Payment fraud is exploding. So are false positives, customer friction and investigation costs. Unfortunately, as customers continue to pull us down the river of rapid digital transformation, traditional fraud detection systems are being left in the sand.

As efforts increase to protect customers from card-present and card-not-present fraud, there is an increasing risk lurking for banks and retailers: false positives. According to KPMG’s 2019 global fraud survey, 51% of respondents reported a significant number of false positives resulting from current technology solutions and decreasing efficiencies in fraud detection.

With an estimated 37.9% of all internet traffic attributed to bots, and bad bots accounting for more than 50% of that, retailers and financial organizations are struggling to defend against a constant barrage of account takeovers, credential stuffing, card cracking attacks and fake account creation.