North brings “ever-alert” AI protection to the payments table
Ways to pay are more diverse, pervasive, and portable than ever before. The demand for anywhere convenience and speed has brought staggering invention to the world of payment processing. And with it, peril.
Risk mitigation is a prevailing concern for any business. As payments evolve, so, too, does the twisted ingenuity of fraudsters. It is an always-growing threat that cannot be ignored. Real-time, forward-looking tools that see ahead of the fraud curve are essential in protecting revenue.
For any major player in the payments industry, the ability to manage and proactively thwart fraud has become table stakes in the game.
Human ingenuity, powered by AI
North has always made security innovation a top priority. We are changing the game, again. Over the past two years, in a live payments environment, we have evolved an advanced, AI-powered technology as the centerpiece of our prevention strategy. Christopher Mascaro, our Chief Fraud & Data Innovation Officer says this breakthrough is an “ever-alert, predictive risk monitor that redefines how we fight fraud.”
This unique technology will empower organizations, freeing them from the time-consuming tasks of monitoring and mitigation, giving them the armor they need to safely grow their businesses.
The timing could not be more critical.
Bankrate estimates that 82% of American adults have at least one credit or debit card stored online. That’s 257 million people at risk of having sensitive information compromised. According to Juniper, rising eCommerce fraud will generate losses that are expected to exceed $107 billion by 2029. With all that as background, it’s clear why heightened security measures are critical for today’s businesses and the consumers they serve.
Statistics from Experian highlight the threat to businesses: Over $40 billion in losses from AI scams are projected by 2027. Making ecommerce even more perilous, it is estimated that 80% of fraud occurs via digital channels.
Whether it’s bad acts like card testing, phishing, or refund-policy abuse, businesses are feeling the burn. Visa notes that nearly half of all U.S. businesses face multiple variations of these threats; with so many avenues of attack, this means that, statistically, nearly 98% of all merchants face a negative impact.
Call it “pre-crime” — North is stopping attacks before they occur
What does an “ever-alert, predictive risk monitor” mean for the average merchant? What does it bring to sprawling, multi-state enterprises? For both, it means every transaction, all payment activity, is guarded in real time, independently. Millions of moves monitored in the blink of an eye.
This intuitive platform protects by identifying fraud at the transactional level, end-to-end, from the moment a transaction is initiated to completion. Machine learning constantly adapts to trends and indications of fraudulent activity, incorporating them into its monitoring algorithm in real time. The result is the AI knows what to look for: It can spot fraud before it impacts a transaction.
“Ever-alert” means it’s always on, always working. The “predictive” part comes into play as the AI continuously analyzes customer and transaction data, seeking out suspicious behavior, flagging it, and frequently blocking fraud before it happens.
This innovation is formed from machine-learning models that build upon legacy fraud-prevention intelligence, as well as emerging data. The algorithm never rests, it constantly adjusts to new threats. It analyzes critical points of North’s payments ecosystem. As a new fraud tactic emerges, the system incorporates its traits, marking them in its memory. The result is the malevolent activity can be immediately identified and blunted.
Do you have North protection for your business?
According to Mascaro, this landmark security system is “already at work” for North merchants. There is no integration required, no additional software needed. That means, when you’re with North, this technology could immediately reduce risk, improve bottom lines, and enhance every transaction.
The entire customer experience is elevated. All involved get a smooth, seamless cycle of transactions. False-positive flagging that leads to customer friction is greatly reduced, as is time-consuming monitoring and mitigation.
North merchants also get the peace of mind that comes from knowing their payments are safeguarded.
As Mascaro notes, “the AI blocks fraud, not customers.”
Want more information about this revolutionary new front in the war on fraud? Contact us today.
North is a leading financial technology company that builds innovative, frictionless end-to-end payment solutions designed to simplify and grow businesses of all sizes. From the front door, to the back office, the developer world, and partnerships that expand the payments landscape, North offers proactive, comprehensive merchant services, in-house processing, and more.
