Recent findings by PwC reveal that in the past two years, over half of all businesses have faced incidents of fraud, corruption, and other economic crimes. Additionally, 49% of CEOs have identified cyber risk as a primary concern for the upcoming year, underscoring the importance of implementing effective anti-fraud strategies.
Businesses are challenged to combat rising fraud rates and increasingly sophisticated tactics. A key decision in this process is whether to develop a customized anti-fraud solution in-house or invest in a pre-existing platform. This decision is influenced by carefully considering the company’s needs, resources, and strategic objectives.
Important factors in this decision-making process include data privacy concerns, ease of integration with current technologies, and the flexibility to respond to future fraud challenges. Companies considering building their own solutions often prioritize customization, data control, and cost management.
However, developing an in-house solution can sometimes lead to underestimating the required complexity and resources, causing delays, budget overruns, and a product that may not fully meet the needs of evolving threats or scale with business growth.
On the other hand, pre-built anti-fraud solutions can offer several benefits, such as avoiding significant upfront research and development costs and providing immediate access to the latest technological advances and expert guidance. These solutions aim to simplify integration, ensure compliance with data privacy regulations, and offer scalability and adaptability to new fraud tactics.
While in-house solutions can provide specific customisation, they may lack the scalability and flexibility of comprehensive, ready-made solutions. The decision should ultimately reflect the organisation’s ability to effectively and efficiently combat fraud, support its growth, and safeguard its financial interests.
Collaborating with an experienced end-to-end solution provider can represent a balanced strategy, offering customisable risk scoring and rules, plus machine learning capabilities to adjust to new fraud patterns. Such partnerships can enhance the ability to address current and future fraud challenges, ensuring resilience against the changing landscape of cybercrime.
The choice between developing or acquiring anti-fraud technology involves weighing distinct advantages. The optimal decision aligns with a company’s capability to address fraud effectively and support business growth.
For further insights on choosing between building or buying anti-fraud technology, SEON’s “Buy vs Build” guide offers advice on assessing anti-fraud solutions, conducting evaluations, avoiding common regrets, comparing benefits, identifying key features in anti-fraud technology, and questions to ask sales advisors.
Read more here: bit.ly/3SXZjYG
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
