Fraud & Risk
Fighting Fraud Without Wounding Customer Experience
As more and more transactions are conducted online, businesses face an increasingly competitive landscape and are being challenged to not only attract new customers but increase loyalty and spend from their current customers. This paper looks at the impact of data breaches and social media scams on customer experience and trust, followed by omni-channel retailing and why these interactions can also be exploited by fraudsters. After mentioning examples of obtrusive fraud detection measures and how machine learning can be used to enhance customer experience, the paper closes with an example scenario in which machine learning is used to combat money laundering.