The Emergence of Omni-channel Fraud
Another evolution of fraud techniques is the move to omni-channel attacks where fraudsters blend channels as needed to get information, initiate attacks, and complete transactions. Many FIs still have standalone solutions from different technology providers that monitor one channel or payment type. These one-channel solutions create data silos that fail to link together significant data to detect omni-channel attacks.
How Omni-channel Fraud Prevention Mitigates New Risks
Omni-channel fraud prevention takes a customer-centric approach instead of a fraud-centric or channel-centric approach. It merges and blends all activities by each account holder in any channel to create a 360-degree view of behavior, and then analyzes the blended data to look for suspicious or high-risk activity in the context of all of what the account holder has done recently and historically.