Manage Fraud And Risk With Wibmo's Sophisticated & Customized Risk Models
Wibmo, a company best known for its hosted risk-based authentication and payment security services, offers TRIDENT FRM™ for banks and other Digital Payment Service (DSP) providers. TRIDENT FRM™ is a fraud detection system and prevention system with statistical self-learning capabilities. The company has 20 years of experience in providing solutions that combat digital fraud with features such as consumer authentication and risk scoring based on rules.
The website e-marketer estimates that ecommerce retails sales totaled $4.280 trillion in 2020 – this indicates a 27.6% growth in sales for the year. Digital transactions provide consumers speed and convenience to book tickets, buy groceries or complete their online banking.
But, the spurt is indicative of consumers moving online. As more consumers shift to online payments, fraudsters are looking for novel ways to commit fraud with simple phishing to sophisticated Trojan attacks. The way forward, as suggested by Wibmo Inc., is a determined focus on consumer authentication which TRIDENT FRM™ provides.
Let us look at the five pillars of TRIDENT FRM™
- Exhaustive risk assessment based on various sources of data such as consumer behaviour, spend analysis and transaction fingerprinting.
- Incorporation of risk rules and statistical learning models to provide the risk score.
- Holistic consumer view by analysing the behavior from multiple data points like transaction data, device intelligence, and consumer analytics.
- Feedback model from transaction and fraud patterns by utilizing data points such as resolution history, chargebacks, and authentication results.
- Operational advantage by minimizing manual intervention and review.
Suresh Rajagopalanm, CEO Wibmo Inc. states his company is passionate about digital fraud prevention system. He states, “Online retailers, banks and DSP providers need a hawk’s eye view on digital fraud. The need of the hour is staying five steps ahead of the mobility and sophistication shown by fraudsters. That is where TRIDENT FRM™ is so reliable. It is machine learning at its best as it studies and adapts to evolving consumer behavior and fraud patterns, effectively minimizing the occurrence of fraudulent attacks.”
The TRIDENT FRM™ frauds detection and prevention system provides the following benefits:
- Advanced Rule Engine: Minimizes false positives and provides better risk modelling.
- Configuration via Case Management Portal: Relevant channel-level configurations such as score, entity, classification in a single portal to facilitate customisation and flexibility.
- Architecture: Elaborate architecture to foster integration with any channel.
- Auto-key Value Repair: Evaluation of a new type of transaction with the smallest changes in code.
- Multi-channel: Single platform to support various consumers.
In the end, it is important to remember that digital fraud is increasing, and prevention is possible only through state-of-the-art, operational capabilities that ensure safe, secure and seamless digital transactions.
About Wibmo Inc.
Based in Cupertino, California, Wibmo Inc. is a leading digital payments solutions provider offering a full suite of financial products and services including Trident FRM, Tridentity Check, ACCOSA IVSTM, and risk-based authentication. Established in 1999, the company has forged a concrete strategic alliance with 130+ banks across 25 geographical locations worldwide.
With a talented team and a great business portfolio, Wibmo is driving innovation to offer AI-powered payments platforms to the industry players. Having conducted 2.2 billion annual transactions globally, the company has showcased its efforts to lead in the finance sector with a secure and seamless digital payment gateway.
Learn more about the company at www.wibmo.co.