailored to individual preferences. Effortlessly toggle the dashboard’s time span, shifting between daily, weekly, monthly, and beyond.

Metrics tracking

This feature stands out for its capacity to visually represent rule efficacy, operator performance, and various key metrics. Offering a 360 view of multiple data points, it is a tool with intuitive design that requires no specialised configuration or expertise, making it readily accessible to all stakeholders, including management, executives, shareholders, and regulatory bodies.

to establish more tightly bound areas within the network, including common entities that may exist between two or more clusters.

We wholeheartedly encourage all our clients to leverage this dynamic and invaluable feature to its fullest potential. Should the dashboard feature not be currently accessible, we urge you to reach out to your Account Manager or BPC’s Fraud Product Team to inquire about upgrading to the latest iteration of the SVFM product. Unlock the power of data visualisation and streamline your fraud management operations with SmartVista Data Analytics.

The Immediate Benefits for you

Enhanced Data Understanding:

Dashboards and data visualisations provide a clear and concise visual representation of complex data sets. This makes it easier for users to interpret and understand the information quickly, enabling better decision-making.

Increased Efficiency and Productivity:

Dashboards provide a centralised and interactive view of data, eliminating the need to manually sift through multiple spreadsheets or reports. This saves time, reduces errors, and enables users to access relevant information at their fingertips, leading to increased efficiency and productivity.

Identification of Patterns and Trends

Dashboards enable users to identify patterns, trends, and correlations within the data. By visualising data over time, users can spot changes, anomalies, and emerging patterns that may have significant implications for the business. This helps in forecasting, predictive analysis, and proactive decision-making.

Data visualisation and dashboards offer a number of very important benefits.

Improved Decision-Making:

Visualising data through dashboards allows for realtime monitoring and analysis of key metrics and trends. This empowers users to make data-driven decisions and take timely actions to optimise performance, identify patterns, and uncover insights that may have otherwise been overlooked.

Effective Communication and Collaboration

Data visualisation simplifies complex information and makes it more accessible to a wider audience. By presenting data in a visually appealing and intuitive manner, dashboards facilitate effective communication and collaboration among team members, stakeholders, and decision-makers. This promotes a shared understanding and alignment on goals and strategies.

Overall, dashboards and data visualisation play a crucial role in simplifying data analysis, enhancing decision-making, and promoting datadriven insights across organisations.

Lets start the conversation and discover together!

Customer Survey Customer Survey

Share with us your experience about SmartVista Fraud Management through the below 5 minutes survey.

Your feedback will help us improve the solution, while your suggestions will help us to enhance Fraud Management functionality and plan updates which are important for you and your business.

Let’s defend against fraudsters together!

From one Expert to Another

#1: Upgrades are important

In the realm of technological advancements, the significance of keeping pace with upgrades cannot be overstated. Much like the evolution of cars and mobile phones, where newer models offer enhanced performance and capabilities, software systems also undergo continuous refinement to adapt to the changing landscape. Just as driving an outdated car or using an obsolete phone may seem incongruous in today’s fast-paced world, relying on outdated software poses similar risks.

Why is it important?

Stagnating with outdated software not only limits access to the latest features but also exposes businesses to considerable risks, particularly in the realm of fraud prevention and risk management. While the allure of prioritising upgrades to operating systems and databases is understandable, neglecting the enhancement of fraud and risk tools can prove detrimental. The potential consequences extend far beyond mere inconvenience; they encompass substantial financial losses, regulatory penalties, and erosion of customer trust.

Suggestion: Ensure to categorise all incidents and furnish comprehensive details. This practice is essential for optimising the system’s efficacy and streamlining its processing capabilities.

#2: Always maintain and refresh rules

Remaining vigilant goes beyond just having the latest software version; it involves the continuous evaluation and enhancement of your fraud, risk, and AML rules. Utilising the available data through reports and dashboards is essential for keeping these rules up to date and effective in detecting and preventing fraudulent activities.

Why is it important?

Simply having the latest software is not sufficient if your rules remain stagnant. Fraudsters can exploit outdated rules over time, necessitating a constant evolution in your detection methods. With fraud tactics constantly evolving, your rules must adapt accordingly to maintain their efficacy.

Suggestion: Regularly refresh your rules

To stay ahead of the curve, it’s imperative to regularly refresh your rules to cover all aspects of fraud, risk, and AML. A recently updated set of rules will invariably outperform older versions, ensuring better efficiency and effectiveness in fraud detection and prevention.

If you haven’t already, it’s critical to ensure you’re operating on the latest version of the SmartVista Fraud Management (SVFM) product and/or Risk-based Authentication (RBA). Reach out to your Account Manager or Regional Director without delay to initiate discussions, gather information, and make necessary plans and allocations. The latest available version, Version 7.1 (February 2024), offers enhanced capabilities to combat evolving threats.

Additionally, establish a robust process for regularly reviewing and refreshing your fraud rules. Monthly reviews are recommended, with quarterly reviews being the minimum requirement, and weekly reviews for those with sufficient resources. Remember, BPC is your partner in this ongoing battle against fraud, and we are committed to providing support and guidance whenever needed. Take action now to fortify your defences, as waiting only plays into the hands of criminals.

MarketWatch

Security is still everything

A successful payment system relies heavily on trust. With the rapid digitization of financial services, incumbents are often seen as safe and secure, but they must also prioritise customer experience. In this post, we explore the challenges faced by payment providers and how they can maintain trust while delivering an exceptional customer experience.

Fraud Prevention in real-time payment systems

Dive deep into our comprehensive white paper to gain vital knowledge and strategies to navigate the complex landscape of realtime payment fraud and how to protect against it

Did You Miss Issue #1 of our NEW RiskSheild Fraud Newsletter?

Dive into it now and catch up on all the essential insights by simply clicking the link below. Don’t let the opportunity pass you by - stay informed and empowered!