Instances of #Fraud on the Rise, but are Matched by Robust Industry Responses; How FICO (NYSE: $FICO), Mobiquity Technologies (OTCQB: $MOBQ), NICE (NASDAQ: $NICE) and ACI (NASDAQ: $ACIW) are Providing Solutions - #Fraudetection
New York, NY and Delta, BC - February 5, 2018 (Investorideas.com Newswire) Investorideas.com, a leading investor news resource covering technology stocks releases a snapshot looking at fraud detection and management solutions.
Research from Mordor Intelligence indicates that the global Fraud Detection and Prevention (FDP) Market will grow as high $29.07 billion USD by 2023. Another study, from Markets and Markets, puts the number even higher, projecting a value of $63.5 billion by 2023. Both cite online transactions, including cyber fraud, and payments fraud as key drivers for growth in the space.
Payments fraud resulting from payment cards losses, totaled $24.26 billion in the last year according to recent data. Analytical software firm FICO (NYSE:FICO) utilizes artificial intelligence in its Falcon Fraud Platform to analyze and protect payment card transactions. Alexandre Graff, Vice President of FICO in Latin America explained:
"Falcon is an artificial intelligence solution based on dozens of machine learning patents that excel at detecting transactional fraud. Falcon models are based on the largest data fraud consortium in the world, the Falcon Intelligence Network. Conductor will also offer omnichannel communication based on FICO Customer Communication Services, which further reduces false positives and takes user experience to a higher level. For example, when the system identifies abnormal behavior, it communicates directly with the user's preferred communication channel to confirm whether it is fraud or not."
Another sore spot is ad fraud, which was projected to have cost $19 billion last year - or 9 percent of total digital advertiser spending - and will total $44 billion by 2022, according to a survey from Juniper Research. Recently, Mobiquity Technologies, Inc. (OTC:MOBQ) responded to this with the release of its transparent ad fraud reporting system, AdCop, through its Advangelists platform.
According to a recent press release: "AdCop monitors for programmatic fraud post bid impression. If AdCop suspects fraud, the Advangelists platform renders a blank page instead of an advertiser's advertisement as a brand safety measure. In addition, the platform's comprehensive reporting provides advertisers and publishers full transparency and details around the fraud detected."
Advangelists CEO Deep Katyal explained that the company is currently giving away the beta program of AdCop for free.
"We believe so strongly in our product, that today, I'm excited to announce our free AdCop beta program," said Katyal. "Participating beta partners can monitor their ad campaign impression level fraud for free; they do not need to be a Client of Advangelists or purchase media through our platform."
Another firm addressing fraud detection and management via artificial intelligence is NICE, Ltd. (NasdaqGS:NICE), whose NICE Actimize division recently announced the IFM-X, its "next-generation Integrated Fraud Management (IFM) platform that leverages automation and machine learning to optimize effectiveness while reducing the total cost of implementing and operating an enterprise fraud risk management system". NICE Actimize CEO, Craig Costigan said:
"Rapidly changing demands in the fraud marketplace led NICE Actimize to develop the new IFM-X platform in response to our customers' challenging requirements," Costigan said. "This new platform unleashes the power of our market-leading fraud expertise coupled with expert-led machine learning technology to enable superior protection against constantly evolving and malicious fraud attacks."
ACI Worldwide, Inc. (NasdaqGS:ACIW) actually integrates fraud detection directly in their UP eCommerce Payments Solution. The award-winning cloud-based platform boasts sophisticated real-time fraud detection capabilities and prevents fraud while maintaining conversion rates. The seamless integration allows merchants to continue providing quality customer experiences while the fraud filter works in the background.
So, while data indicates that payment fraud is growing and ad fraud statistics are getting increasingly bleak, there is simultaneously a vigorous response coming from the FDP space. Katyal emphasizes the role of transparency in the space;
"Fraud hurts everyone in the industry. We believe programmatic media should be fully transparent, from cost transparency through to fully understanding the nature of fraudulent activity within your advertising partners."
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