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The technology I envision as part of fraud detection and prevention in 2020 is AI widespread and aggregation. This technology can unify channels that include the card, the absent card, digital banking services, authentication and Open Banking with an increase in open source intelligence feeds. Behavioral monitoring with the help of AI will play an important role when financial institutions realize that monitoring a single access and payment separately does not address their needs and leaves them vulnerable to attack.

With improved technologies and the ability to calculate hundreds of smart data points in real time, AI enables behavioral monitoring and the creation of individual customer profiles across all of their devices, locations, preferred authentication methods and more. Based on the observed behavior, AI can provide actionable intelligence with a risk rating and recommended decision.

2. Fraud detection will need a broad understanding of the risks

Ralitsa Miteva, manager of fraud prevention and detection solutions, OneSpanRalitsa Miteva, manager of fraud prevention and detection solutions , OneSpan

While banks made significant progress on their digital transformation journey in 2019, many faced the problem of dealing with complex and unknown fraud patterns, such as mobile banking Trojans, criminal apps, synthetic identity theft, SIM exchanges, authorized push payment fraud and others. These threats exploit banks and consumers' lack of knowledge about potential risks.

If banks hope to anticipate these attacks in 2020, they must continue to develop their fraud monitoring solutions. The focus should be on obtaining valuable insights into the customer's digital journey, analyzing their behavior on their devices, building actionable intelligence, joining machine learning models to fit the specifics of the company, taking continuous session monitoring to all channels and devices and, finally, providing anti-fraud knowledge. These security practices create a comprehensive understanding of each risk and allow the bank to apply the right measure without compromising the user experience.

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