Credit card fraud is a huge problem, both in terms of the amount of money stolen and the percentage of all credit card transactions that are fraudulent. However, companies called Nyansa Systems have released a new solution, which will help prevent this kind of crime. Here are a couple of things you should keep in mind when looking for a credit card fraud detection solution.
Things you should look for in a Fraud Detection Solution
First of all, you want something proactive, not just reactive; similarly, you also don’t want an algorithm-based solution (because they aren’t as accurate). Some tools now, like Nyansa Systems, can use machine learning and artificial intelligence to help businesses detect credit card fraud in real-time.
Another thing you should look for when searching for a credit card fraud detection solution is the underlying network infrastructure. Without this, your solution won’t be able to work correctly. You also want something scalable, both in terms of the types of devices compatible with and how much computing power you need. Finally, you also want something that has a high degree of accuracy, regardless of network congestion, latency, or packet loss.
Here are some other things that you should consider. You want something secure, meaning that it doesn’t contain any vulnerabilities or exploits. You also want to ensure that the solution doesn’t affect the performance of your network. Another factor to take into account is whether or not it supports IPv6 (because this is becoming more popular) and if mobile support has been added. Finally, you want to make sure that you can put the solution into production quickly and efficiently. It should be done without hiring additional staff or infrastructure, regardless of whether it’s an on-premises solution server or a cloud-based one.
Some benefits to choosing a good Fraud Detection Solution include being able to do things like:
- Prioritizing traffic
- Automating compliance reporting
- Having the ability to detect threats that are more subtle than what’s possible with other types of solutions
You also want to choose built-in support for threat intelligence feeds. It enables you to get additional insight into the kinds of threats happening to your network. For example, some tools can look at the behavior of an individual device. As a result, it helps you catch threats faster than just looking for anomalies in traffic patterns, which means early detection and prevention.
What makes Nyansa Systems stand out is its ability to do deep packet inspection in real-time. It means that even if the threat isn’t detected until after the card has been used, the solution will still be able to catch it.
According to IDShield, “As you shift your life online, you must protect your privacy and reputation by securing your personal, financial, and medical information. Rather than wait for something to go wrong, you need to take an active role, assess possible threats and protect your digital identity.” For more information about reputation protection, give them a call today.
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